Payments platform Paysafe announced its Q2 2021 results recently, reporting a 13% increase in revenue to $384m and a 41% increase in total payment volume. Adjusted EBITDA, meanwhile, increased by 8% to $118.8m.
This quarter saw Paysafe achieve profitability, with net income of $6.5m, compared to a net loss of $15.9m in Q2 2020. However, the overall first half of 2021 still saw a loss of $54m. This profitability was helped by a number of transformation initiatives, including $17m of cost savings in H1, with a further $13m targeted by the end of 2021.
Growth this quarter was in particular driven by momentum in the company’s North American iGaming division, which saw 48% revenue growth, as well as its digital commerce verticals, including digital goods, cryptocurrency and financial services. Paysafe also expanded its cryptocurrency capabilities this quarter with the addition of 22 digital curries to its Skrill digital wallet. This helped the company see 16% growth in its digital wallet segment, which was also helped by favourable foreign currency movement.
Paysafe has also announced the acquisition of two Latin American open banking solutions, PagoEfectivo and SafetyPay, both of which are set to help its continued expansion.
Paysafe is on track to achieve its 2021 target of $1.5-1.6bn revenue – a 9-10% increase on FY 2020 – with an EBITDA margin of around 32%. It also expects gross profit of between $930-970m for FY 2021.