BARTLETT, Tenn., Nov. 30, 2021 (GLOBE NEWSWIRE) -- SurgePays, Inc. (SURG) , a fintech company providing a complete suite of financial services and prepaid products to convenience and neighborhood stores serving the underbanked market, has been recognized as the 50 th fastest growing company in North America by the Deloitte Technology Fast 500™.
The 2021 designation marks the third consecutive year SurgePays has made the rankings - up from #172 on the prestigious listing in 2020. The Deloitte Technology Fast 500 honors companies that "define the cutting edge, transform the way we do business, disrupt the technology industry, and combine technological innovation, entrepreneurship, and rapid growth."
"SurgePays has been on a breakneck growth path over the last few years," said Brian Cox, chairman and CEO, SurgePays. "This validation from the Deloitte Technology Fast 500 as the 35 th fastest growing company in the software and SaaS industry, and 50 th fastest overall, is of course gratifying. However, to achieve this recognition and yearly revenue over $50,000,000 when our focus was on development, margin expansion and becoming NASDAQ listed, is quite frankly eye opening to what can be accomplished now that we have the resources to invest in our business and our focus is recalibrated to revenue growth via building the national network of stores on our software platform."
Earlier this month, SurgePays announced the closing of an upsized $19.8 million public offering and uplisting to the Nasdaq Capital Market. The Company also reported a significant revenue catalyst from the Emergency Broadband Benefit Program ("EBB Program") that launched in August through the Company's wholly owned subsidiary, SurgePhone Wireless LLC, which generated a total of $2.42 million in revenue in September and October.
"Everyone on our team could not be more excited. We have stabilized to a relatively fixed level of infrastructure and development costs and covering this with revenue from operations, so our expenditures will be focused on sales and growth initiatives. We have a solutions-oriented management team capable of capitalizing on opportunities with diverse revenue channels and multiple ways to grow the company. Simply put, we have built a fantastic engine that's just now cranking up and the recent capital infusion is the fuel we needed to pursue our extraordinary revenue growth strategy."
The Deloitte Technology Fast 500 awardees are selected based on percentage fiscal year revenue growth from 2017 to 2020. Overall, the 2021 Deloitte Technology Fast 500 companies achieved revenue growth ranging from 212% to 87,037% over the three-year time frame, with a median growth rate of 521%.
"Each year the Technology Fast 500 shines a light on leading innovators in technology and this year is no exception," said Paul Silverglate, vice chair, Deloitte LLP and U.S. technology sector leader. "In the face of innumerable challenges resulting from the pandemic, the best and brightest were able to pivot, reinvent and transform and grow. We celebrate the winning organizations and especially the talented employees driving their success."
About SurgePays, Inc. SurgePays, Inc. ( www.SurgePays.com) (SURG) , founded in 2006 and headquartered in Bartlett, Tenn. near Memphis, is a rapidly growing fintech targeting the underbanked market. The company utilizes its blockchain software platform to provide a comprehensive suite of essential financial services, telecom and prepaid products, as well as top-selling consumable products, to convenience and community stores, bodegas and tiendas.
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