NEW YORK--(BUSINESS WIRE)--The OLB Group, Inc. (NASDAQ: OLB), a FinTech company, has announced financial results for third quarter ended September 30, 2020 and is providing an update on other company developments.

OLB is a FinTech company and a payment facilitator that, through its subsidiaries, focuses on a suite of products in the merchant services and payment facilitator verticals. These services include electronic payment processing, cloud-based multi-channel commerce platform solutions for small to medium sized businesses and crowd funding services. The Company is focused on providing these integrated business solutions to merchants throughout the United States through three wholly-owned subsidiaries, eVance, Inc., Omnisoft.io, Inc., and CrowdPay.us, Inc.

Financial Highlights

• Revenues for the nine months ended September 30, 2020 were $6,922,065.
• Adjusted EBITDA for the nine months ended September 30, 2020 was $157,748.

Highlights of financial results for the nine months ended September 30, 2020 (unaudited) are as follows:

As a result of the response to the COVID-19 pandemic in the United States, OLB did experience disruptions to its business as a result of disruptions with its customers and merchants, which resulted in a decline in transaction volume during April, May and June. Since June and through September 30, the Company had an overall increase in the number of transactions compared to the monthly transactions processed in March through May.

Key Highlights During Third Quarter of 2020 and Subsequent Events

• OLB closed a successful capital raise with Aegis Capital receiving gross proceeds of $6.4 million.
• Completed uplisting of OLB common stock to NASDAQ Capital Markets trading under the symbol OLB
• Reduced debt by approximately $6.1 to approximately $7.6 million by converting $4.6 million of debt into equity and paying down $1.5 million of the Company’s senior debt (we had $13.9 million of indebtedness the same time last year).
• Increased ecommerce business merchants during third quarter compared to retail (brick and mortar) merchants
• Ronny Yakov, Chief Executive Officer, appeared on The RedChip Money Report television program.
• OLB Group Expands Support for Apple Pay, Google Pay and ACH
• OLB Group Simplifies SMB Billing Through QuickBooks Connection
• National Sports Services Selects OLB to provide cloud-based cashless and contactless omnicommerce solutions for Four Minor League Baseball Teams
• Integration of a comprehensive 3D Secure service for OLB’s merchants through its proprietary Secure Pay payment gateway

To see a complete version of the Company’s Quarterly Report on Form 10-Q please click on the following link:

https://www.sec.gov/Archives/edgar/data/1314196/000121390020036572/f10q0920_theolbgroup.htm

About The OLB Group, Inc. (OLB)

The OLB Group, Inc. is a payment facilitator and commerce service provider that delivers fully outsourced private label shopping solutions to highly trafficked websites and retail locations. The Company provides end-to-end e-commerce, mobile and retail solutions to customers. These services include electronic payment processing, cloud-based multi-channel commerce platform solutions for small to medium-sized businesses and crowdfunding services. The Company is focused on providing these integrated business solutions to merchants throughout the United States through three wholly-owned subsidiaries, eVance, Inc., Omnisoft.io, Inc., and CrowdPay.us, Inc.

OLB Group, Inc.’s common stock is traded on the NASDAQ Capital Market under the stock symbol: OLB. Additional information about the Company can be found at http://www.olb.com