Paysafe reveals Q1 2023 report, revenue up 5% year-on-year

The payment platform has released figures from its Q1 report, following its expansion into several new US markets.

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Paysafe, a payments platform that works closely with the gaming sector, has announced its results for the first financial quarter of 2023.

Revenue increased by 5% for a total of $387.8m, or by 7% when using a constant currency basis.

Gross profit also saw an increase, reaching $228.9m when compared to the $220.6m figure recorded in Q1 2022.

The report by Paysafe notes that the net loss amount of $3.8m “reflects an impairment of goodwill recognised in the prior year period”, as the year prior saw it reach $1.1bn.

Also, adjusted EBITDA also saw increasing figures, with $107.8m improving by 4% year-on-year.

Bruce Lowthers, CEO of Paysafe, said: “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.”

Paysafe aimed to expand its sales organisation by focusing on new iGaming markets, such as Washington and Ohio.

Through its partnership with Caesars and DraftKings, Paysafe also launched into the newly regulated Massachusetts market in March. 

Supported by operators across a total of 27 US states using Paysafe payment technology, the company handled a total payment volume of $33.8bn, which is an increase of 8% when compared year-on-year.

As part of this plan, Nicole Carroll was also appointed as Paysafe’s new Chief Strategy & Innovation Officer.

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