Usio, Inc. Sets a New Record in Prepaid Card Transactions

Published 7 months ago
  Usio

Usio, Inc., a front-runner in the FinTech industry, has achieved a new milestone by exceeding $100 million in funds loaded onto prepaid cards in the third quarter of 2023. This is the first time in its history that Usio has crossed this threshold in a single quarter.

Launch of First State-Administered Card Program

The company announced the launch of its inaugural card program, managed by one of the largest states in the country. This initiative is a significant step for Usio as it has previously worked with cities, counties, and various governmental entities. The success of this state-administered prepaid incentive program signifies the trust and confidence placed in Usio’s capabilities and high standards of customer service.

Anticipated Growth in Revenues

Usio’s SVP of Card Issuing, Houston Frost, indicated a potential growth in the company’s 2023 revenues by over 100% compared to 2022. The increase in dollars loaded on prepaid card programs in the third quarter of 2023 has positioned the firm well for continued growth. Compared to a total of $210 million loaded onto prepaid cards in fiscal 2022, the third quarter alone registered a 239% increase in load volumes and a 152% increase in purchase volumes.

About Usio, Inc.

Usio, Inc., a leading FinTech firm, offers a comprehensive suite of cloud-based integrated payment and embedded financial solutions to an extensive clientele. The company operates credit/debit and ACH payment processing platforms, along with a turn-key card issuing platform. Usio’s strength lies in its ability to provide custom solutions for card issuance, payment acceptance, and bill payments, particularly in the prepaid sector.

Usio’s Forward-Looking Statements

The company has issued forward-looking statements indicating management’s intent, belief, and expectations for future operations and growth strategy. However, these statements are subject to risks and uncertainties inherent in the company’s business. Factors such as economic downturn due to the COVID-19 pandemic, managing company growth, relationships with network partners, and compliance with complex laws and regulations, among others, could significantly affect the company’s business and financial results.