L. Alan Davis overviews SinglePoint in his latest research on the makeover of SinglePoint and the future ahead. To view the full report please click here

Mobile Payments Technology Company on the Verge of a Complete Makeover; Charity Auctions and Daily Fantasy Sports Verticals in the Cross Hairs.

Company Overview

SinglePoint (SING) is a mobile technology and payments provider with ambitious growth plans. SING’s technology enables its customers to accept mobile payments, engage in targeted mobile communications campaigns, and collect customer data. Currently providing payment solutions and targeted communications campaigns, management is in the process of leveraging its mobile payments technology into two promising vertical markets: mobile auctions and daily fantasy sports. Pivoting its focus, SING announced its intention to enter these markets in 2H15. The company is also in the process of getting its shares up-listed from the OTCPink Market to the OTC-QB Marketplace. In order to fund its growth strategy, SING is currently seeking to raise $1 million.

Payments Market Opportunity

According to market research firm Gartner, worldwide mobile payment transaction volume was $325 billion in 2014, and expected to grow to $717 billion by 2017. The mobile payment market in the U.S. alone was around $50 billion in 2014. The dramatic growth in this market has been driven by several factors: growth in smartphone users, increased acceptance of mobile payments by merchants, a shift from magnetic strips to mobile wallets, and improved access to loyalty programs and coupons. The mobile payments industry has much room for growth. According to BI Intelligence, the consumer payments industry in total will process approximately $2.7 trillion of card-based payments in the U.S. in 2015. Over the past decade, companies such as PayPal and Square have driven much of the innovation in the payments technology market. With market growth accelerating, the blue chip technology firms Apple and Google have taken a more prominent role in this market. While these big players will dominant the market in terms of revenue market share, there is ample room for small companies with innovative technologies and operating in underserved vertical markets. With their significant influence and marketing budgets, the large technology companies are pushing consumer adoption of mobile payments. SING will be focused on the other side of the transaction—the business-to-business (B2B) opportunity; providing businesses another way to accept payments.

Company History

SinglePoint CEO Greg Lambrecht founded LifeStyle Wireless, the predecessor to SING, in 2006. LifeStyle was a mobile network text-messaging technology company with a partners that included AT&T Wireless, T-Mobile and Verizon. Originally focused on its “Text a Day” product, LifeStyle shifted its focus to developing mobile transaction technology following the devastating 2010 earthquake in Haiti. This core technology has now evolved into SING’s Pay-by-Text product. (i.e. payment enabled text messages). The company is now taking a targeted approach to bringing this technology to market, focusing on key vertical-market opportunities.

In 2011 Mr. Lambrecht took LifeStyle Wireless public via a reverse merger with Carbon Credits International. The public company name was changed to SinglePoint in 2012. In 2013, the company purchased the assets, largely customer contracts and the corporate name, of Six Sigma Services.