Paysafe has released its financial figures for the second quarter of 2024 showing overall growth across the business.
Q2 Results
The payments platform’s revenue during the period reached $439.9m, representing a rise of 9% year-on-year, with all segments of the business experiencing growth in revenue.
Merchant solutions was up 13% to just shy of $255m, with double-digit growth in ecommerce and growth from small and medium-sized businesses. Digital wallets increased 6% to $189.7m owing to growth from gambling merchants and also because of initiatives related to product and consumer engagement. Intersegment revenue was up 94% during the quarter.
Adjusted EBITDA was 5% larger in Q2 2024 at $119m compared with a figure of $113m in Q2 2023, which underlines the growth in revenue for the company.
Looking at gross profit, this was valued at $256.1m for the second quarter, compared with $235.7m in the same period last year.
Further highlighting a positive quarter for Paysafe, adjusted net income increased 5% to $36.3m, while net loss decreased to $1.4m from $1.8 year-on-year.
Full-year Guidance
As a result of its Q2 report, Paysafe has updated its full-year guidance for 2024. Revenue guidance for the full year was $1.69bn to $1.71bn and is now $1.71bn to $1.73bn. Adjusted EBITDA guidance has been shifted from $473m to $488m and is now $471m and $484m.
Comments
Paysafe CEO Bruce Lowthers said: “Paysafe’s momentum continues with higher quality revenue growth accelerating to 9% in the second quarter, driven by strong performance across all major product lines and execution on our 2024 strategic initiatives and investments.
“These efforts continue to strengthen our foundation and position us for sustainable long-term success. Given our robust performance in the first half of the year, we are raising our revenue guidance for 2024 to a growth range of 7% to 8%, 125 basis point increase at the mid-point from our original 2024 guidance mid-point.”
Sportradar has also released its Q2 financial report for 2024, showing a 29% increase in its revenue to €278.4m ($304.6m).
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