Paysafe Sees 5% YoY Increase in Revenues in Q1 2021

Leading specialized payments platform Paysafe announced its financial results for the first quarter of 2021.

The platform revealed revenue of $377.4 million, up 5% compared to $359.7 million in the prior year. Net loss attributable to the Company for the first quarter was $49.1 million, compared to $51.1 million, in the prior year. Adjusted EBITDA for the first quarter was $113.2 million, compared to $112.8 million in the prior year. Total payment volume was $27.7 billion, up 8% compared to prior year.

Commenting on the results, Philip McHugh, CEO of Paysafe, said: “As we embark on our next chapter as a public company, we are pleased to deliver solid financial results in the first quarter, including continued strength from online and e-commerce volumes. Alongside this, we made excellent progress on our strategic initiatives across North American iGaming and emerging eCommerce verticals, while achieving milestones to further scale our platform and unlock value.”

“Looking ahead, with our great market positions and unique, two-sided network, we believe that Paysafe remains well positioned to deliver consistent double-digit growth and drive operating leverage”, he continued.

Last month, Fazzaco has reported that Paysafe teamed up with AWS​ in order to become a fully cloud-based payments provider.