Novatti sees huge growth in revenue

Novatti sees huge growth in revenue

ASX-listed Novatti Group has released its audited Half Year report, with strong growth in their Acquiring and Alternative Payments businesses contributing to $19.9 million in sales revenue, which is a 78.5% increase on the previous year.

Highlights of the Half Year include:

  • $19.9 million Sales revenue – up 78.5% against H122
  • $11.6 million Alternative Payments revenue – up 59.8% against H122
  • $1 million Acquiring revenue – up 743% against H122
  • $25.7 million cash available at end of first half to assist in continuing growth phase

Commenting on the results, Novatti Managing Director Peter Cook said, “Our Acquiring business continues to go from strength-to-strength both in terms of growth as well as increased capabilities and customer offerings. Our solutions enable businesses to accept payments through credit and debit cards, and direct debits to various digital wallets including Amex, UnionPay, Alipay and WeChat Pay.

“Deploying our own in-store, online and mobile solutions in the Acquiring space is an approach we have adopted to allow for greater margins. This business is therefore expected to have an increasing impact on Novatti’s performance, growth and margin contribution going forward.”

After years of investment and development, the International Bank of Australia (IBOA) launched in November, having been granted a restricted banking licence by Australia’s banking regulator, APRA. The IBOA will leverage best-in-class digital technologies to service fintechs and the underserved migrant sector, in particular.

Cook added, “IBOA will also have the strong advantage of being able to leverage Novatti’s existing payments ecosystem and global footprint to help win customers quickly. No time has been wasted in building IBOA’s customer base since launching, having held discussions with more than 50 potential channel partners such as migration, travel and education agencies.”

Cook ended, “We finished the Half Year with $25.7 million in cash, including circa $7.2 million in funding for IBOA. We are confident our current cash resources will be more than enough to drive the scalability of our digital payments ecosystem as it generates greater margins on transaction volumes in FY23 and beyond.”

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