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PaySauce Accelerates Recurring Revenue Growth To 67% YoY
Employment fintech PaySauce (NZX:PYS) is pleased to report continued strong growth for the quarter with recurring revenue up 67% year on year and 22% quarter on quarter.
| Quarterly Recurring Revenue | FY22 Q3 | FY21 Q3 | Change |
| Oct - Dec ‘21 | Oct - Dec ‘20 | % YoY | |
| PaySauce | $887K | $569K | 54% |
| SmoothPay | $62K[1] | - | N/A |
| Total Recurring Revenue | $949K | $569K | 67% |
Total recurring revenue includes both PaySauce processing fees and interest income as well as SmoothPay subscription revenue for the quarter from October to December 2021. The key driver of the growth was PaySauce processing fees, up 57% YoY, the third consecutive quarter of accelerated growth, following the 44% YoY and 45% YoY increases for the quarters to June and September respectively. The growth comes from consistent growth in PaySauce customer numbers (38% YoY) and increased average processing fees (17% YoY) following a price increase in the quarter.
| Payroll Customers as at 31 December | FY22 Q3 | FY21 Q3 | Change |
| Dec ‘21 | Dec ‘20 | % YoY | |
| PaySauce | 4,511 | 3,274 | 38% |
| SmoothPay | 1,382 | - | N/A |
| Total Payroll Customers | 5,893 | 3,274 | 80% |
CEO
Asantha Wijeyeratne said that the careful strategic
decisions made earlier in the year to adjust PaySauce’s
packages and increase pricing are playing out:
“Our existing customers continue to recognise the value that PaySauce adds to their business and have supported the changes across the board.
I’m also extremely pleased to see new customer growth for PaySauce at 38% YoY, testament to the solid reputation we have in the market, built on our sustained focus on product innovation and awesome customer service.
These key factors mean we’ve exceeded 20% quarterly growth for two consecutive quarters.”
| Customers’ Employee Numbers as at 31 Dec | FY22 Q3 | FY21 Q3 | Change |
| Oct - Dec ‘21 | Oct - Dec ‘20 | % YoY | |
| PaySauce | 25,190 | 17,944 | 40% |
| SmoothPay | 38,473 | - | - |
| Total Employees | 63,663 | 17,944 | 255% |
KEY YEAR-ON-YEAR PERFORMANCE HIGHLIGHTS FOR THE QUARTER
PaySauce processing fee revenue up 57% YoY to $827K
Total recurring revenue up 67% YoY to $949K
Customers using the PaySauce platform up 38% YoY to 4,511
Total customers (inc SmoothPay) up 80% YoY to 5,893
For more information about the quarter results to 31 December 2021, please contact investor@paysauce.com.
ABOUT PAYSAUCE
PaySauce is a SaaS fintech platform providing solutions for people at work in 14 jurisdictions across the Asia-Pacific region. We give employers the technology to digitally onboard, pay and manage employees from any device. Our platform includes rosters, mobile timesheets, payroll calculations, banking integration, automated payments, PAYE ling, labour costing, automated general ledger entries and digital employment contracts.
www.paysauce.com
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