Paysafe posts $387.8m in revenue for Q1

May 16, 2023

The CEO noted that this is the highest quarterly revenue reported since the company went public.

Paysafe has published its Q1 2023 financial results. The company said this quarter’s figures reflected a strong start for the year.

Revenue for Q1 reached $387.8m, up 5% when compared to last year’s corresponding quarter. The company noted that revenue increased by 7% on a constant currency basis.

Adjusted net income during the first quarter totaled $33.1m and adjusted EBITDA rose by 4% year-over-year to reach $107.8m.

Group CEO Bruce Lowthers commented, “We kicked off 2023 by delivering our strongest quarterly revenue since going public. Revenue increased 7% and adjusted EBITDA increased 5% year-over-year on a constant currency basis, fueled by double-digit growth from our classic digital wallets as well as e-commerce.

“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 other recent news, Paysafe released its recently revamped Skrill digital wallet within the Canadian province of Ontario. Players can utilize Skrill for online betting and immediate access to winnings and instant wagers.

The digital wallet can link to players’ bank account and takes minimal time to set up. Online bettors can cash out in real-time using the Skrill wallet and can make quick and easy deposits from their online bank into their sportsbook accounts.

Through Skrill, players do not need to log in to redeposit funds and can process those transactions with a single click. Players also have the option of loadings funds to their Skrill wallet by using Paysafe’s eCash solution, Paysafecash.

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