Usio, Inc. Card Issuing Division Launches Its First State-Administered Prepaid Card Program
01 Novembre 2023 - 2:00PM
Business Wire
Achieves an Usio All-time Record by
Exceeding $100 Million Dollars in Funds Loaded onto Prepaid Cards
in the Third Quarter of 2023
Usio, Inc. (NASDAQ:USIO), a leading FinTech company that
operates a full stack of integrated, cloud-based electronic payment
and embedded financial solutions, today announced it launched its
first card program administered by one of the country’s largest
states.
The Company also announced that dollars loaded on to prepaid
cards in the three months ended September 30, 2023 exceeded $100
million dollars, the first time in history we loaded more than $100
million onto prepaid cards in a single quarter.
Louis Hoch, President and CEO, stated, “We are thrilled to be
supporting our first state-administered prepaid incentive program.
While our prepaid card platform is operational with many cities,
counties and other governmental and quasi-governmental entities,
this is our first card program administered by a state. We believe
our success with the majority of the country’s largest cities, our
ability to customize the program, and our high levels of customer
service provided the state with the confidence to trust Usio to
manage this important and highly-visible program that will disburse
almost $100 millions of dollars to their citizens.”
Houston Frost, Usio’s SVP of Card Issuing, said, “Our card
issuing division is positioned to grow 2023 revenues over 100% this
year as compared to 2022 and this program positions us well for
continued growth. Dollars loaded on to our various prepaid card
programs in the three months ended September 30, 2023 exceeded $100
million dollars, the first time in history we loaded more than $100
million onto prepaid cards in a single quarter. In contrast, we
loaded $210 million dollars onto prepaid cards in all of fiscal
2022. Consequently, load volumes for the third quarter were up 239%
and purchase volumes were up 152% from the comparable volumes in
the third quarter of last year.”
Usio will release third quarter fiscal 2023 financial results
for the period ended September 30, 2023, after the market closes on
Wednesday, November 8, 2023. Usio’s management will host a
conference call the same day, November 8, 2023, beginning at 4:30
p.m. Eastern time to review financial results and provide a
business update. Following management’s formal remarks, there will
be a question-and-answer session.
About Usio, Inc.
Usio, Inc. (Nasdaq:USIO), is a leading Fintech that operates a
full stack of proprietary, cloud-based integrated payment and
embedded financial solutions in a single ecosystem to a wide range
of merchants, billers, banks, service bureaus and card issuers. The
Company operates credit/debit and ACH payment processing platforms,
as well as a turn-key card issuing platform to deliver convenient,
world-class payment solutions and services to their clients. The
company, through its Usio Output Solutions division offers services
relating to electronic bill presentment, document composition,
document decomposition and printing and mailing services. 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 a development office
in Austin, Texas.
Websites: www.usio.com, www.akimbocard.com and
www.usiooutput.com. Find us on LinkedIn, Facebook® and
Twitter.
Forward-Looking Statements
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 such risks related to an economic downturn as a result of
the COVID-19 pandemic, the realization of opportunities from the
IMS 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, 2022. 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20231101348461/en/
Company Contact Paul Manley Senior Vice President,
Investor Relations Paul.Manley@usio.com 612-834-1804
Usio (NASDAQ:USIO)
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