Canadian payments technology company Nuvei Corporation has released its Q3 2022 financial results. The fintech company’s report reflected upward trends and continued fiscal growth.
Overall revenue during Q3 grew by 7% year-on-year to reach $183.9m. According to the report, the surge in revenue was attributed to “changes in foreign currency exchange rates.”
Third quarter net income fell by 54% to total $13m, because of a rise in the number of share-based payments.
Adjusted EBITDA reached $81.2m in Q3, while adjusted net income held steady from last quarter’s report, totaling $62.4m.
Nuvei CEO and Chair Philip Fayer the company is satisfied with its latest quarterly results.
He commented: “We are pleased with our results for the quarter, which exceeded the financial outlook previously provided.
"Results were driven by higher volumes and wallet share expansion as reflected in our constant currency volume growth of 38%, new client wins, our continued investment in technology and product offerings, and our geographic expansion.
“We’re executing on our strategic initiatives and with the momentum we’re experiencing in the business year-to-date through October, we are increasing certain metrics as well as reaffirming the outlook for the full year 2022. We are also reiterating our medium and long-term targets.”
The Canadian company extended its US digital footprint during the third quarter by gaining gaming license approvals in both Maryland and Kansas. Nuvei also reported Latin American expansion with its approved money transmitter license in Puerto Rico.
The group recently partnered with Hard Rock Digital. The two will collaborate to update the Hard Rock Sportsbook mobile app with payment services.
