Novatti books a 97% increase in annual revenue
Novatti, a leading fintech enabling businesses to pay and be paid, has released its full year 2022 results with a 97% increase in annual revenue, with shift to positive cashflow underway.
Commenting on the results, Novatti Managing Director, Peter Cook, said, “FY22 was another year of remarkable growth and development for Novatti. At the start of the year, we laid out our growth strategy that would be underpinned by a $40 million+ capital raise.”
The core objective from this strategy was to deliver top-line revenue growth. Key achievements here include:
- 97% growth in annual sales revenue to $32.5 million
- 76% five year average annual revenue growth
Delivering on this strategy has seen Novatti realise a number of achievements that set the company up for future growth, including:
- New acquiring licences from both Visa and Mastercard
- The acquisition and successful integration of fintech ATX, providing a platform for growth in South East Asia
- A strategic stake in and then partnership with leading accounting software provider Reckon Limited, which is already delivering revenue and substantial dividends
Cook added, “We now go into FY23 carrying great momentum and in a strong position to capture future growth, with $23 million plus in new, non-dilutive cash, expected in the near term, adding to our end of year balance of $6.1 million.
“Further, after several years of investment, we will now seek to deliver increasing returns from our global B2B payments ecosystem. Here, we have shifted our focus towards achieving positive cashflow, with substantial progress already made as cash used in the June quarter fell 48%.
“Most importantly, the global, macro-level shift to digital payments that underpins Novatti’s growth shows no signs of easing.
“I’d like to thank all our shareholders for their interest and support across the past 12 months and very much look forward to continuing to grow the business with you in what promises to be an exciting year ahead.”
Disclosure: At the time of writing, Australian FinTech Pty Ltd is a shareholder of Novatti Group Limited.
