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Payments company Repay has designed its financial expectations for 2023 based on a mild to moderate recession. Repay gave that description as it provided its outlook for the year during this week’s webcast for earnings for the year ended December 31.

“The growth implied by our 2023 outlook assumes our verticals will experience a mild to moderate recession,” CFO Tim Murphy said during the webcast. “Trends within personal loans are largely similar to what we discussed previously, and Auto Finance continues to operate in a recessionary environment.” Repay netted $12.8 million for 2022, compared to a loss of $50.1 million the year before. The profit stemmed from a $66.9 million gain from the change in fair value of tax receivable liability compared to a negative $14.1 million in the same category in 2021. Revenue reached $279.3 million last year, an increase of 27.4 percent from $219.3 million the prior year. The company noted business payments volume grew about 36 percent year-over-year and that its AP supplier network increased by roughly 45 percent to 160,000.

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