HOUSTON, Jan. 30, 2018 /PRNewswire/ -- Noventis, Inc., (Noventis), a leader in payment processing, today announced a record-breaking performance for its 2017 fiscal year. The fintech innovator reported that dollar volume processed, revenue, and profitability all grew at record levels.
Fueling the company's growth was the virtual card (v-card) payment volume processed, which increased to a record $2 billion. This contributed to a 37% growth in revenue compared to 2016. With the record pace expected to continue in 2018, the company is increasing investment in key areas, such as staffing and expanding its office footprint by 35% in Q1.
"Noventis' 2017 results confirm that our ubiquitous payment network strategy is working to attain scale that few companies can achieve," said Steve Taylor, Noventis CEO. "As the market leader serving the long tail of check-dependent SMBs with electronic payment solutions, Noventis creates value for its partners by optimizing bill payments and delivering them by the most efficient means. This model has also enabled us to achieve our third consecutive year of record profitability."
Noventis' 2017 achievements are supported by the company's ability to continuously deliver critical innovations to the fintech market. Noventis' technology and expertise are driving innovation in payment delivery and serving society through faster, more secure payments. Dedicated to eliminating paper, accelerating posting time and enhancing security, Noventis is implementing payment modernization without the need for integration by payment originators or the suppliers and billers in its network. The Noventis payment platform is protected by five U.S. patents.
Among the exciting developments in 2017 was the continued success of the company's strategic focus to serve small to medium-sized businesses (SMBs) with electronic payments. The company's outreach program is converting 40% of SMBs from paper check to v-card payments. SMBs continue to join the Noventis network at a rate of 4,000 per month and Noventis expects to eliminate $1.2 billion in paper checks from the ecosystem in 2018.
V-cards offer many benefits, including enhanced security, improved accounting efficiency and faster payment. The Noventis 'Virtual Card Small Business Trends' infographic offers a deeper look into 2017 SMB v-card adoption rates and drivers: https://noventispayments.com/sites/noventispayments.com/files/inline-images/Noventis-SMB-ePayment-Trends.png
Taylor added, "Our most valuable asset is our people and I could not be more proud of their accomplishments and tireless dedication over the past year. Looking ahead in 2018, Noventis fully expects to continue its upward trajectory of financial growth and technological innovation."
Noventis develops innovative solutions to challenges around the delivery of bill and invoice payments. Its state-of-the-art payment processing platform delivers payments to an ever-growing network of billers and suppliers. Leveraging the company’s patented technology, Noventis is improving speed and efficiency by eliminating paper checks and automating other functions with straight through processing (STP). For more information, visit www.noventispayments.com, or follow us on LinkedIn (https://www.linkedin.com/company/noventis-inc./.) and Twitter (https://twitter.com/Noventis_Inc).