ents services provider Paysafe Group exceeded $1bn in revenue for the first time in its 2016 full-year results, representing year-on-year growth of 63%.

The firm, which changed its name from Optimal Payments in November 2015, also generated significant growth in adjusted EBITDA, which climbed 97% to a total of $300.8m.

Operating profit also increased dramatically over the 12 month period, growing to $194.4m from $26.2m, while net debt was reduced from $431m to $280m.

Paysafe Chairman Dennis Jones said: “This is our first full year as Paysafe, and it’s been a year of continuing change, with growth, agility, and risk management at the heart of our business.

“The management team has not only delivered on the promise of our Skrill acquisition but continued to grow and diversify our capabilities, while delivering an impressive financial performance.”

Operational highlights for the group in 2016 included completing the integration of Skrill, acquired in August 2015, five months ahead of schedule, while it also took control of MeritCard and Income Access last year.

Paysafe President and CEO Joel Leonoff commented: “We have big ambitions in a sector that is rapidly accelerating. We will continue to invest strategically and have commenced development of our consolidated, comprehensive and scalable payments platform.

“I am confident in the group’s ability to retain this positive momentum into 2017 and we are passionate about delivering the products and services to support the changing payment needs of consumers and merchants in an evolving digital economy.”