Nuvei, a Canadian fintech company, has published its Q3 report for the months ending 30 September 2023.
Revenue from the company increased 55% to $304.9m, with organic revenue growth of 13% to $223.3m when compared year-on-year.
When examined by the different regions, the revenue in North America increased by 100% to $167m.
In Europe, the Middle East and Africa, revenue increased 17% to $123m and Asia Pacific increased 67% to $2m.
As for Latin America, this region saw an 81% increase in revenue to $14m.
A chart breaking down revenue by region for Nuvei.
The total volume was reported to be $48.2bn, an increase of 72% YoY, with 88% of all total volume coming from eCommerce.
Gross profit increased 57% YoY to $249m, while the gross margin increased by 1%.
However, while net income was $13m, net loss was $18.1m; reportedly due to the Nuvei revolving credit facility and changes in foreign currency exchange.
When it came to adjusted net income, this also decreased by 9% to $56.8m. The net loss margin was 5.9%, compared to the net income margin of 6.6%.
Adjusted EBITA increased by 36% YoY to $110.7m, while gaining a +40bps margin when compared quarter-on-quarter.
The Selling, General and Administrative (SG&A) divisions saw a 46% increase in expenses, totalling $217m.
The majority of this can be attributed to the acquisition of Paya, which was completed in February for $1.3bn in an all-cash deal, but is still contributing towards employee compensation and depreciation costs.
