EXCLUSIVE: OLB Group Sees Annual Run Rate For Ecommerce Merchant Services ~$36M; Expects Positive EBITDA For FY22

Fintech eCommerce merchant services provider and Bitcoin crypto mining enterprise, OLB Group Inc OLB, announced its merchant services annual transaction volume run rate of $1.35 billion in transaction volume.

What happened: OLB reached merchant services' annual transaction volume run rate of $1.35 billion in transaction volume due to 28.5 million transactions.

The company says, as a result of a diversified merchant base that is not reliant on large merchants and high dollar transactions, the company's eCommerce merchant services business is tracking at an anticipated annual revenue run rate exceeding $36 Million for 2022.

Related: OLB Group and DMint Want to Be Leading the Charge in the Future of Crypto Mining

Why It's Important: Starting the year at a $36 million annualized revenue run rate is likely to maximize its economies of scale and contribute to its bottom line.

OLB believes that its merchants in the CBD marketplace will likely see an increase in transaction volume as the overall market size grows.

 "Our CBD merchant portfolio acquisition is expected to add $25 million to our revenue this year and is anticipated to contribute up to $5 Million in incremental EBITDA. Adding to our improved financial position by having no outstanding debt, this should give us the financial flexibility to ramp up our cryptocurrency-related operations," stated Ronny Yakov, President and CEO of OLB.

Price Action: OLB shares are trading lower by 0.53% at $1.88 during the premarket session on Wednesday.