RYVYL (NASDAQ: RVYL), a leading innovator of payment transaction solutions leveraging proprietary blockchain ledger and electronic payment technology for the diverse international markets, is reporting on its financial and operational results for the quarter ended March 31, 2024. Highlights of the report include a 49% increase in revenue for Q1 2024 compared to Q1 2023, with revenue reaching $16.8 million, and total processing volume for the quarter increasing by 4% compared to Q4 2023, with EU processing business volume reaching $755 million and North America processing business volume totaling $239 million. “RYVYL makes payment technology simple by enabling intuitive, secure and compliant payments,” said RYVYL CEO Fredi Nisan in the press release. “Leveraging this proprietary technology, we are actively pursuing new verticals and licensing opportunities, such as new PayFac as a service and new independent software vendor relationships, which we believe will drive long-term growth. In Q1 2024, our RYVYL EU efforts continued to gain traction and delivered processing volume and revenue growth. However, recent changes in the banking compliance environment in the U.S. are affecting some of our high-risk verticals. As we navigate this transition, we remain focused on efficient capital management, to date repatriating $7.5 million from Europe to the U.S. while implementing cost control measures projected to benefit us in future periods. Additionally, we are accelerating business development in new verticals. While we expect Q2 2024 revenue to continue to be impacted, we believe our robust pipeline will fuel growth in the second half of 2024.”
To view the full press release, visit https://ibn.fm/0Ycch
About RYVYL Inc.
RYVYL was born from a passion for empowering a new way to conduct business-to-business, consumer-to-business and peer-to-peer payment transactions around the globe. By leveraging proprietary blockchain ledger and electronic token technology for the diverse international markets, RYVYL is a leading innovator of payment transaction solutions reinventing the future of financial transactions. Since its founding as GreenBox POS in 2017 in San Diego, RYVYL has developed applications enabling an end-to-end suite of turnkey financial products with enhanced security and data privacy, world-class identity-theft protection and rapid speed to settlement. As a result, the platform can log immense volumes of immutable transactional records at the speed of the internet for first-tier partners, merchants and consumers around the globe. For more information about the company, please visit www.RYVYL.com.
NOTE TO INVESTORS: The latest news and updates relating to RVYL are available in the company’s newsroom at https://ibn.fm/RVYL
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