P
aysafe Limited, a specialized payments platform, announced its financial results for the first quarter of 2021.
Its total revenue was $377.4 million, an increase of 5% compared to the first quarter of 2020. However, Paysafe’s total net loss was $49.1 million, an approximate $2 million increase compared to the previous year. The company’s total payment volume was at an increase of 8% with $27,7 billion.
Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) totaled at $113.2 million.
Paysafe’s CEO Philip McHugh, said: As we embark on our next chapter as a public company, we are pleased to deliver solid financial results in the first quarter, including continued strength from online and e-commerce volumes. Alongside this, we made excellent progress on our strategic initiatives across North American iGaming and emerging eCommerce verticals, while achieving milestones to further scale our platform and unlock value. Looking ahead, with our great market positions and unique, two-sided network, we believe that Paysafe remains well-positioned to deliver consistent double-digit growth and drive operating leverage.”
Furthermore, the company highlighted that it finalized its merger with Foley Trasimene Acquisition Corporation during the period. Paysafe also strengthened its balance sheet with a debt repayment of $1.2 billion.
The company is also capitalizing in North America iGaming with a 66% of revenue growth, product enhancement as well as new launches, and has also expanded across digital wallets, eCash, and eCommerce. An example of this is shown through the company’s launching cryptocurrency offering to the U.S. in partnership with Coinbase. eCash Solutions’ revenue for the first quarter was $112.9 million, an increase of 63%.
Moreover, the company achieved the extension of its CarbonNeutral certification for 2021 and 2022. The company also saw the recovery of small to medium-sized businesses in the U.S.with a particularly strong year-over-year growth in the first quarter in the U.S. Acquiring.
Last but not least, the company announced a new Board of Directors chaired by Bill Foley.
The company is on track to meet or exceed the 2021 target of 70% regarding the migration of Paysafe’s solutions to the cloud and capturing cost efficiencies across key functions.
