NetCents Technology Reports A 659% Increase in Revenue of January

NetCents Technology, an electronic online payment service provider, announced its financial results on Wednesday, showing a rapid increase in transactions for the month of January of 2021($8.2 million). 

According to the company, the revenue of Q1, ended on January 31, 2021, reached $257,008, revealing a quarter on quarter increase of 143% and a YoY increase of 476%.

In the three months ended October 31, 2020, the Company recorded $105,475 in revenues.

Notably, the company's revenue of January 2021 increased from $15,632 to $118,684, increased by 659%.

Management attributed the rapid growth in revenue to the expiration of 'low fee' and 'no-fee' promotions that the company uses to incentivise merchant onboarding onto the platform.

​Management Comments

Clayton Moore, Founder and CEO of NetCents Technology, stated that "The continued growth of our transaction figures is great to see, especially for January which is a slow month for transactions historically. We are seeing a lot of demand growth from the merchant side as Bitcoin has really become top of mind in the last 90 days as it has hit historical highs. Historically, merchants seem to get more excited about cryptocurrency transactions in a rising market. It is great from a PR perspective to be seen as 'with the times."