Usio reports Q4 dollars processed up 21%, backs FY23 revenues up 18-20% YoY

Usio reiterated Guidance that full year 2023 revenues will increase 18 – 20% from full year 2022 based on strong fourth quarter transactions and processing volume… Louis Hoch, President and Chief Executive Officer of Usio, said, “We expect our strong fourth quarter electronic payments processing dollar volume and transaction growth to drive full-year revenues up 18 – 20% to a new record high, and to deliver positive Adjusted EBITDA for the year.” Total Dollars processed in the fourth quarter of 2023 were up 21% compared to the same period last year, led by a 65% increase in purchase volume in Usio’s Prepaid business, where total dollars loaded on prepaid cards exceeded $100 million for the second consecutive quarter. Growth in Usio’s Card business was led by a 17% year-over-year increase in PayFac volume. Total Card reported a sequential acceleration in the rate of dollars processed growth, improving to 8% in the fourth quarter from 5% in the third quarter, delivering full-year record processing volume. Card growth primarily reflects the increasing strength of Usio’s PayFac business, which was up 17% year-over-year in the quarter. And, electronic check transaction volume and dollars processed in Usio’s ACH business were both up in the fourth quarter from a year ago, reversing recent declines precipitated by the withdrawal from processing for cryptocurrency companies. The Company also noted that, excluding volume from the crypto industry, which the Company exited late in 2022, total full year 2023 processing volume would have been up 21% compared to full year 2022. Hoch concluded, “Our innovative solutions, from the introduction of PayFac-in-a-box, one of the industry’s first PayFac solutions, to our Prepaid business’ remote authorization technology, continue to meet the needs of organizations pressed to provide convenience and simplicity to consumers adopting a growing variety of digital payment methods. While I am certainly pleased with the growth in 2023, I am more importantly looking forward to another great year based on our record new business pipeline, some of which has the potential to convert into contracts in the near term…”