RPAY Stock: Insider Activity, Filings & Research

Repay Holdings Corporation (RPAY) — Drillr’s hub for RPAY insider activity, SEC filings, earnings signals and AI research. Over the trailing 3 months, RPAY insiders filed 16 open-market buys and 0 sales (SEC Form 4).

Sentiment

100/100

Buys (3m)

Sells (3m)

Net (3m)

$13.3M

Insiders buying

Insider trades by month Buys Sells

Dec

May

Sep

Nov

Mar

Apr

Context3-month price +17.4%Institutions reducing (13F)

Date	Insider	Type	Shares	Price
Jun 2, 2026	Guthrie David Mofficer: Chief Technology Officer	Grant	1,000	$2.85
Jun 2, 2026	Guthrie David Mofficer: Chief Technology Officer	Tax	79	$3.88
May 14, 2026	Morrow Matthew Edwardofficer: Executive Vice President	Grant	260,416	—
May 11, 2026	Sullivan Thomas Eugeneofficer: Chief Accounting Officer	Tax	3,897	$3.49
Apr 10, 2026	Forager Fund, L.P.10 percent owner	Buy	287,200	$3.04
Apr 10, 2026	Forager Fund, L.P.10 percent owner	Buy	180,858	$3.05
Apr 10, 2026	Forager Fund, L.P.10 percent owner	Buy	350,000	$2.42
Apr 10, 2026	Forager Fund, L.P.10 percent owner	Buy	461,609	$2.53
Apr 10, 2026	Forager Fund, L.P.10 percent owner	Buy	488,391	$2.54
Apr 10, 2026	Forager Fund, L.P.10 percent owner	Buy	484,720	$2.57
Apr 10, 2026	Forager Fund, L.P.10 percent owner	Buy	78,991	$2.68
Apr 10, 2026	Forager Fund, L.P.10 percent owner	Buy	174,779	$2.92
Apr 9, 2026	Forager Fund, L.P.10 percent owner	Buy	350,000	$2.42
Apr 9, 2026	Forager Fund, L.P.10 percent owner	Buy	78,991	$2.68
Apr 9, 2026	Forager Fund, L.P.10 percent owner	Buy	484,720	$2.57

Source: RPAY SEC Form 4 filings, latest Jun 2, 2026. For informational purposes only — not investment advice.

Overview

Repay Holdings Corporation (NASDAQ:RPAY) is a technology company that provides integrated payment processing solutions to businesses across various industry verticals. Founded in 2006 and headquartered in Atlanta, Georgia, the company went public in July 2018. Repay operates through two primary segments: Consumer Payments and Business Payments, serving clients in specialized markets including personal loans, automotive finance, accounts receivable management, and business-to-business transactions. The company has grown through both organic expansion and strategic acquisitions, building a comprehensive payment processing platform that enables electronic transactions across multiple channels including web-based, mobile applications, and point-of-sale systems.

Business

Repay operates in the payment processing industry, which serves as the critical infrastructure that enables electronic transactions between consumers, businesses, and financial institutions. The company's core offering centers around integrated payment processing solutions that allow businesses to accept and process various forms of electronic payments from their customers. The company operates two distinct business segments. The Consumer Payments segment represents approximately 75-80% of total card payment volume and focuses on enabling consumers to make payments to businesses in specific verticals. This includes processing payments for personal loans, automotive loans, mortgage payments, and accounts receivable management (debt collection). The segment serves credit unions, personal loan companies, auto finance companies, and collection agencies. Key products include traditional credit and debit card processing, automated clearing house (ACH) processing, and an Instant Funding product that provides immediate settlement to merchants. The Business Payments segment accounts for approximately 20-25% of card payment volume and focuses on business-to-business transactions, particularly accounts payable processing. This segment helps businesses pay their suppliers and vendors electronically, often replacing traditional check-based payments. The company maintains a supplier network of approximately 390,000 vendors and processes payments for various business expenses including political media advertising, which provides cyclical revenue during election years. Repay's technology platform integrates with over 180 software partners, allowing the company to embed payment processing capabilities directly into existing business software systems. This embedded approach means that end-users can process payments without leaving their primary business applications, creating a seamless payment experience. The company processes payments through multiple channels including web portals, mobile applications, text-to-pay systems, interactive voice response systems, and traditional point-of-sale terminals.

Revenue model

Repay generates revenue primarily through transaction-based fees charged on payment processing volume. The company earns interchange fees when processing credit and debit card transactions, taking a percentage of each transaction processed through its platform. For ACH transactions, the company charges per-transaction fees that are typically lower than card processing but offer higher margins. The Business Payments segment also generates revenue through supplier network monetization, where the company earns fees from vendors who participate in their payment network. The company's customers are businesses that need to collect payments from consumers or make payments to suppliers. In Consumer Payments, these include credit unions (329 clients), personal loan companies, auto finance companies, and debt collection agencies. In Business Payments, customers are primarily mid-market and enterprise companies that want to digitize their accounts payable processes. Repay sells its services through direct sales representatives and software integration partnerships, with the latter providing significant distribution leverage. Several factors influence Repay's profit margins. Positive margin drivers include the ongoing shift from paper-based to electronic payments, which increases transaction volume; the company's focus on higher-margin ACH processing; and the embedded nature of their solutions, which creates customer stickiness and reduces acquisition costs. Political advertising spending during election cycles provides meaningful margin expansion in the Business Payments segment. Negative margin pressures include interchange rate changes imposed by card networks, increased competition in payment processing leading to pricing pressure, client losses to competitors or in-house solutions, and macroeconomic factors that reduce consumer spending in discretionary categories. The company's exposure to auto finance and accounts receivable management makes it somewhat sensitive to economic downturns, though the ARM business can be countercyclical as collection activity increases during economic stress.

Competitive moat

Repay's competitive moat is moderate but not exceptionally strong. The company's primary defensive characteristics stem from its embedded integration strategy and vertical market specialization. By integrating deeply with software platforms used by specific industries, Repay creates switching costs for customers who would need to modify their existing workflows to change payment processors. The company's relationships with 180+ software partners provide distribution advantages and make it costly for competitors to replicate their market access. The company's specialization in specific verticals like credit unions, personal loans, and auto finance creates domain expertise that generic payment processors may lack. This vertical focus allows Repay to develop tailored solutions and maintain relationships with industry-specific software providers. The Instant Funding product and supplier network in Business Payments provide some differentiation, though these features could potentially be replicated by well-capitalized competitors. However, Repay faces significant competitive threats. The payment processing industry includes large, well-resourced players like Fiserv, FIS, and newer entrants like Stripe and Square that have substantial technology investments and broader market reach. Many of Repay's target customers could potentially bring payment processing in-house or switch to larger providers offering more comprehensive services. The company's relatively small size (under $500 million market cap) limits its ability to invest in technology at the same scale as larger competitors. Additionally, the threat of disintermediation exists as software companies increasingly offer their own embedded payment solutions, potentially bypassing third-party processors like Repay entirely.

Risks & safety

Repay maintains a reasonable margin of safety with some areas of concern. The company shows solid liquidity but faces near-term debt maturity pressures. • Liquidity and Solvency: Strong cash position of $165 million with minimal cash burn, current ratio of 3.7x indicates good short-term liquidity, but $220 million convertible notes due February 2026 create refinancing risk • Debt Levels: Debt-to-equity ratio of 0.67x is manageable, net leverage approximately 2.3x, access to $250 million undrawn credit facility provides additional flexibility • Valuation Metrics: Trading at 10.6x EV/EBITDA, 0.66x price-to-book ratio suggests potential undervaluation, though negative ROE of -1.1% indicates profitability challenges • Cash Generation: Positive free cash flow of $2.4 million in Q1 2025, though significantly down from $34 million in Q4 2024, management targeting 60%+ free cash flow conversion by year-end • Other Considerations: Ongoing strategic review process creates uncertainty, revenue decline of 4% year-over-year in Q1 2025 indicates growth challenges, client losses impacting near-term performance

Recent development

Over the past few years, Repay has undergone significant strategic evolution while facing operational challenges. The company completed a comprehensive strategic review process in early 2025, ultimately deciding to focus on organic growth rather than pursuing sale or take-private alternatives. This review led to renewed emphasis on enhancing their direct sales model, capitalizing on monetization opportunities, and building indirect partnership channels. Key operational developments include substantial expansion of their partner ecosystem, growing from 240 software partners in 2022 to over 180 consumer payment partners and 100 business payment partners by 2024. The company has significantly expanded its credit union client base from under 300 to 343 clients, while growing its supplier network to approximately 390,000 vendors. Notable partnership additions include relationships with Mastercard for payment optimization, Blackbaud for education vertical penetration, and various core banking system integrations. The company has faced headwinds from client losses, particularly in the accounts receivable management vertical, and has experienced softness in auto finance markets. However, they've seen strong growth in their Business Payments segment, with gross profit growing 60% in Q4 2024, driven by political media spending and accounts payable business expansion. The Instant Funding product has shown consistent growth, with 19-34% year-over-year transaction volume increases. Management changes include the departure of CFO Tim Murphy and appointment of Thomas Sullivan as interim CFO. The company has also increased its share repurchase authorization to $75 million and maintains focus on addressing the 2026 convertible note maturity through various strategic options. Recent quarters have shown mixed results, with Consumer Payments segment facing pressure while Business Payments demonstrates strong momentum.

RPAY company profile · for informational purposes only — not investment advice.

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