OLB Group (OLB) Reports Annual Transaction Volume Run Rate of $1.35B

The OLB Group, Inc. (NASDAQ: OLB), a diversified Fintech eCommerce merchant services provider and Bitcoin cryptocurrency mining enterprise, announced today that the Company's merchant services annual transaction volume run rate has reached $1.35 Billion in transaction volume as a result of 28.5 million transactions.

After the Company’s acquisition of a portfolio of CBD merchant accounts in the last quarter, OLB has started the current year with the highest revenue run rate in the history of the company. As a result of a diversified merchant base which 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. Since the acquisition, the Company has benefited from onboarding approximately 150 new merchant accounts per month.

Ronny Yakov, President and CEO of OLB, said, “In 2021, we began the year with an annualize revenue run rate of approximately $10 million. Starting this year at a $36 million annualized revenue run rate is likely to maximize our economies of scale and contribute to our 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. According to a February 2021 report by Grandview Research relating to the current and future CBD market sector, "The market is estimated to witness a y-o-y growth of approximately 20% to 23% in the next 5 years. Hemp-derived CBD is expected to grow at a CAGR of 23.4% post-pandemic owing to increasing demand from the pharmaceutical sector and rising awareness among consumers regarding health.” (See https://www.grandviewresearch.com/industry-analysis/cannabidiol-cbd-market).

Yakov continued, “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.”

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