RocketFuel Blockchain Inc (OTCQB:RKFL) stock rocketed after it recently told shareholders that it had raised its revenue guidance from $1 million to $5 million for the fiscal year 2023.
The San Francisco-based global payments solution company recently held a webinar to update investors on its progress. The rapidly growing fintech company said that its new products and functionalities had gained market traction and were proving to be “strong” revenue streams.
Investors reacted to the news, sending RocketFuel shares up nearly 20% to close at $0.21.
“We now have three full quarters of operations where we have seen our revenue double every single quarter and we have done 20,000 payment transactions or more,” RocketFuel CEO Peter Jensen told Proactive.
“We did all that with our first product, which was our Ecommerce Pay-In product, and we see the growth is actually accelerating with the March introduction of our two new products,” Jensen added.
In March this year, RocketFuel launched its eagerly anticipated Payouts product to allow businesses to pay people in crypto or fiat currencies as it drives the rapidly evolving world of international commerce.
The new Payouts program allows businesses to pay freelancers, vendors, creators, and employees through crypto, bank transfer and other payment methods.
“RocketFuel Payout is a natural extension to Rocketfuel e-commerce, which allows merchants to receive payments in crypto and bank transfer,” said Jensen. “Merchants can now offer both Pay-in and Payout services in digital as well as fiat currencies from one, single, integrated solution."
RocketFuel’s other new product — B2B Cross Border Payments — has successfully completed testing.
Moving large sums of money between countries has always presented its fair share of challenges. Through its B2B Cross Border Payments service, RocketFuel says it offers businesses “a cost-effective and efficient solution” using Stablecoins to move funds thus saving time and lowering expenses.
“Payouts and B2B have the potential to be larger than e-commerce,” said Jensen, who has more products up his sleeve.
“Our investors should expect new products and innovation.”
Meanwhile, RocketFuel said that e-commerce transactions had also grown “14X” since the previous quarter and the company had successfully signed up its second $1 billion plus enterprise customer.
“When large customers are happy, they buy more services from us,” noted Jensen.
RocketFuel is a global payments solution company that provides online shoppers with an easy-to-use, one-click checkout process that accepts payments with bank transfers, bitcoin and over 160 cryptocurrencies.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
Follow her on Twitter: @UttaraProactive
