Repay Holdings Corp
repay.comRepay Holdings Corporation (NASDAQ: RPAY) is a payment processing company that enables electronic payment acceptance and disbursement for clients in specialty lending, receivables management, and business-to-business verticals. Revenue is transactional, generated by processing fees on debit card, credit card, ACH, and virtual card transactions across two reportable segments: Consumer Payments and Business Payments. Repay was incorporated in Delaware on July 11, 2019 through a business combination with Thunder Bridge Acquisition Ltd., a SPAC. Consumer Payments, which includes personal loans, automotive loans, receivables management, credit unions, mortgage servicing, consumer healthcare, and diversified retail, represented approximately 85% of total revenue after intersegment eliminations for the year ended December 31, 2025. Total revenue was $309.3 million for the year ended December 31, 2025, down from $313.0 million for the year ended December 31, 2024. As of December 31, 2025, Repay carried $426.5 million in convertible senior notes outstanding, net of deferred issuance costs, and does not pay a dividend.
Products & Services
Consumer Payments segment: debit and credit card processing, ACH processing, electronic payment acceptance, loan disbursement, and the RCS proprietary clearing and settlement platform sold to ISOs and payment facilitators. Business Payments segment: accounts payable automation, debit and credit card processing, virtual credit card processing, and ACH processing for business-to-business clients. Verticals served include personal loans, automotive loans, receivables management, credit unions, mortgage servicing, consumer healthcare, diversified retail, real estate, and media payments.
Revenue Model
Transactional processing fees on debit card, credit card, ACH, and virtual card payments processed on behalf of clients. Revenue is volume-driven, tied to payment dollar amounts and transaction counts across client portfolios in specialty verticals. Repay also markets customizable payment processing programs to independent sales organizations and payment facilitators through its proprietary RCS clearing and settlement platform.
Customers & Markets
Clients are businesses operating in specialty verticals: personal loan lenders, automotive loan servicers, receivables management and debt collection firms, credit unions, mortgage servicers, consumer healthcare providers, diversified retailers, and business-to-business companies. End consumers are individuals making loan payments, settling debts, or paying for services electronically. Revenue declined $3.8 million year-over-year in FY2025 partly due to previously announced client losses.
Financial Snapshot
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