Repay Holdings Corp

repay.com

What Do They Do?

Processes electronic payments and disburses loan funds for consumer lenders and debt collectors, and helps businesses collect and send payments.

How Do They Make Money?

REPAY charges clients fees based on card payment amounts and per-transaction fees. Sponsor banks generally remit amounts shortly after processing, or client invoices are generally due 30 days after invoicing.

revenue

Segment	Share	Revenue	How money arrives
Consumer Payments Usage-based	92% FY2022: 89%		Usage-based
Business Payments Usage-based	16% FY2022: 15%		Usage-based

Who Are Their Customers?

Serves consumer lenders and debt collectors, and businesses in fields such as automotive, healthcare, education and government. Sales representatives work directly with clients and use software providers whose business-management systems the company connects to reach other businesses.

Do Revenues Turn Into Profits?

Not on paper. It lost $256.7M in FY2025, but brought in more cash than it spent: $90.8M of free cash flow.

Operating income, FY2025

−82% of revenue

▲ +3178% (Loss) vs FY2024 (−$7.8M, −2%)

Net income, FY2025

−83% of revenue

▲ +2428% (Loss) vs FY2024 (−$10.2M, −3%)

Free cash flow, FY2025

29% of revenue

▼ −39% vs FY2024 ($149.1M, 48%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +33%; vs $75.6M in Q2 FY2025
Net income: ▼ −89% (Loss); vs −$102.3M in Q2 FY2025

Consumer Payments share of revenue vs 93.2% in Q2 FY2025

Aug 10, 2026 Reiterates full-year financial outlook Revenue outlook remained $490 - 500 million.
Jun 1, 2026 Completes acquisition of KUBRA The all-cash purchase price was $372 million.
May 4, 2026 Raises its full-year Adjusted EBITDA outlook Adjusted EBITDA outlook increased from $136.5 - 141.5 million to $141 - 146 million.

Growing. Revenue grew 41% in 4 years, from $219.3M in FY2021 to $309.3M in FY2025, about 9% a year.

Fuel-dealer software The older report included Blue Cow Software, which supplied business software for propane and fuel oil dealers, and said it was sold; the latest report describes Consumer Payments without that offering.

Revenue over time

Consumer Payments Business Payments

$500M$250M$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with ACI Worldwide, Payliace, Paymentus, PayNearMe, PayScout, TabaPay, Bank of America Merchant Services, Elavon, Wells Fargo Merchant Services, Global Payments, WorldPay, Fiserv, AvidXchange, Edenred Pay, Corpay, Paya, and Fortis

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