Tuesday 13th April 2021
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Employment fintech PaySauce finished the final quarter of FY21 with continued revenue and customer growth.
Processing fees from customers grew 42% YoY to close out the F21 financial year in line with the increase in value of gross payroll processed over the quarter. With the current low interest rate environment, interest income earned makes up just 6% of the total recurring revenue for the quarter (F20 Q4: 14%), despite the increasing value of funds held on behalf of customers. Combined, increased processing fees and the decline in interest earned over the quarter achieved recurring revenue growth of 30% YoY.
PaySauce saw net growth in excess of 100 new clients this quarter, bringing the number of businesses processing through PaySauce up 36% YoY to 3377. The number of New Zealand employees paid through PaySauce software increased proportionately to just under 18,000. CEO and co-founder Asantha Wijeyeratne, said the last quarter had been pivotal for product development and planning.
“We’ve done a huge amount of work on strategy and development in the last 12 months, and we’re really excited to begin reaping the rewards. We’ve introduced smarter systems, made incisive, data-driven choices and expanded our product significantly with the addition of Rosters.”
“We also launched a crucial new partnership and product, BNZ PayNow, designed to tackle New Zealand’s payday lending problems and give our customers the unprecedented financial freedom of Earned Wage Access.
We’re closing out the year in an ideal position to scale and grow, and we’re eager to see what the year ahead will bring.”
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