Paysafe reports highest revenue since going public in Q1'23

Paysafe reported the highest revenue since going public in its Q1’23 earnings report. The payments company has acknowledged that increased use of its digital wallet is one of the leading contributors to this success.

Paysafe’s earnings report

In a press release, Paysafe’s CEO, Bruce Lowthers noted, “We kicked off 2023 by delivering our strongest quarterly revenue since going public. We are confident in maintaining our full-year outlook and remain very pleased with the progress of our sales transformation initiative, which is driving cross-selling and higher value client wins”.

In the initial three months of 2023, the payments company recorded revenues of $387.8 million. This is a significant increase from $367.7 million in Q1’22.

With the exclusion of $7.3 million as an unfavorable impact from changes in foreign exchange rates, its total revenue rose by 7% during this timeframe. This has largely been boosted by the double-digit growth of its digital wallets and eCommerce.

Notably, revenue from its merchant solutions sector rose by 8%. The surge was boosted by the significant growth in its eCommerce segment as well as the SMB (small to medium-sized business) market within North America. At the same time, revenue from its digital wallet increased by 2% and 6% on a reported basis and constant currency basis respectively.

As highlighted in its press release, the company highlighted that this was “driven by underlying growth from iGaming and digital assets, as well as interest revenue on customer deposits, which offset the impact from the Russia-Ukraine war”.

Interestingly, Paysafe is one of the few companies within the fintech sector that have recorded positive numbers in recent months. In fact, the firm has reported upbeat data for the second quarter in a row. This even as the broader fintech sector suffers from macroeconomic pressures.