Novatti achieves record $1 billion in transactions in a busy December quarter

In announcing its December quarterly result, ASX-listed Novatti have achieved in excess of $1 billion in Quarterly Gross Transaction Value (GTV) for the first time. The results are an 83% increase in GTV year-on-year.

In addition to this, sales revenue came in at $9.3 million representing a 60% increase year-on-year.

On top of these record numbers it’s been a busy quarter for Novatti, with the company also launching the International Bank of Australia (which Novatti have a 91% stake in), receiving a $12.8 million special dividend from its stake in Reckon, and a partnership with DataMesh Group.

Novatti Managing Director Peter Cook said, “Novatti continues its push ahead with delivering positive cashflow. Substantial savings have already been achieved, including in administrative and corporate costs, while the launch of the International Bank of Australia is expected to remove in order of $3m in annual operating expenses currently carried by Novatti.”

Cook added, “Our commitment to delivering positive cashflow is supported by the strength of Novatti’s balance sheet. Notably, we finished the quarter with $25.7 million in cash, including circa $7.2 million in funding for International Bank of Australia. We are confident our current cash resources will be more than enough to enable us to reach positive cashflow while continuing to execute our growth strategy.”

Disclosure: At the time of writing, Australian FinTech Pty Ltd is a shareholder of Novatti Group Limited.