Thursday 6th July 2023
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Employment solutions fintech PaySauce (NZX: PYS ) announces a 41% year on year (YoY) increase in Annualised Recurring Revenue (ARR) to $7M for the quarter to June 2023. The company continued to reinvest revenue growth back into the business as it builds for scale and prepares for expansion into Australia.
KEY YEAR-ON-YEAR PERFORMANCE HIGHLIGHTS FOR THE QUARTER
- Recurring revenue of $1.73M for the quarter (Up 48% YOY)
- Processing fee revenue of $1.24M for the quarter (Up 21% YOY)
- ARR of $7M (Up 41% YOY)
- Active customers at end of period 7,087 (Up 9% YOY)
CEO Asantha Wijeyeratne, said it’s a been an exciting quarter as the business scales.
“This quarter we’ve invested in the sales and development teams, adding experienced people to accelerate delivery of our strategic priorities. We’ve further enhanced our operational processes as we build for scale in preparation for our launch into Australia.”
Recurring revenue is up 48% YOY at $1.73M for the quarter, with processing fees contributing $1.24M (72%) of this.
Interest revenue grew to $0.49M for the quarter as the balance of funds held on behalf of customers increased in line with the value of payroll processed. This was a 23% increase on the most recent March 2023 quarter, and 2.5 times more than the quarter to June 2022.
PaySauce is a SaaS fintech platform providing solutions for people at work in 14 jurisdictions across the Asia-Pacific region. The technology enables small employers to digitally onboard, pay and manage employees from any device. The platform includes rosters, mobile timesheets, payroll calculations, banking integration, automated payments, PAYE ﬁling, labour costing, automated general ledger entries and digital employment contracts. The PayNow feature enables customers’ employees to access the pay they’ve earned before payday, providing a free alternative to payday lenders.
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