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The OLB Group, Inc., trading under the symbol OLB on NASDAQ, is a multifaceted fintech enterprise headquartered in New York, New York. Established in 1993, the company is renowned for its diversified services in payment facilitation and Bitcoin mining. OLB Group offers a comprehensive array of payment solutions and business management tools that cater to a vast array of merchants across the United States.
One of OLB's flagship offerings is Omnisoft, a cloud-based business management platform designed to help merchants streamline their operations both online and in physical retail environments. Complementing this is Evance, a robust payment processing solution, and SecurePay, a payment gateway and virtual terminal equipped with proprietary business management tools. Additionally, OLB Group powers Crowdpay.us, a white-label capital raising platform, as well as ShopFast, an omni-channel platform that facilitates consumer transactions from various business sectors.
In recent developments, OLB Group has expanded into the eSIM technology market, targeting the unbanked sector with two new prepaid wireless phone services—Black Wireless and Mango Mobile. These services aim to provide cost-effective and efficient solutions for budget-conscious consumers.
The company also runs DMint, a Bitcoin mining subsidiary that operates a facility in Tennessee utilizing renewable energy sources such as hydroelectric and solar power. This venture underscores OLB's commitment to sustainable and forward-thinking business practices.
OLB Group's latest financial results for Q1 2024 indicate a revenue of $3.5 million, which signals a challenging yet dynamic business environment. Despite a net loss of $2.9 million, the company continues to make strategic investments, including the acquisition of the remaining 19.9% of its subsidiary Black011, enhancing its reach and service offerings.
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The OLB Group, Inc. (NASDAQ: OLB) reported financial results for the year ending December 31, 2020. Key highlights include total revenue of $9.77 million and operating expenses of $10.50 million, leading to a net loss of $1.78 million. The company up-listed to NASDAQ, raising approximately $6.4 million in capital, and acquired the DoubleBeam portfolio of merchants. Additionally, OLB implemented a payment gateway supporting cryptocurrency and contactless payments, and became debt-free after paying off $7.4 million in loans.
The OLB Group (NASDAQ: OLB) has successfully completed an early payoff of its $7.7 million acquisition-related senior term loan, originally taken in April 2018. This move will save the company approximately $0.72 million in annual interest and remove restrictive covenants. CEO Ronny Yakov expressed confidence in the company's position to pursue profitability and acquisitions without debt. The firm is also commencing the fiscal year debt-free, having launched three major applications since the last quarter.
The OLB Group (NASDAQ: OLB) announced that its SecurePay payment gateway is now optimized for cryptocurrency processing, enabling merchants to accept various cryptocurrencies with efficiency. The gateway supports Bitcoin, Ethereum, USDC, and DAI, and is wallet agnostic, integrating with wallets like MetaMask and Coinbase. Transaction fees are collected in the original currency, speeding up the process. This advancement allows merchants to handle both crypto and traditional payments without additional equipment, and typically at lower fees compared to credit card transactions.
The OLB Group (NASDAQ: OLB) has enhanced its SecurePay payment gateway to facilitate seamless payment acceptance through popular social media platforms and lifestyle apps. This integration allows merchants to manage secure transactions efficiently via platforms such as Facebook, Instagram, and TikTok. CEO Ronny Yakov emphasized the flexibility this provides to merchants in connecting with customers where they are. SecurePay also supports Apple Pay and Google Pay integration, further broadening its service offering.
The OLB Group (NASDAQ: OLB) has announced that its SecurePay payment gateway now supports transactions using cryptocurrency wallets. This integration allows seamless and secure transactions at any point of sale, utilizing major digital wallets like Apple Pay and Google Pay. Merchants can accept various cryptocurrencies, including Bitcoin and Ethereum, without needing to change existing equipment. The service enables merchants to receive payments in U.S. dollars while maintaining security through blockchain technology.
OLB Group, Inc. (Nasdaq: OLB) will feature CEO Ronny Yakov on The RedChip Money Report airing on Bloomberg Television on February 13 at 7 p.m. local time. This program is viewed in 73 million homes in the U.S. and 100 million homes in Europe. Yakov will discuss OLB's merchant services, electronic payment processing, and crowdfunding solutions. OLB specializes in cloud-based services for both online and brick-and-mortar businesses, providing an end-to-end digital commerce solution.
The OLB Group, Inc. (NASDAQ: OLB) has upgraded its SecurePay payment gateway to support cryptocurrency transactions, including Bitcoin, Ethereum, USDC, and DAI, across all merchant platforms. This upgrade enables merchants to accept contactless payments without altering existing equipment. CEO Ronny Yakov emphasized the importance of adapting to digital currencies, highlighting the expected growth of the global payments industry to $8.94 trillion by 2027. The SecurePay system is compatible with various devices and integrates seamlessly with merchants' current payment systems.
OLB Group, Inc. (Nasdaq: OLB) announced that CEO Ronny Yakov will be featured on The RedChip Money Report on Bloomberg International on February 7 at 6 p.m. local time in Europe. In this exclusive interview, Yakov discusses OLB's diverse merchant services, electronic payment processing, and crowdfunding solutions. The program airs on Bloomberg Television in the U.S. and Europe. OLB delivers cloud-based commerce solutions for various merchants, enhancing their branding and operational efficiency.
The OLB Group, Inc. (NASDAQ: OLB) anticipates strong financial performance in 2021, bolstered by rising demand for cloud-based merchant services. CEO Ronny Yakov highlighted the company's resilience and commitment to eCommerce solutions during the pandemic. Notable achievements include becoming a Payment Facilitator with major banks, enhancing merchant applications, and assisting traditional businesses in transitioning online. OLB's comprehensive solutions, like eVance and SecurePay, position the company for growth as it aims to expand its merchant base in the coming year.
OLB Group (NASDAQ: OLB) has enhanced its DoubleBeam cloud-based payment platform to support hospitality businesses during COVID-19 restrictions. The platform integrates marketing, ordering, payment, and fulfillment, providing seamless service amid the pandemic. CEO Ronny Yakov noted that DoubleBeam processes millions of transactions monthly, proving its reliability. Key features include quick setup, contactless payment options, and mobile access for customers. The service promotes efficiency by linking with various business systems, enabling merchants to optimize operations and expand opportunities.
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