Shares of GreenBox POS (NASDAQ: GBOX) surged as much as 20% on Tuesday morning after the company significantly boosted its guidance for payment processing volumes this year. At 11 a.m. EST, the stock was up 13%.
The fintech company, which offers blockchain-based payment services, now expects to process $1.2 billion in payments in 2021, or twice as much as GreenBox’s initial outlook of $600 million. Payment processing volumes in the first quarter have been much higher than expected, leading to the increased forecast for the year. The higher volumes should also pave the way for improved operating margins and new smart-contract token volume, according to GreenBox.