Paysafe Posts 13% Jump in Total Payment Volume During Q1 2022

Paysafe Limited, a leading specialized payments platform, today announced its financial results for the first quarter of 2022. The platform revealed total payment volume of $31.2 billion, increasing 13% compared to first quarter of 2021.

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In the quarter, Paysafe's revenue reached $367.7 million, decreasing 3% compared to first quarter of 2021. Net loss attributable to the company was $1.2 billion, compared to net loss of $60.6 million, and inclusive of a non-cash impairment charge of $1.2 billion. Adjusted EBITDA for the first quarter was $104.0 million, decreasing 8%.

Bruce Lowthers, CEO of Paysafe, commented: "I am thrilled to be joining the talented Paysafe team at such a pivotal time. Paysafe has a long track record of being a pioneer in payments and with a lot of potential to grow in verticals with strong tailwinds. I look forward to working with the team to seize the opportunities ahead, drive more innovation in the fintech ecosystem and ultimately generate greater shareholder value."           

Izzy Dawood, CFO of Paysafe, commented: "Paysafe is off to a good start this year, posting first quarter results ahead of our expectations. We are particularly pleased with the strong performance from our US Acquiring business, which delivered double-digit volume, revenue and adjusted EBITDA growth. We are winning across Digital Commerce and the turnaround of the digital wallet business continues to show progress."

"Despite macro headwinds, we remain confident in our full year outlook supported by continued momentum in US Acquiring and our pipeline across Digital Commerce,"Dawood added.