PayGroup (ASX:PYG) nearly doubles new contracts in 1H FY21

Payroll manager PayGroup (PYG) has nearly doubled its new contracts over the first half of FY21.

The fintech stock, headquartered in Melbourne, secured $5.4 million in new contracts over the new financial year’s first half — up 93 per cent on the first half of FY20.

Significantly, the contracts secured in FY21’s first half are already worth 98 per of the total contract value (TCV) secured over FY20.

All up, 80 new contracts were signed over the first half of the new financial year. That statistic includes both new and existing clients, who opted to upgrade their current packages.

Positively, PayGroup said the global pandemic had provided unique opportunities for its business to grow. For example, transactions across its Treasury Services arm increased by 279 per cent compared to FY20’s second half.

In addition, PayGroup’s Global Channel Partner Program grew to 39 countries, increasing the company’s overall addressable market. Now, the company has 229 employees across 11 countries, servicing nearly 1000 clients.

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Source: PayGroup (ASX:PYG) nearly doubles new contracts in 1H FY21 – The Market Herald