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LAS VEGAS - Boxing legend Mike Tyson has joined GBank Financial Holdings Inc. (NASDAQ:GBFH), a $560 million market cap financial institution, as a promotional partner for the company’s Visa Signature Card, according to a press release issued Monday. According to InvestingPro data, GBFH has demonstrated impressive revenue growth of 29.4% over the last twelve months.
The credit card is designed for gaming and sports enthusiasts, offering a payment option for funding gaming and sports applications while earning cash rewards.
"This credit card gives people what they’ve been asking for, a simple, secure way to fund gaming and sports apps while earning cash rewards," Tyson said in the statement.
Ed Nigro, Chairman and CEO of GBank, described Tyson as representing "enormous energy, perfection in performance and unparalleled achievement."
The partnership will be supported by a national promotional campaign highlighting the card’s features for gaming and sports transactions.
GBank Financial Holdings is a bank holding company headquartered in Las Vegas that operates a national payment and Gaming FinTech business serving clients across the U.S. The company also functions as an SBA lender operating in 40 states and runs two full-service commercial branches in Las Vegas.
The information was released in a company press release statement.
In other recent news, GBank Financial Holdings reported second-quarter earnings that did not meet analyst expectations. The company posted a net income of $4.8 million, or $0.33 per diluted share, falling short of the anticipated $0.39 per share. However, revenue increased to $17.8 million, marking a 2.4% rise from the previous quarter and a 14.6% increase year-over-year. Notably, GBank achieved record loan originations of $160.5 million in its SBA lending and commercial banking segments. Additionally, Jones Trading initiated coverage of GBank Financial with a Buy rating, highlighting the significant growth in the company’s payments business, which saw net interchange fees rise by 951% year-over-year. In terms of leadership, Ed Nigro has been appointed as the new CEO, succeeding T. Ryan Sullivan, who will remain in his role during a transition period. The Board has authorized Nigro to manage the ongoing discussions and oversee the leadership change.
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