GreenBox (NASDAQ: GBOX) Closes Merchant Account Portfolio Asset Purchase Agreement

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GreenBox (NASDAQ: GBOX), an emerging and rapidly growing financial technology company, announced an acquisition that will bring a large portfolio of processing volumes in-house. The asset purchase agreement with Sky Financial & Intelligence will improve GBOX’s margins and create additional revenue generation opportunities for the business.

As part of the transaction, GreenBox purchased a portfolio of merchant accounts for $16 million in cash and 500,000 restricted common shares. According to the announcement, one of the wallets has been integrated with GreenBox’s technology and ecosystem for over a year.

During this period, the wallet reached over $1 billion in total processing volume and played a key role in GBOX’s success last year. “The acquisition of Sky’s substantial portfolios is another step forward for us and accomplishes two very important things,” GreenBox Chairman Ben Errez said in the press release.

“By integrating a large portfolio of merchant accounts in-house, we are eliminating costs previously generated by commissions and amplifying our margin profile. Secondly, it allows GreenBox to take ownership of these customer relationships, securing a considerable portion of our processing volume base with the benefit of being able to offer additional revenue generating solutions. Finally, Sky’s processing volume was critical for us to meet the fundamental requirements of our convertible note.

To view the full press release, visit https://ccw.fm/WwMfg

On green box POS

GreenBox is an emerging fintech company leveraging proprietary blockchain security and token technology to create custom payment solutions. The company’s applications enable a full suite of turnkey financial products, reducing fraud and improving the efficiency of managing large-scale trade processing volumes for its merchant customers. For more information about the company, please visit www.GreenBoxPOS.com.

NOTICE TO INVESTORS: The latest GBOX news and updates can be found in the company’s newsroom at https://ccw.fm/GBOX

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This post contains sponsored advertising content. This content is for informational purposes only and is not intended to be investment advice.