ATLANTA – (COMMERCIAL THREAD) – Repay Holdings Corporation (NASDAQ: RPAY) (“REPAY”), a leading provider of vertically integrated payment solutions, today announced that it has entered into a business partnership agreement with Veem to expand payment capabilities B2B of each party. With this agreement, REPAY will expand its ability to offer cross-border payment options, and Veem will expand its capabilities by leveraging the B2B virtual card and core acquisition technology from REPAY.
In addition to the business relationship between REPAY and Veem, REPAY has taken a minority stake in Veem to provide further support for the future growth of Veem. The investment has been funded by available cash and the pro forma net leverage is expected to remain at the current level of around 2.8x.
“This business agreement and mutually beneficial investment strengthens our relationship with a strategic and long-term B2B partner,” said Darin Horrocks, executive vice president of B2B activities at REPAY. “We are delighted to partner with the Veem team to provide our customers with a more robust B2B offering, with the help of Veem’s cross-border technology. This should help us unlock a greater share of the massive global B2B payments market, which is estimated at around $ 125 trillion today and is expected to grow to $ 200 trillion over the next decade. In addition, REPAY will enhance Veem’s offering by providing Veem customers with access to REPAY’s issuance technology and virtual payment capabilities. With our businesses now strategically aligned, we expect this to be the start of a long and successful partnership. ”
“This partnership with REPAY will allow business users to conduct globalized business transactions with ease and convenience,” said Bimal Shah, Business Development Manager for Veem. “Merchants today demand fast, reliable and secure payments. To meet these needs, we are delighted to join forces and give REPAY users access to our digital payment offerings. The digital payments revolution is in full swing and we are excited to complement our existing transnational technology products with REPAY.
For more information, please visit www.repay.com and www.veem.com.
Founded in 2014, Veem is an Accounts Receivable (“AR”) and Accounts Payable (“AP”) automation provider serving small and medium-sized businesses (“SMEs”). Veem offers a wide variety of services, including invoice automation, reconciliation, approvals and B2B payments, enabling its customers to make and receive payments seamlessly, both nationally and across borders. Veem’s customer base includes more than 300,000 customers located in more than 110 countries. In addition to REPAY, Veem is backed by an impressive list of financial and strategic investors including, but not limited to, Kleiner Perkins, Google Ventures and Truist Ventures.
REPAY provides integrated payment processing solutions to verticals that have specific transaction processing needs. REPAY’s proprietary integrated payment technology platform reduces the complexity of electronic payments for merchants, while improving the overall experience for consumers and businesses.
This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, without limitation, statements regarding the plans, objectives, expectations and intentions of REPAY with respect to operations. , future products and services. . These forward-looking statements include, without limitation, the expected benefits of the strategic partnership with Veem. These forward-looking statements are based on the current beliefs and expectations of REPAY management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond the control of REPAY, including , without limitation, the factors described in REPAY’s reports filed with the United States Securities and Exchange Commission. Actual results and the timing of events may differ materially from the results anticipated in these forward-looking statements.
All information set forth herein is only valid as of the date hereof in the case of information on REPAY or the date of such information in the case of information from persons other than REPAY, and we disclaim any intention or obligation to update any forward-looking statement. due to developments after the date of this communication. Forecasts and estimates concerning the industry and the end markets of REPAY are based on sources which it believes to be reliable, but there can be no assurance that such forecasts and estimates will prove to be true in whole or in part.