Usio’s Prepaid Business Growth Trajectory Accelerating

Rhea-AI Summary

Usio, Inc. (Nasdaq: USIO) reported significant growth in its prepaid business, with total funds loaded onto cards skyrocketing 690% year-over-year as of July 31, 2020. The company noted a 120% increase compared to June 2020 and a 390% increase from May 2020, driven by demand for government assistance card programs. Usio attributes its success to innovative technology and strong client relationships. More information will be shared in the upcoming Second Quarter Conference Call on August 14, 2020.

Positive

• 690% year-over-year growth in total funds loaded onto cards as of July 31, 2020.
• 120% increase in funds loaded compared to June 2020.
• 390% increase in funds loaded compared to May 2020.
• Strong demand for government assistance card programs.

Negative

• None.

SAN ANTONIO, Aug. 06, 2020 (GLOBE NEWSWIRE) -- Usio, Inc (Nasdaq: USIO), an integrated electronic payment solutions provider, today provided an update on the growth of the Company’s prepaid business.

“Our prepaid business has experienced phenomenal growth this year, with a key growth metric and a leading indicator of future revenue, total funds loaded onto cards, up 690% at July 31, 2020 compared to funds loaded onto cards as of the same point a year ago,” commented Louis Hoch, President and Chief Executive Officer of Usio.  “And, the growth rate has been accelerating, as total funds loaded onto cards as of July 31, 2020 is up 120% compared to the end of June 2020 and up 390% as compared to the end of May 2020, reflecting the dramatic uptick in the adoption of our government assistance card programs. Our success is based on our innovative technology, our strong relationships with our clients, and our strategic focus on opportunities that leverage our scalable solutions. We're becoming known in the market as a very responsive and flexible partner capable and willing to implement prepaid solutions quickly and efficiently, which we believe will contribute to our ongoing growth.”

Usio will release more details about its prepaid business during the upcoming Second Quarter Conference Call scheduled for August 14, 2020.

About Usio, Inc.

Usio, Inc. (Nasdaq: USIO), a leading integrated payment solutions provider, offers a wide range of payment solutions to merchants, billers, banks, service bureaus, and card issuers. The Company operates credit, debit/prepaid, and ACH payment processing platforms to deliver convenient, world-class payment solutions and services to their clients. The strength of the Company lies in its ability to provide tailored solutions for card issuance, payment acceptance, and bill payments as well as its unique technology in the prepaid sector. Usio is headquartered in San Antonio, Texas, and has offices in Austin, Texas, and Franklin, Tennessee, just outside of Nashville. Websites: www.usio.com, www.singularpayments.com, www.payfacinabox.com, www.akimbocard.com, and www.ficentive.com. Find us on Facebook® and Twitter.

FORWARD-LOOKING STATEMENTS DISCLAIMER

Except for the historical information contained herein, the matters discussed in this release include forward-looking statements which are covered by safe harbors. Those statements include, but may not be limited to, all statements regarding management's intent, belief and expectations, such as statements concerning our future and our operating and growth strategy. These forward-looking statements are identified by the use of words such as "believe," "intend," "look forward," "anticipate," "schedule,” and "expect" among others. Forward-looking statements in this press release are subject to certain risks and uncertainties inherent in the Company's business that could cause actual results to vary, including risks related to the COVID-19 pandemic and its effect on the economy, risks related to the realization of the anticipated opportunities from the Singular acquisition, the management of the Company's growth, the loss of key resellers, the relationships with the Automated Clearinghouse network, bank sponsors, third-party card processing providers and merchants, the security of our software, hardware and information, the volatility of the stock price, the need to obtain additional financing, risks associated with new tax legislation, and compliance with complex federal, state and local laws and regulations, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission including its annual report on Form 10-K for the fiscal year ended December 31, 2019. One or more of these factors have affected, and in the future, could affect the Company’s businesses and financial results in the future and could cause actual results to differ materially from plans and projections. The Company believes that the assumptions underlying the forward-looking statements included in this release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the objectives and plans will be achieved. All forward-looking statements made in this release are based on information presently available to management. The Company assumes no obligation to update any forward-looking statements, except as required by law.

Contact:

Joe Hassett, Investor Relations
joeh@gregoryfca.com
610-228-2110

FAQ

What was the growth percentage of Usio's prepaid business as of July 31, 2020?

As of July 31, 2020, Usio's prepaid business experienced a growth of 690% year-over-year in total funds loaded onto cards.

When is Usio's Second Quarter Conference Call scheduled?

Usio's Second Quarter Conference Call is scheduled for August 14, 2020.

What factors contributed to Usio's prepaid business growth?

Usio attributes its prepaid business growth to innovative technology and strong client relationships, as well as demand for government assistance card programs.

How much did funds loaded onto Usio's cards grow from June to July 2020?

From June to July 2020, funds loaded onto Usio's cards increased by 120%.

What was the increase in funds loaded onto Usio's cards from May to July 2020?

From May to July 2020, funds loaded onto Usio's cards increased by 390%.