San Antonio-based Payment Data Systems, which processes electronic payments for other companies, saw its revenue increase 159 percent in 2014.
The company announced it had $13.4 million in revenue for 2014, compared to $5.2 million a year earlier. The increase came from higher transaction volume across its automated clearinghouse and credit card business segments.
Payment Data Systems also saw its net income rise to $3.8 million or four cents per share for 2014, compared to a net loss of $789,039 or one cent per share for 2013.
“We are thrilled with our results for 2014,” Michael Long, Chief Executive Officer of Payment Data Systems, said in a news release. “Our high growth in transactions processed was fueled by both new and existing clients. The demand for our services was high and should continue as we develop even more competitive offerings.”
“We set all time-time company records in every important financial metric this last year including revenue, operating income, net income and cash generated,” Long said.
Payment Data Systems is positioning the company to apply for a national listing with the New York Stock Exchange market. The company plans to apply for the listing this month. It is currently traded on the over the counter stock exchange.
The company has also hired Habib Yunus as its Chief Financial Officer. He has experience in tax planning and mergers and acquisitions.
In December, Payment Data Systems acquired Akimbo Financial, a pre-paid credit card startup based at Geekdom, for $3 million.