Priority’s B2B Business Helps Fuel 20% Jump in Revenues
Priority Technology Holdings says its B2B business has helped it reach “record” results.
The payments and banking FinTech reported quarterly earnings Thursday (Nov. 7) showing revenues of $227 million, up 20% from $189 million. Priority’s adjusted gross profit came to $86 million, up 18.9%.
“We reported record results in the third quarter as we sustained our positive momentum, delivering consistently strong results in SMB acquiring, B2B payables and enterprise payments,” said Tom Priore, the company’s chairman and CEO, referring to small and medium-sized businesses (SMBs).
“Our continued execution reinforces that Priority’s technology, operations and decision making have positioned us to excel through the remainder of 2024 and beyond,” he added.
The company forecast full-year revenue of between $875 million to $883 million, a growth rate of 16% to 17%, compared to its results from fiscal 2023.
During the company’s earnings call, Priore was asked about cross-selling opportunities between enterprise and B2B businesses.
“I don’t know we’re at liberty to kind of share specifics as they’re their individual enterprise partners that are contracting with us,” the CEO said.
PYMNTS spoke last month with Albert Acevedo, senior vice president of treasury services at Priority, about the way data from digital payments can help chief financial officers (CFOs) and treasurers drive competitive differentiation and growth.
“We do see a real evolution into more sophisticated tools and ways to manage your money,” Acevedo told PYMNTS. “We’re seeing the merging of payment processes with source data to create efficiencies.”
As embedded finance evolves beyond the limits of payments, he added, it is amassing sophisticated, data-driven treasury solutions.
Modern technology and the ability to collect and use data more precisely are allowing embedded finance platforms to break the bonds of their original scope, setting them up to be critical in areas such as cash flow management, fraud protection and risk management.
“This shift marks a significant step forward for businesses seeking to streamline their financial operations by integrating innovative technology into their treasury management functions,” PYMNTS wrote.
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