Priority Technology Holdings has achieved impressive results, reporting a 20% jump in quarterly revenues, hitting a record $227 million, up from $189 million. This surge in earnings comes as the company’s B2B business continues to drive exceptional growth.
Strong Performance Across Key Segments
Priority’s adjusted gross profit reached $86 million, a nearly 19% increase from the previous quarter. Chairman and CEO, Tom Priore, credited the company’s success to its strong performance in small and medium-sized business (SMB) acquiring, B2B payables, and enterprise payments. “Our continued execution supports that Priority’s technology, operations, and decision-making have positioned us to excel throughout 2024 and beyond,” Priore said.
Forecasting Growth Ahead
Priority projects full-year revenue of $875 million to $883 million, forecasting a growth rate of 16-17% compared to fiscal 2023 results. This outlook reflects the company’s optimistic stance, backed by sustained momentum in its B2B segment.
The Role of Data in Driving Growth
Albert Acevedo, Senior Vice President of Treasury Services at Priority, spoke about how the integration of data-driven tools is reshaping the financial era. “We’re seeing the merging of payment processes with source data to create efficiencies,” he explained. As embedded finance continues to evolve, Priority is set to expand beyond payments into crucial areas like cash flow management and fraud protection.
As technology and data collection capabilities advance, Priority is setting itself to lead in emerging markets like treasury management and risk mitigation. The company’s innovations in embedded finance promise to redefine how businesses manage their financial operations.
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