• A Stripe for B2B payments in specialized industries like loan collection.
• A Bill.com focused on automating incoming payments for businesses, especially for loan and debt collections.
• A specialized Global Payments or Fiserv for industries such as lending and healthcare payments.

Repay (RPAY) Major Products and Services:

• Integrated Payment Processing: Provides a platform to embed electronic payment acceptance and disbursement capabilities directly into client software systems.
• Accounts Receivable (AR) Automation: A service that streamlines and automates the collection of incoming payments from customers for businesses.
• Accounts Payable (AP) Automation: A service that automates and optimizes outgoing payments to vendors and suppliers for businesses, often leveraging virtual cards and ACH.
• Omni-Channel Payment Solutions: Offers diverse payment acceptance methods across various channels, including online, mobile, IVR, and text-to-pay, to cater to broad customer preferences.

Repay (RPAY) primarily sells its integrated payment processing solutions to other businesses, rather than directly to individuals. Due to the nature of its business as a payment processor and merchant services provider, Repay's customer base consists of a vast number of small to medium-sized businesses across various sectors, rather than a few identifiable "major customer companies" with publicly disclosed names. As such, specific names of these merchant customers are generally not publicly disclosed.

Instead, Repay focuses on serving businesses within specific key verticals, which represent its major customer categories. These include:

• Automotive Dealerships and Service Centers: Repay provides payment solutions for various transactions within the automotive industry, including vehicle sales, service appointments, parts purchases, and financing. These solutions help dealerships and service centers streamline their payment processing.
• Receivables Management Sector: This category encompasses debt collection agencies, law firms specializing in collections, and other organizations focused on managing and collecting outstanding debts. Repay offers secure and compliant payment options tailored for these operations.
• Healthcare Providers: Repay serves a range of healthcare entities, including hospitals, clinics, dental practices, and other medical facilities. Its solutions enable these providers to efficiently process patient payments, co-pays, and outstanding balances.

• Visa (V)
• Mastercard (MA)
• Discover Financial Services (DFS)
• American Express (AXP)

John Morris, Chief Executive Officer and Co-Founder

John Morris co-founded REPAY in 2006 and currently serves as the Chief Executive Officer and a member of the Board of Directors. He is responsible for REPAY's overall strategic and financial direction, including market strategy, organic and inorganic growth, and new end-market development. Morris has over 20 years of experience as an innovator and entrepreneur in the payments and financial technology industry. Prior to co-founding REPAY, he co-founded and served as president of Security Check Atlanta, a check verification and payment processor. During his tenure, Security Check Atlanta experienced significant growth before being sold in 2008. From 1994 to 1997, Morris held several corporate finance positions, including Director of Corporate Finance, at Bass Hotels and Resorts (now IHG), where he worked on capital projects and mergers and acquisitions. He began his professional career at KPMG as an associate.

Rob Houser, Chief Financial Officer

Rob Houser joined REPAY as Chief Financial Officer in 2025, overseeing the company's financial and strategy functions. In this role, he leads financial planning, corporate development, accounting, and investor relations. Houser has over a decade of divisional CFO and operational experience within the payment industry. Before joining REPAY, he served as the Group CFO and Advisor at Conduent Incorporated (Nasdaq: CNDT) and previously as Conduent's Global Head of Strategy, Corporate Development and Advisor to the CEO.

Shaler Alias, President and Co-Founder

Shaler Alias is the President and Co-Founder of REPAY. He co-founded REPAY in 2006 with John Morris.

David Guthrie, Chief Technology Officer

David Guthrie serves as the Chief Technology Officer for REPAY.

Tyler Dempsey, General Counsel

Tyler Dempsey holds the position of General Counsel at REPAY.

The key risks to Repay (RPAY) are primarily related to its sensitivity to macroeconomic conditions, the highly competitive and evolving nature of the payment processing industry, and its reliance on third-party relationships for core operations.

1. Sensitivity to Macroeconomic Conditions and Consumer/Commercial Spending: Repay's business model is significantly influenced by overall economic conditions, consumer spending habits, and the financial health of its merchant clients. A downturn in the economy, inflationary pressures, or a recession could lead to reduced transaction volumes, an increase in client losses, and decreased profitability. The company's Customer Payments segment, which generates approximately 85% of its revenue, is particularly susceptible to fluctuations in underlying credit performance.
2. Intense Competition and Rapid Changes in the Payment Processing Industry: The payment processing market is highly competitive and rapidly evolving. Repay faces ongoing challenges from new technologies, emerging market entrants, and shifts in regulatory landscapes. This competitive environment can exert pressure on pricing, potentially impacting Repay's fees and profit margins, and necessitating continuous adaptation and innovation to retain and attract clients.
3. Reliance on Third-Party Relationships and Regulatory Compliance: Repay depends on sponsor banks to process electronic payment transactions; the termination of these sponsorships without suitable replacements would severely impede its operations. The company also relies on software integration partners who embed Repay's services into client software. Furthermore, non-compliance with the rules and standards set by payment networks and industry self-regulatory organizations could result in significant fines, operational suspensions, or the termination of critical registrations.

The clear emerging threat to Repay (RPAY) is the accelerating trend of Integrated Software Vendors (ISVs) and other vertical SaaS providers becoming their own payment facilitators (PFs) or directly building payment processing capabilities into their platforms. As these software companies increasingly seek to monetize every aspect of their customer relationship and capture a larger share of the revenue stream, they are moving to own the payment stack themselves rather than solely relying on or reselling third-party payment processors like Repay. This trend is driven by the desire for greater control over the customer experience, deeper data insights, and increased profitability. This could lead to disintermediation or commoditization for traditional payment processors, as the software layer captures more of the value traditionally held by payment specialists.

Repay (RPAY) provides integrated payment processing solutions across several specialized vertical markets, with a focus on both consumer and business payments. The addressable markets for their main products and services are as follows:

Consumer Payments Segment

• Personal Loans / Consumer Finance: The global personal loans market was valued at approximately USD 750 billion in 2024 and is projected to grow to around USD 790 billion in 2025. This market is expected to reach USD 1,020 billion by 2030, expanding at a compound annual growth rate (CAGR) of 5.2% during 2025-2030. In the U.S. specifically, total outstanding personal loan debt reached USD 253 billion in 2025.
• Automotive Loans / Payments: The global automotive payment market is projected to exceed USD 580 billion by 2030. The global in-vehicle payment services market size was valued at USD 1.4 billion in 2024 and is projected to grow at a CAGR of 26.7% between 2025 and 2034, reaching USD 14.6 billion. The U.S. in-vehicle payment services market accounted for 76% of the revenue share in 2024 and is expected to exceed USD 10.2 billion by 2034.
• Healthcare Digital Payments (Consumer Healthcare): The global healthcare digital payment market size was estimated at USD 14.21 billion in 2024 and is predicted to increase from USD 17.19 billion in 2025 to approximately USD 94.15 billion by 2034, expanding at a CAGR of 20.82% from 2025 to 2034. The U.S. healthcare digital payment market size was USD 3.98 billion in 2024 and is projected to be worth around USD 26.83 billion by 2034, growing at a CAGR of 21.02% from 2025 to 2034.

Business Payments Segment

• Accounts Payable (AP) Automation: The global Accounts Payable Automation market size was valued at USD 3.42 billion in 2024 and is expected to grow to nearly USD 8.08 billion by 2032, with an 11.35% growth from 2024 to 2032. Another estimate places the global market at USD 5,378.58 million in 2023, projected to reach USD 17,047.16 million by 2032, growing at a CAGR of 13.9% from 2024 to 2032. North America led the accounts payable automation market in 2024, primarily due to its mature fintech ecosystem and high cloud adoption rates.
• B2B Payments (General Transaction Market): The global B2B payments transaction market size is calculated at USD 1.73 trillion in 2025 and is forecasted to reach around USD 3.79 trillion by 2034, accelerating at a CAGR of 9.14% from 2025 to 2034. The North America market size for B2B payments transactions surpassed USD 660 billion in 2024 and is expanding at a CAGR of 9.20% during the forecast period. The U.S. B2B payments transaction market size was evaluated at USD 460 billion in 2024 and is projected to be worth around USD 1,160 billion by 2034, growing at a CAGR of 9.69% from 2025 to 2034.

Repay (RPAY) is expected to drive future revenue growth over the next two to three years through several key initiatives:

1. Expansion of Integrated Software Partnerships: Repay consistently reports adding new integrated software partners, which broadens its reach to new clients and payment processing opportunities. For example, the company added four new integrated software partners in Q1 2024, bringing the total to 266 relationships. They further expanded their partnership network to 291 across consumer and business payment segments by Q3 2025. This strategy is crucial for embedding their payment technology directly into client workflows for a seamless experience.
2. Growth in Business Payments (B2B) Segment: The Business Payments segment, particularly through accounts payable (AP) automation and supplier network expansion, has been a significant growth area. In Q1 2024, Business Payments organic gross profit grew approximately 17% year-over-year, and the AP supplier network accelerated to over 279,000, an increase of approximately 60% year-over-year. By Q3 2025, the normalized gross profit for Business Payments increased 12% year-over-year, with the supplier network reaching 524,000.
3. Increased Adoption of Payment Capabilities by Existing Clients: Repay's management has highlighted a continued demand from existing clients adopting more payment capabilities and enhancing their embedded payment flows. This indicates a strategy of upselling and cross-selling additional services to its current customer base, leading to organic growth.
4. Growth of Instant Funding Product: The instant funding product is a specific offering that Repay has identified as a significant growth driver, with plans to expand its capabilities to other verticals. Instant funding transactions increased by approximately 33% year-over-year in Q1 2024 and approximately 45% in Q4 2023, and 50% for the full year 2023.
5. Strategic Mergers & Acquisitions (M&A): Repay remains open to "accretive strategic M&A" to further accelerate its position and growth potential. The company is also undergoing a strategic review process to explore potential alternatives aimed at enhancing shareholder value, which could include mergers and acquisitions for inorganic growth.

Share Repurchases

• REPAY's Board of Directors increased its authorized share repurchase program to $75 million in May 2025, with approximately $61.2 million remaining in capacity as of that date.
• The company repurchased $38 million worth of shares year-to-date through August 2025, equating to approximately 5% of shares outstanding or 7.9 million shares.
• In the third quarter of 2025, REPAY repurchased $15.6 million of shares.

Share Issuance

• In May 2020, REPAY commenced an underwritten public offering of 8,000,000 shares of its Class A common stock, with an option for underwriters to purchase up to an additional 1,200,000 shares.
• Proceeds from 4,000,000 shares were intended for general corporate purposes, including future acquisitions, earnout obligations, and working capital.
• Proceeds from the other 4,000,000 shares (or up to 5,200,000 if the option was fully exercised) were used to acquire equivalent outstanding units of Hawk Parent Holdings LLC from an entity controlled by Corsair Capital LLC.

Outbound Investments

• REPAY has made a total of 11 acquisitions, with peak activity in 2020 (4 acquisitions) and 2021 (2 acquisitions).
• The most recent acquisition was Payix in January 2022 for $95 million, a provider of payment processing solutions for lenders and auto dealers.
• Other significant acquisitions include BillingTree in May 2021 for $503 million and CPS Payment Services in October 2020 for up to $93 million.

Capital Expenditures

• REPAY's capital allocation priorities for 2025 remain focused on organic growth investments and managing capital expenditures as a percentage of revenue.
• The company is making incremental investments in sales, implementation, and client service teams to support future growth initiatives.
• Capital expenditures experienced year-over-year growth decreases of 17% in Q4 2024 and 12% in Q3 2024.