REPAY, the Nasdaq-listed bill payment company, reported third-quarter 2026 revenue of $153.4 million on 9 November 2026, up 97% year over year, with a net loss of $10.4 million and adjusted EBITDA of $50.9 million. Fintechbits reported that REPAY closed its KUBRA acquisition on 1 June 2026 and that KUBRA added about $21 million of revenue in its single month of ownership in the second quarter, against about $65 million in the third.

What Is Inside REPAY’s Growth

Organic revenue growth was 14%, and REPAY says 9 points of that came from political media revenue, which will not repeat at the same level outside an election cycle. Consumer Payments organic growth was 0.3%. Business Payments was the bright spot, with normalised organic growth of 40%, including a $3 million contribution from a bank reseller channel partnership.

Cash is the weak line. Free cash flow was negative $21.1 million, which REPAY attributes to a $14 million investment in that reseller partnership and working capital timing. John Morris, chief executive, said Consumer Payments “reported organic revenue growth that did not meet our expectations.” KUBRA cost synergies are running ahead of plan, at an $11 million annualised exit rate for 2026 against an earlier target of $8 million.

KUBRA changes what REPAY is. The Canadian bill payment and customer communications platform brings utility and government billers, which tend to be stable, high-volume clients. That should make revenue more predictable once political media fades. The cost synergy upgrade suggests integration is going well. The weak spot is Consumer Payments, where organic growth of 0.3% leaves the segment flat in a market where rivals keep pushing into the same loan repayment and bill payment flows. Management says it is taking deliberate steps to improve competitive positioning, but gives no detail in the release on pricing, products or partner changes. Bill payment rival Paymentus offers a comparison: its Q3 2026 revenue of $372.2 million cleared its own forecast.