Repay 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.

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.

Products and 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.

Customers and end 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.

Value-chain role

Repay sits between clients (merchants and lenders) and payment networks including Visa, Mastercard, Discover, and American Express, as well as debit card networks and sponsor banks. It bears ultimate liability to payment networks and sponsor banks for data security compliance across its client base and third-party partners. Repay manages underwriting, risk monitoring, chargeback resolution, collateral requirements, and fraud loss prevention for its client portfolio.

Source: SEC 10-K, filed 2026-03-09

Industry: Services-Business Services, NEC Peers: Cass Information Systems Inc Conduent Inc Paya Holdings Inc. International Money Express Inc I3 Verticals Inc Ibex Ltd MONEYGRAM INTERNATIONAL INC Paymentus Holdings Inc Visa Inc