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Revenue
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue

4. REVENUE

Disaggregation of revenue

We disaggregate revenue by service type and by platform as follows:

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

Revenue stream

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Banking and payment revenues

 

$

7,054,195

 

 

$

5,211,631

 

 

$

21,897,376

 

 

$

15,252,865

 

Custody and trading revenues

 

 

346,478

 

 

 

31,067

 

 

 

739,933

 

 

 

62,340

 

Other revenues

 

 

866

 

 

 

335

 

 

 

63,017

 

 

 

358

 

Less: Sales returns and allowances

 

 

(2,600

)

 

 

(1,144

)

 

 

(37,624

)

 

 

(3,839

)

Revenues, net

 

$

7,398,939

 

 

$

5,241,889

 

 

$

22,662,702

 

 

$

15,311,724

 

 

The above amounts are net of reductions in revenue related to Revenue Rewards totaling $0.4 million and $0.4 million for the three months ended September 30, 2025 and 2024, respectively, and $1.5 million and $1.2 million for the nine months ended September 30, 2025 and 2024, respectively.

Deferred revenue

Contract liabilities are classified as deferred revenue in our balance sheets. As of September 30, 2025 and December 31, 2024, the contract liability related to our deferred subscription revenues was $0.3 million and $0.3 million, respectively, and the contract liability related to an unearned portion of a bonus paid to us by Visa was $0.5 million and $0.6 million, respectively.

The activity in deferred revenue for the nine months ended September 30, 2025 and the year ended December 31, 2024, was as follows:

 

 

 

Nine Months Ended
 September 30, 2025

 

 

Year Ended December 31, 2024

 

Beginning of the period contract liability

 

$

875,466

 

 

$

1,012,010

 

Revenue recognized from the contract liabilities included in the beginning balance

 

 

(402,853

)

 

 

(442,045

)

Increases due to cash received net of amounts recognized in revenue during the period

 

 

350,383

 

 

 

305,501

 

End of period contract liability

 

$

822,996

 

 

$

875,466

 

Contract costs

For the three and nine months ended September 30, 2025 and 2024, we did not incur any incremental costs to obtain and/or fulfill contracts with customers.