Paysafe reports $417m in revenue for Q1 2024

May 13, 2024
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The company recently launched its Pay by Bank solution for US iGaming.

Paysafe has reported its first quarter financial results for 2024, seeing increases in revenue and adjusted EBITDA while improving upon the reported net income loss in the first quarter of 2023. The net loss of over $3.8m in Q1 2023 increased for a Q1 2024 net income of just below $3.1m. 

Paysafe’s revenue increased 8% from the comparable quarter for a total of $417m. Most of the company’s revenue came from merchant solutions, bringing in over $231m in profit, an 11% year-over-year improvement. The rest of Paysafe’s revenue came from its digital wallets segment, seeing a 5% year-over-year increase to $190.5m. Paysafe reported its expected full year revenue to be between $1.68bn and $1.72bn. 

“We are off to a great start this year, delivering 8% year-over-year revenue growth in the first quarter, reinforcing that our strategic initiatives and associated investments are driving momentum in the business and setting us up for long-term success. We remain confident in our financial outlook for this year, which reflects stronger underlying revenue performance, anchored by improved operational execution,” Paysafe CEO Bruce Lowthers said. 

Paysafe’s adjusted EBITDA also increased, having been reported at $111.9m in Q1 2024 compared to the $107.8m figure in Q1 2023. In this sector, however, merchant solutions revenue decreased by 5% to $49.2m, while digital wallets revenue once again increased 5% to $83.3m. The full-year adjusted EBITDA projections are expected to fall between $473m and $488m. 

Paysafe’s Pay by Bank solution for US iGaming launched this quarter, allowing bettors to log-in directly to their bank accounts at online sportsbooks’ cashiers to fund real-time wagers. It also completed the company’s network tokenization offering by integrating with Mastercard’s Secure Card on File, providing cardholders with extra protection. It now processes iGaming payments in 33 US states and territories, including Q1 launches in Vermont and North Carolina.

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