Tuesday 18th January 2022
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Employment fintech PaySauce (NZX: PYS ) is pleased to report continued strong growth for the quarter with recurring revenue up 67% year on year and 22% quarter on quarter.
Total recurring revenue includes both PaySauce processing fees and interest income as well as SmoothPay subscription revenue for the quarter from October to December 2021. The key driver of the growth was PaySauce processing fees, up 57% YoY, the third consecutive quarter of accelerated growth, following the 44% YoY and 45% YoY increases for the quarters to June and September respectively. The growth comes from consistent growth in PaySauce customer numbers (38% YoY) and increased average processing fees (17% YoY) following a price increase in the quarter.
CEO Asantha Wijeyeratne said that the careful strategic decisions made earlier in the year to adjust PaySauce’s packages and increase pricing are playing out:
“Our existing customers continue to recognise the value that PaySauce adds to their business and have supported the changes across the board.
I’m also extremely pleased to see new customer growth for PaySauce at 38% YoY, testament to the solid reputation we have in the market, built on our sustained focus on product innovation and awesome customer service.
These key factors mean we’ve exceeded 20% quarterly growth for two consecutive quarters.”
KEY YEAR-ON-YEAR PERFORMANCE HIGHLIGHTS FOR THE QUARTER
- PaySauce processing fee revenue up 57% YoY to $827K
- Total recurring revenue up 67% YoY to $949K
- Customers using the PaySauce platform up 38% YoY to 4,511
- Total customers (inc SmoothPay) up 80% YoY to 5,893
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