VPay Announces Significant Growth Across Revenue, Employees, and Customers
PLANO, Texas--(BUSINESS WIRE)--Feb 7, 2019--VPay, a leading turnkey payment platform, today announced 2018 results, including 40 percent revenue growth from 2017 to 2018. The company has consistently driven significant year over year growth since its $76 million investment round led by FTV Capital in 2016. VPay’s customer base has grown by over 70%, reflecting the rapidly increasing need for consumer-driven and secure fintech solutions in the insurance and healthcare industries.
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VPay facilitates billions of dollars in payments via ACH, virtual cards, and checks for clients in insurance verticals such as third-party administrators, health plans, dental plans, property & casualty, and workers’ compensation payers. VPay has experienced a 205 percent increase in the number of transactions since 2016.The total amount of dollars processed grew more than 250 percent and transactions grew by 205 percent to over 900,000 unique service providers. Additionally, volume growth for epayments (ACH and virtual cards) has grown by 190 percent in the past two years.
“Consumers are demanding a more streamlined experience when it comes to how they interact with money on a day-to-day basis. We attribute our strong year to this phenomenon as the claim payments space is transformed – especially in property and casualty claims insurance,” said Jeffrey W. Brown, president for VPay. “Our customers come to us seeking faster, more secure methods of processing claim payments to keep up with the changing needs of their policyholders.”
VPay has also experienced considerable employee growth over the past two years. The company grew from 84 to 162 employees – nearly doubling its workforce from 2016 to present. VPay expects to hire an additional 25 employees by March of 2019 for the Plano headquarters.
“Our employees are passionate experts who are inspired by going beyond the status quo to help drive innovative solutions for our customers and their end consumers. Employee loyalty and dedication has been the key to VPay’s accelerated growth this past few years,” said Andy Roberts, CEO for VPay. “I’m honored to have such a hardworking team as we move into what I’m sure will be a successful 2019.”
VPay is the first third-party sender in the claims management space to be NACHA certified. Additionally, VPay is a finalist for the 13th annual Stevie® Awards for Sales & Customer Service and was awarded a Bronze Stevie® Award for Sales & Customer Service last year.
VPay® is today’s total payment solution for claim payments for workers’ compensation and auto insurers, health plans, dental plans and third-party administrators. By reducing checks with fast secure electronic payments that simplify the reconciliation process while also eliminating processing and management costs, VPay helps companies realize unexpected and unprecedented returns. For more information, visit www.vpayusa.com.
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KEYWORD: UNITED STATES NORTH AMERICA TEXAS
INDUSTRY KEYWORD: TECHNOLOGY SOFTWARE PROFESSIONAL SERVICES FINANCE INSURANCE
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