GBOX - GreenBox POS (NASDAQ: GBOX) Furthers Growth Strategy with Acquisition of Billion-Dollar Merchant Portfolio
- GreenBox has secured an estimated $1 billion merchant accounts portfolio following the closing of an asset purchase agreement with Sky Financial & Intelligence
- The company reported approximately $2 billion in total processing volume for the full year 2021, meaning the acquired portfolio formed a significant part of GreenBox’s growth success story during the last financial year
- Already, GreenBox has recouped $14.5 million of the purchase in the form of residuals received by Sky in FY21 and expects to recover the remaining amount in less than six months
- Last year, the company acquired Northeast Merchant Services and ChargeSavvy LLC, adding an impressive roster of merchant accounts
For GreenBox POS (NASDAQ: GBOX), an emerging FinTech company building customized payment solutions supported by proprietary blockchain security and advanced token technology, acquisitions are a vital part of its growth strategy. During a March 31 earnings conference call that accompanied the release of the Fourth Quarter and Full Year 2021 results, company Chairman Ben Errez noted that acquisitions allow GreenBox “to purchase merchant portfolios, adding processing volume to our platform, and provide a way to obtain key licensing assets, both domestically and globally, that enable us to branch out and service more verticals and geographic locations” (https://ccw.fm/bgVqi).
In an April 7 announcement that embodies Errez’s statement, GreenBox celebrated the closing of an asset purchase agreement with Sky Financial & Intelligence (“Sky”) to acquire a portfolio of merchant accounts for...
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