Revenue records tumble as Novatti scales new heights in digital payments era
Few companies have been as well positioned for the digital transformation accelerated by a global pandemic than digital payments company Novatti Group (ASX: NOV) which has capped off a monumental year of fintech deals with record payment processing revenues.
Generating $4.9 million in sales revenue for the quarter ended 30 June 2021, Novatti also set its 9th consecutive quarter of record processing sales revenue. The figure took their FY21 sales to $16.4 million which was also an annual record, substantially eclipsing the FY20 number by 49% when reporting $11m.
Key to Novatti’s rise from fintech minnow to be a digital payments partner of Afterpay, Apple, Google and more is their underlying technology that enables businesses to pay and be paid quickly. This has been of greater demand amongst business customers in the wake of a global pandemic where Novatti’s services have been integral to many businesses transitioning their businesses purely towards digital payments and online operations.
“Novatti has now grown its annual sales revenue by an average of 45% each year for the past three years, highlighting our ability to deliver consistent, long-term results,” said Novatti Managing Director, Peter Cook.
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Source: Revenue records tumble as Novatti scales new heights in digital payments era – The Sentiment