SurgePays appoints industry veteran Derron Winfrey as VP of Business Development

EditorIsmeta Mujdragic
Published 02/16/2024, 09:15 AM
© Reuters.

BARTLETT, Tenn. – SurgePays, Inc. (NASDAQ:SURG), a company specializing in technology and telecommunications for the underbanked, has announced the appointment of fintech and prepaid industry veteran Derron Winfrey as its new vice president of business development. Winfrey, who has nearly 25 years of experience in the fintech sector, has been with SurgePays since 2019 following the acquisition of ECS Prepaid, a company he founded.

In his new role, Winfrey will collaborate with SurgePays President Jeremy Gies to spearhead the innovation of new fintech products and services. Additionally, he will focus on strategic partnerships and evaluate potential acquisition opportunities to expand the company's reach. Winfrey's appointment is expected to play a significant role in the growth of SurgePays' strategic partnerships and the development of its distribution channels, which currently encompass over 8,000 stores nationwide.

Winfrey's extensive background includes founding several companies in the fintech space, including ECS Prepaid, and serving as president of Softgate Systems, a fintech product processing company. His accomplishments in the industry have been recognized with several honors, including a place in Inc. Magazine's List of Fastest Growing Companies in North America.

SurgePays aims to leverage Winfrey's expertise and innovative approach to enhance its product offerings and services for underserved communities. The company has already achieved a notable presence in the market, ranking 345th on the 2023 Deloitte Technology Fast 500 list for North America.

The information for this article is based on a press release statement.

InvestingPro Insights

As SurgePays, Inc. (NASDAQ:SURG) fortifies its leadership team with industry veterans like Derron Winfrey, the company's financial health and growth prospects become increasingly relevant to investors. The recent appointment aligns with several positive indicators reflected in the company's real-time data and InvestingPro Tips.

InvestingPro Data shows a robust market capitalization of 153.15M USD, indicating a solid position in the market. The company's P/E Ratio stands at an attractive 5.88, suggesting that the stock may be undervalued relative to earnings. Additionally, a significant revenue growth of 41.8% over the last twelve months as of Q3 2023 demonstrates SurgePays' expanding operational scale.

Among the InvestingPro Tips, two are particularly noteworthy in the context of the company's current developments. SurgePays holds more cash than debt on its balance sheet, which provides financial flexibility for strategic moves such as those spearheaded by Winfrey. Moreover, the company's net income is expected to grow this year, aligning with the company's ambitious business development plans.

For investors seeking more comprehensive analysis, there are 15 additional InvestingPro Tips available, which can offer deeper insights into the company's performance and potential. These tips can be accessed through the InvestingPro platform, and for those interested in a subscription, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.

With these financial metrics and expert insights, SurgePays' strategy to innovate and expand in the fintech sector appears to be backed by a strong financial foundation and promising growth trajectory.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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