7th consecutive Quarter of record revenues for Novatti as US launch beckons

With increasing usage of digital payments as the preferred method of trade rising around the world, fintech and payment services provider Novatti Group (ASX: NOV) has delivered a 7th consecutive Quarter of record revenues, today reporting $3.79m for the December Quarter.

The revenue increase represents a 52% increase on the corresponding Quarter last year and is generated from a range of billing automation, cross-border payments and card issuing services offered by Novatti.

“The strong results from the December quarter highlight the rewards for Novatti’s strategy over the past years to invest in building and acquiring platforms that can scale to meet growing demand,” said Novatti Managing Director, Peter Cook.

“These results also highlight Novatti’s record of delivering consistent, long term revenue growth.”

The December quarter saw notable activity from Novatti’s card issuing services where they issue prepaid Visa cards in Australia and New Zealand. Through strategic partnerships, Novatti-issued cards can now be integrated with Apple Pay, Google Pay and Samsung Pay for mobile payments from smart devices with the division generating $190,000 with more cards being issued as people around the world seek alternatives to cash for their online transactions.

This was further driven by the launch of their Digital Payments Accelerator which offers SME partners a platform to white-label their own Visa cards. Within weeks of launching, Novatti had signed three partners to the platform with one ordering 50,000 Visa cards.

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Source: 7th consecutive Quarter of record revenues for Novatti as US launch beckons – The Sentiment