CARLSBAD, Calif., Nov. 10, 2022 (GLOBE NEWSWIRE) -- AppTech Payments Corp. (“AppTech”) (NASDAQ: APCX), a Fintech company powering commerce experiences, today announced results for the three months ended September 31, 2022. The financial statements and 10-Q are available on sec.gov.
Third Quarter 2022 Financial Highlights
- Revenue for the three months ended on September 30, 2022 was approximately $115 thousand versus $92 thousand for 3Q21.
- Cash balance as of September 31, 2022 was $5.9 million.
Recent Business Highlights
- Unveiled its new product platform, Commerse™ at Money20/20 USA. Cloud-based Commerce Experiences-as-a-Service ("CXS") platform is backed by AppTech’s mobile commerce patents, core partner technology and other related internal intellectual property. CXS solutions incorporate PaaS, BaaS, Data, AI/ML, MarTech and other features to create flexible, rich, personalized payment and banking experiences for end users.
- Announced partnership with Chip Financial to support the company’s growing Fintech, digital banking and payments ecosystem. The partnership enhances Chip Financial’s suite of solutions that focus on a tailored customer approach to provide capabilities in Payments-as-a-Service (PaaS) and Banking-as-a-Service (BaaS).
- Opened a new office in Austin's emerging tech hub to expand operations and foster growth. The location will serve as a licensing headquarters and main site for new product development within digital banking and mobile payments technology.
- Entered the Canadian market by signing a partnership that will enable transactions across international borders in a multitude of different retail outlets in Canada, including in-person retail, ecommerce, transportation, lodging, hospitality, automotive, and restaurants.
- A Definitive Agreement was fully executed to acquire Hothand Inc., a patent-holding company that owns the intellectual property rights to a wide array of mobile credit/debit transactions and mobile search, location, offer, and payment fields.
- Onboarded a seasoned development team of experts who have expedited the platform launch date. In addition, the Company onboarded its new sales director and head of business development, who will be tasked with building the foundation for the Company’s planned expansion.
- Developed key system functions, including CI/CD pipelines, go-forward scalable and secure AWS infrastructure, POC for Text2Pay Invoice System, and POC for Crypto Payments Invoice System.
Management Commentary
Luke D’Angelo, CEO of AppTech commented: “We have accelerated our progression to help meet the planned launch of our Commerse platform in the coming weeks. Our team is hyperfocused on bringing this all-new Fintech product to market as it will create truly seamless omni-channel, immersive experiences for our clients and their customers.
After many months of work, in October we unveiled Commerse, an innovative, cloud-based Commerce Experiences-as-a-Service ("CXS") platform that is backed by AppTech’s mobile commerce patents, core partner technology and other related internal intellectual property. Commerse seamlessly delivers digital banking, text-to-pay, crypto payments and merchant services altogether from a single, unified platform. Its suite of powerful omni-channel payment and digital banking solutions simplify the process while enabling businesses to offer feature-rich commerce experiences to their customers with minimal effort, along with greater efficiency and a cost savings as well.
The anticipated launch of Commerse later this year has ignited an overwhelming response from our clients who are eager to provide innovative payment technologies, especially crypto integration, to meet the needs of their customers. We are currently working with select clients to perfect Commerse and ensure it sustains high functionality and ease of use.
Our Commerse platform is designed to deliver immersive customer experiences across a broad base of retail industries and clients, including merchants, banking institutions and business enterprises alike. Clients can launch quickly using our off-the-shelf solutions or leverage the flexibility of our Gold Standard APIs to develop custom-tailored experiences or utilize our in-house team of experts to design, build and implement their unique vision.
Our technology is based on our strong portfolio of patents, covering many areas, including mobile-to-mobile and computer-to-mobile payment. Our recent acquisition of Hothand increased our portfolio to 17 total patents. Ownership of these patents, which have been cited by industry-leading corporations, enables us to pursue licensing agreements with hundreds, if not thousands, of companies who are already using AppTech’s intellectual property.
Historically, AppTech has always been a payment processor company—but that will change significantly with the release of our Commerse platform. It officially marks AppTech’s business transformation into a Software-as-a-Service (SaaS) company with end-to-end digital commerce service offerings. That means we can now pursue new revenue opportunities in the global Fintech-as-a-Service (FaaS) market space. The FaaS market size was valued at USD 232.14 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 17.2% from 2022 to 2030, reaching USD 949.49 billion by 2030 according to Grand View Research, Inc.
With a strong balance sheet, coupled with our exceptional product and leadership teams, we are well-positioned to successfully execute on our plans to become the premier Fintech SaaS platform powering high-conversion, immersive, commerce experiences for businesses and their customers worldwide.”
About AppTech
AppTech Payments Corp. (Nasdaq: APCX) is an innovative Fintech company whose mission is to deliver a better way for businesses to provide their customers with immersive commerce experiences. Commerse™, its all-new, patent-backed technology platform powering seamless omni-channel Commerce Experiences-as-a-Service (CXS), drives highly secure, scalable, cross-border digital banking, text-to-pay, crypto payments and merchant services altogether from a single, unified stack designed to increase operational efficiencies and growth for businesses while providing the economic convenience that their customers demand from today’s commerce experiences. For more information, visit apptechcorp.com.
Forward-Looking Statements
This press release contains forward-looking statements that are inherently subject to risks and uncertainties. Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as “anticipate, believe, estimate, expect, forecast, intend, may, plan, project, predict, should, will” and similar expressions as they relate to AppTech are intended to identify such forward-looking statements. These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in methods of marketing, delays in manufacturing or distribution, changes in customer order patterns, changes in customer offering mix, and various other factors beyond the Company’s control. Actual events or results may differ materially from those described in this press release due to any of these factors. AppTech is under no obligation to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
Investor Relations Contact
Ben Shamsian
Lytham Partners, LLC
shamsian@lythampartners.com
646-829-9701
Media Contact
Sarah Bilyeu
KCD PR for AppTech Payments Corp
sbilyeu@kcdpr.com
619-252-9111
AppTech Payments Corp.
info@apptechcorp.com
760-707-5959
