CARLSBAD, Calif. - AppTech Payments Corp. (NASDAQ: APCX), a fintech company, has announced a strategic partnership with FISB Solutions to modernize core banking systems for community banks. The collaboration aims to integrate neobank technologies into these institutions, enhancing their digital capabilities.
The initiative will enable hundreds of community banks to offer improved services and compete more effectively in the digital banking landscape. AppTech plans to leverage local Independent Sales Organizations (ISOs) to expand the banks' customer outreach without incurring additional costs.
AppTech's CEO, Luke D’Angelo, emphasized the importance of local relationships for community banks and identified the partnership as a means to overcome their challenges with reach and technology. The collaboration with FISB is expected to drive customer growth and bring modern fintech solutions to these banks.
Jerry Federico, President of FISB Solutions, praised AppTech's commitment to delivering top-tier fintech solutions to small businesses, aligning with FISB's own dedication to aiding small businesses in the fintech space.
FISB Solutions has a history of supporting small businesses with innovative fintech solutions, while AppTech Payments Corp. offers digital financial services through cloud-based platforms and has a range of exclusive licensing and partnership agreements.
The information in this article is based on a press release statement from AppTech Payments Corp.
In other recent news, AppTech Payments Corp. has made significant strides in its financial and technological offerings. In a major development, the company successfully completed the pilot program of its Banking-as-a-Service (BaaS) platform, marking its transition towards the commercial launch of InstaCash. The new service, which uses the BaaS platform, will offer virtual accounts, debit and credit cards, and high-interest-yielding financial products.
Additionally, AppTech has announced the pricing of its public offering of 2 million shares at $1.00 each, aiming to raise $2 million before deductions. EF Hutton LLC is the sole book-runner for this offering. The proceeds from the offering are intended for the integration of AppTech's existing business, working capital, and general corporate purposes.
The company has also disclosed its intention to launch an underwritten public offering of its common stock and pre-funded warrants. EF Hutton LLC is the sole book-running manager for the proposed offering. The specifics of the offering, including size and terms, are contingent on market conditions.
InvestingPro Insights
As AppTech Payments Corp. (NASDAQ: APCX) embarks on its strategic initiative with FISB Solutions to enhance digital banking for community banks, it's important for investors to consider the financial health and market performance of the company. According to recent data from InvestingPro, AppTech has a market capitalization of $20.55 million, reflecting its size within the fintech industry. Despite the optimistic outlook on sales growth, the company has not been profitable over the last twelve months, with an adjusted price-to-earnings (P/E) ratio in the last twelve months as of Q1 2024 standing at -1.54. This suggests that investors are valuing the company's growth prospects rather than current earnings.
Additionally, InvestingPro Tips indicate that AppTech's stock has experienced high price volatility and is currently trading near its 52-week low. This could be a point of concern for risk-averse investors, but it also may present a potential opportunity for those looking to invest in a company with a focus on digital transformation in banking. Notably, the company's short term obligations exceed its liquid assets, which could indicate potential liquidity challenges.
For those interested in further analysis and insights, InvestingPro offers additional tips on AppTech Payments Corp., which can be accessed at https://www.investing.com/pro/APCX. There are 10 more InvestingPro Tips available, providing a deeper dive into the company's financials and market performance. To explore these insights, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, enriching your investment strategy with comprehensive data and expert analysis.
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