Fold reported $4.2 million in third-quarter revenue and a $2.6 million net loss. The company attributed an approximately 270% increase in custody and trading revenue to gift-card sales, with TikTok Shop becoming its largest customer-acquisition channel. Fold has more than 88,500 verified accounts and approximately 2,500 early-access credit-card holders, while its Reserve and Lead Bank products aim to keep customer balances on its platform. Its adjusted EBITDA remained negative at a $4.5 million loss, although this improved from the preceding quarter. The key challenge is converting new customer acquisition into retained balances, recurring activity and consistently profitable unit economics.
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