v3.25.2
Settlement Assets and Obligations (Tables)
 6 Months Ended
Jun. 30, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of Settlement Assets
The Company's consolidated settlement assets and obligations were as follows:
(in thousands)June 30, 2025December 31, 2024
Settlement Assets, net of estimated losses(1):
Card settlements due from merchants, net(1)(2)
$1,481 $2,587 
Card settlements due from networks11,332 12,307 
Other settlement assets— 1,730 
Subtotal12,813 16,624 
MTL Customer cash and cash equivalents (restricted in nature)(3)
1,113,121 924,174 
Total settlement assets$1,125,934 $940,798 
Settlement Obligations:
MTL Customer account obligations$1,095,509 $897,497 
Subscriber account obligations17,612 26,677 
Total customer/subscriber account obligations1,113,121 924,174 
Due to customers' payees(4)(5)
14,145 16,039 
Total settlement obligations$1,127,266 $940,213 
(1)Allowance for estimated losses were $8.6 million and $7.9 million as of June 30, 2025 and December 31, 2024, respectively.
(2)Excludes merchant funds held at member banks of $122.9 million and $106.2 million on June 30, 2025 and December 31, 2024, respectively.
(3)Excludes funds held under agency arrangement with member banks (in states where the Company does not have a money transmitter license), balances remain under the control of the member banks (therefore not the assets or obligation of the Company). Agency owned accounts held $58.4 million and $22.6 million at June 30, 2025 and December 31, 2024, respectively.
(4)Includes $11.3 million and $12.3 million as of June 30, 2025 and December 31, 2024, respectively, of card settlements due from networks and the remainder is included in restricted cash on our Unaudited Consolidated Balance Sheets.
(5)Excludes amounts due to customer payees that are held in bank-owned FBO accounts which are not assets of the Company, and the associated obligations are not liabilities of the Company. Therefore, neither is recognized in the Company's Unaudited Consolidated Balance Sheets. Bank-owned FBO accounts held funds of $70.6 million and $64.8 million at June 30, 2025 and December 31, 2024, respectively.
Schedule of Settlement Obligations
The Company's consolidated settlement assets and obligations were as follows:
(in thousands)June 30, 2025December 31, 2024
Settlement Assets, net of estimated losses(1):
Card settlements due from merchants, net(1)(2)
$1,481 $2,587 
Card settlements due from networks11,332 12,307 
Other settlement assets— 1,730 
Subtotal12,813 16,624 
MTL Customer cash and cash equivalents (restricted in nature)(3)
1,113,121 924,174 
Total settlement assets$1,125,934 $940,798 
Settlement Obligations:
MTL Customer account obligations$1,095,509 $897,497 
Subscriber account obligations17,612 26,677 
Total customer/subscriber account obligations1,113,121 924,174 
Due to customers' payees(4)(5)
14,145 16,039 
Total settlement obligations$1,127,266 $940,213 
(1)Allowance for estimated losses were $8.6 million and $7.9 million as of June 30, 2025 and December 31, 2024, respectively.
(2)Excludes merchant funds held at member banks of $122.9 million and $106.2 million on June 30, 2025 and December 31, 2024, respectively.
(3)Excludes funds held under agency arrangement with member banks (in states where the Company does not have a money transmitter license), balances remain under the control of the member banks (therefore not the assets or obligation of the Company). Agency owned accounts held $58.4 million and $22.6 million at June 30, 2025 and December 31, 2024, respectively.
(4)Includes $11.3 million and $12.3 million as of June 30, 2025 and December 31, 2024, respectively, of card settlements due from networks and the remainder is included in restricted cash on our Unaudited Consolidated Balance Sheets.
(5)Excludes amounts due to customer payees that are held in bank-owned FBO accounts which are not assets of the Company, and the associated obligations are not liabilities of the Company. Therefore, neither is recognized in the Company's Unaudited Consolidated Balance Sheets. Bank-owned FBO accounts held funds of $70.6 million and $64.8 million at June 30, 2025 and December 31, 2024, respectively.