Thursday 8th July 2021
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Employment fintech PaySauce finished the first quarter of FY22 with accelerated customer and revenue growth.
PaySauce acquired the business and assets of SmoothPay during the quarter. PaySauce is in the process of transitioning the accounting policies and reporting metrics of SmoothPay to ensure consistency with those reported by PaySauce. PaySauce will include the business metrics of the SmoothPay business in the PaySauce quarterly update in September. None of the metrics in this update include any of the business operations of SmoothPay.
Processing fees from customers grew 44% YoY, up from the 42% YoY increase in the quarter to March. The growth in processing fees has arisen from both a 39% increase in customer numbers and a 51% YoY increase in the value of payroll processed through the PaySauce platform compared to the quarter to June 2020.
Total recurring revenue for the June 2021 quarter increased 36% YoY. This measure includes both processing fees and interest income. The continued low interest rate environment has caused interest income to decline 33% YoY. At $31k, interest revenue was just 5% of the total Recurring Revenue this quarter (June 2020 Quarter: 10%; $46k) despite the float of funds held on behalf of customers increasing in line with customer growth.
The number of employees paid through the PaySauce platform increased 44% YoY to over 20,000. CEO and co-founder Asantha Wijeyeratne, said the growth in employees demonstrates the evolution from an agri-focused payroll provider to an industry agnostic fintech.
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