Paysafe reports substantial US growth during Q1 2022
The company reported a net loss of $1.2bn, despite continuing North American growth throughout the quarter.
Paysafe has released its financial report for the first quarter of 2022. The company reported a total revenue of $367.7m during Q1 2022. Company revenue has remained at a steady level, according to the report.
The company’s total payment volume rose by 13% compared to the previous corresponding period.
During the first quarter, Paysafe reported a net loss of $1.2bn. Adjusted EBITDA fell by 8%, reflecting a total of $104m for Q1.
The company report also reflected its efforts to expand in the North American market. Paysafe recently expanded its partnership with international iGaming operator Betsson Group. Under the terms of the deal, the company provides various alternative and traditional payment solutions to Betsson’s online Colorado sportsbook brand, Betsafe.
In addition to continuing US expansion, Paysafe recently launched into Ontario’s commercial market with multiple iGaming operators. The Ontario market officially opened last month.
Paysafe CFO Izzy Dawood said: “Paysafe is off to a good start this year, posting first quarter results ahead of our expectations. We are particularly pleased with the strong performance from our US Acquiring business, which delivered double-digit volume, revenue and adjusted EBITDA growth. We are winning across digital commerce and the turnaround of the digital wallet business continues to show progress.”
Dawood went on to add that the company has seen growth and success throughout North America: “Additionally, Paysafe is succeeding in North America iGaming, recently launching in Ontario’s new private market. Despite macro headwinds, we remain confident in our full year outlook supported by continued momentum in US Acquiring and our pipeline across digital commerce.”
Paysafe CEO Bruce Lowthers recently stepped into a leadership role with the company. He commented: “I am thrilled to be joining the talented Paysafe team at such a pivotal time. Paysafe has a long track record of being a pioneer in payments and with a lot of potential to grow in verticals with strong tailwinds.
“I look forward to working with the team to seize the opportunities ahead, drive more innovation in the fintech ecosystem and ultimately generate greater shareholder value.”
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