PAYSIGN

What PAYSIGN does

Paysign, Inc. (NASDAQ: PAYS) is a publicly traded financial technology company headquartered in Henderson, Nevada, founded in 2001 (originally as 3PEA International) and operating a vertically integrated prepaid card payment processing platform serving regulated healthcare and life sciences verticals in the United States and Puerto Rico. As of December 31, 2025 the company managed approximately 670 card programs with up to 8.4 million cardholders, and reported FY2025 revenue of $82.02 million, up 40.5% year-over-year. The platform runs on proprietary technology including a Dynamic Business Rules engine for mitigating copay accumulators and maximizers in pharma patient affordability programs, and the recently launched Apherion™ Donor Management Ecosystem — a modular SaaS offering for the blood and plasma industry acquired through the March 2025 Gamma Innovation transaction.

The company monetizes primarily through transaction-based fees across four core solution lines: Patient Affordability (pharmaceutical copay assistance), Plasma Donor Compensation, Corporate Rewards & Incentives, and Corporate Disbursements, with a fifth Digital Banking offering (Paysign Premier) delivered via a banking partnership with Patriot Bank, N.A. under a Visa license. Banking rails are integrated with Mastercard (issuer certification completed June 2023) and Visa networks, with deep integration into Haemonetics' donor management software for plasma centers and Spentra for payroll. Pricing is enterprise-quote-based and not publicly disclosed, with revenue mechanics tied to program size, transaction volume, and customization requirements.

Paysign is vertically focused, with two primary go-to-market segments: pharmaceutical manufacturers (serving enterprise clients including Novartis, Pfizer, Johnson & Johnson, GSK, Grifols, Shire, Allergan, and Genzyme, with 131 active programs at year-end 2025) and plasma collection centers (with approximately 48% U.S. market share per company disclosure). The Patient Affordability segment surpassed Plasma Donor Compensation as the largest revenue contributor in Q1 2026 ($15.7M, +82% YoY). Leadership is anchored by founder Mark Newcomer (President & CEO since 2001), with a board chaired since August 2025 by Dan Henry (former Netspend CEO and Euronet co-founder) and a senior management team recruited largely from InComm, Mastercard, Euronet, and Republic Bank & Trust.

Name

PAYSIGN

Legal name

Paysign, Inc.

Website

http://www.paysign.com

Company type

Public

Founded year

2001

Operating status

Operating

Headcount range

101–250 employees

Short description

Paysign, Inc. (NASDAQ: PAYS) is a fintech operating a vertically integrated prepaid card payment platform serving pharmaceutical manufacturers and plasma collection centers, generating transaction-fee revenue primarily from patient copay assistance and donor compensation programs in the U.S.

Ownership category

akta.pro rank

Product category

Prepaid Card Payment Solutions & Program Management

NAICS

Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds (524292)

SIC

Services-Help Supply Services (7363)

akta.pro primary industry

Merchant-of-Record (MoR) & Payment Facilitation (PayFac) Infrastructure (FSAGABAE)

akta.pro secondary industry

Contractor / Freelancer Payments (FSAMAKAC)

Keywords

• Prepaid card solutions
• Patient affordability programs
• Plasma donor compensation
• Pharmaceutical copay assistance
• Corporate disbursement services

Headquarters

HQ city

Henderson

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure, Supply Chain

Revenue model

1. Plasma Donor Compensation: Payment processing and program management for plasma collection centers, providing prepaid card solutions for donor compensation. Services approximately 48% of U.S. plasma collection centers, with revenue of $48.1 million in FY2025 growing 24.9% year-over-year to $11.75M in Q1 2026
2. Patient Affordability / Pharma Copay Assistance: Pharmaceutical patient affordability programs including copay assistance processing. Pharma revenue surged 82% year-over-year to $15.7M in Q1 2026, surpassing plasma as the largest revenue contributor. Grown from $12.7M in FY2024 to $33.9M in FY2025 (167.8% increase), with 131 active programs at end of 2025
3. Corporate Rewards & Incentives: Prepaid card solutions for corporate incentive programs including customer rebates, employee bonuses, and trade partner commissions
4. Corporate Disbursements: Efficient payout solutions for disbursements including expense reimbursements, payroll, and other corporate payment needs
5. Digital Banking Solutions: Digital bank account services provided through Patriot Bank, N.A. pursuant to Visa license, generating fees from account services

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels5 records

Core offering

Paysign provides vertically integrated prepaid debit card payment solutions and program management for enterprise clients in pharmaceutical, plasma/blood, and corporate verticals. The platform supports copay assistance cards, plasma donor compensation cards, corporate incentive and disbursement cards, and a Visa-licensed digital bank account (Paysign Premier), with proprietary Dynamic Business Rules for copay maximizer mitigation and the Apherion™ SaaS Donor Management Ecosystem.

Product overview

Paysign offers a vertically integrated prepaid card payment solutions platform with four main solution lines: Paysign Premier (digital banking), Disbursement Solutions (corporate payouts), Incentive Solutions (rewards and incentives), and Pharmaceutical Services (patient affordability). The company operates across healthcare, pharmaceutical, plasma donor compensation, hospitality, retail, and corporate sectors. The platform includes PaySign Connect for plasma donor payments and the Apherion Donor Management Ecosystem (acquired 2025) for SaaS-based donor engagement. The Pharmaceutical Services division, including the Patient Affordability Platform, has emerged as the primary growth driver with 131 active programs. Core infrastructure includes 99.999% uptime reliability, 3.1 million cardholders, 24/7 bilingual customer care, and both virtual and physical card issuance. The company operates approximately 670 card programs and processes payments for approximately 48% of U.S. plasma collection centers.

Differentiator

Problem solved

Functional benefit

Products and services

• Paysign Premier Digital Bank Account

Quantifiable outcome

• FY2025 revenue of $82 million, up 40.5% year-over-year; Q1 2026 revenue of $28.04 million up 50.8%
• +3 more outcomes

Named customers15 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature3 records

Partnerships

Five partnerships are on record, tiered core and minor.

• Gamma Innovation LLCcoreStrategic or Co-development Partner · 25 March 2025Strategic acquisition of Gamma Innovation's assets, a company focused on donor engagement solutions for the blood and plasma industry. This acquisition became the foundation of the Apherion™ Donor Management Ecosystem, expanding Paysign beyond payments into modular SaaS solutions. Michael Ngo, Managing Director of Gamma Innovation, appointed as Chief Innovation Officer.
• MastercardcoreTechnology or Integration · 13 June 2023Paysign completed issuer certification and established connection with Mastercard, gaining access to a robust global payment network. The partnership provides enhanced security features, fraud protection, and enables development of cutting-edge payment solutions. Integration streamlines payment processes for faster, more efficient transactions benefiting clients and cardholders.
• HaemoneticscoreTechnology or Integration · 21 October 2014Partnership to integrate PaySign Connect with Haemonetics' donor management system, enabling seamless connectivity for plasma collection center clients. This integration provides operational efficiency for plasma donation centers using Haemonetics software.
• Patriot Bank, N.A.coreTechnology or IntegrationBanking services partner providing FDIC-member banking services for Paysign Premier digital bank accounts, pursuant to Visa U.S.A. Inc. license. Patriot Bank, N.A. is Member FDIC.
• EQ (Shareowner Services)minorOthersTransfer agent and shareholder services provider. U.S. residents can call 1.800.401.1957 or 1.651.450.4064 for shareholder services including change of address, transfer of shares, and lost certificates.

Scale indicators11 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• Blackhawk Network: Blackhawk is a major prepaid gift card and payment solutions provider with enterprise incentive, rewards, and disbursement products. Directly comparable to Paysign's incentive solutions and corporate disbursements, though Blackhawk operates at significantly larger scale through retail distribution.
• Green Dot Corporation: Green Dot is one of the largest U.S. prepaid debit card issuers and program managers, serving unbanked/underbanked consumers and corporate disbursement clients. Directly comparable to Paysign in card issuing infrastructure, prepaid product portfolio, and target verticals including payroll and government disbursements.
• ConnectiveRx: ConnectiveRx is a leading provider of patient access, affordability, and adherence solutions for pharmaceutical manufacturers, including copay assistance programs. Directly comparable to Paysign's Patient Affordability Platform as both serve pharma with copay program management and dynamic business rules.
• TrialCard (Inmar): TrialCard, now part of Inmar, provides patient affordability, copay assistance, and patient access programs for pharmaceutical manufacturers. Directly competes with Paysign's pharma copay assistance business with similar service offerings to overlapping pharma clients.
• NetSpend (a Fiserv company): NetSpend is a major U.S. prepaid card issuer specializing in payroll cards, general-purpose reloadable cards, and disbursements for unbanked consumers. Acquired by TSYS (now Fiserv) in 2013 for $1.4B; directly comparable to Paysign's corporate disbursements and prepaid card programs.

Broad incumbents

• InComm Payments: InComm is a larger, established prepaid and gift card technology company offering payment processing, card issuing, and integrated retail networks. Several Paysign executives (Lanford, Baker) joined from InComm, validating it as a directly comparable incumbent with broader product scope.

Emerging players

• Rx Savings Solutions: Rx Savings Solutions offers prescription drug pricing transparency and savings tools for health plans, employers, and consumers. Adjacent to Paysign's pharma services segment, addressing related affordability challenges though through a software rather than card-issuing model. Dan Henry (Paysign Chairman) sits on their board.
• Payactiv: Payactiv provides earned wage access, payroll cards, and digital banking services for unbanked and underbanked employees. Comparable to Paysign's corporate disbursements, payroll card programs, and Paysign Premier digital banking offerings targeting similar employee populations.
• Marqeta: Marqeta is a modern card-issuing and payment processing platform providing API-based infrastructure for fintechs and corporates. Comparable to Paysign on the issuing/processing infrastructure layer, though Marqeta is platform-only while Paysign operates vertically integrated programs.
• DailyPay: DailyPay provides on-demand pay, earned wage access, and digital banking/payroll card solutions for employers and employees. Comparable to Paysign's corporate disbursement and Paysign Premier digital banking products serving similar employee payment use cases.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/paysign

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about PAYSIGN