Why Did Fast Finance Pay Corp (OTCMKTS:FFPPD) Stock Soar 52% Monday?

German financial technology and payments firm Fast Finance Pay Corp (OTCMKTS:FFPPD) was in focus yesterday after it announced a range of corporate developments that had taken place during the first fiscal quarter of 2023 ended March 31, 2023. It could be a good idea for investors to take a look at some of the more important highlights.

Trading Data

On Tuesday, FFPPD stock surged 52.63% to $0.2900 with more than 3K shares, compared to its average volume of 7.84K shares. The stock moved within a range of $0.2900 – 0.2900 after opening trade at $0.2900.

Fast Finance Pay Corp Announces Corporate Update For 1st Quarter

The company noted that it had experienced growth in Ok.de Services, FF24 Ventures and FF23 Merchant Services during the quarter. The company announced that FF23 Merchant Services had recorded revenues of $405000 and that reflected a year on year rise of as much as 177%. The customer growth was also significant as it went up by a record 180% as compared to 55% in the prior year period.

FF23 Ventures had almost completed its negotiations with regards to the completion of a payments license for the geographical area of the European Union. The company noted that once license was obtained it would be possible to provide a white label banking and software product by the end of the second fiscal quarter. The company also noted that Ok.de Services had experienced a record growth in downloads and traffic over the course of the first quarter.