Paysafe reports Q1 2023 results

(PRESS RELEASE) -- Paysafe Limited, a leading payments platform, today announced its financial results for the first quarter of 2023.

First Quarter 2023 Financial Highlights

(Metrics compared to first quarter of 2022)

- Revenue of $387.8 million, increased 5%; increased 7% on a constant currency basis
- Total Payment Volume of $33.8 billion, increased 8%
- Net loss attributable to the Company of $3.8 million, compared to $1,171.2 million
- Adjusted net income of $33.1 million, compared to $37.3 million
- Adjusted EBITDA of $107.8 million, increased 4%; increased 5% on a constant currency basis

Bruce Lowthers, CEO of Paysafe, commented: “We kicked off 2023 by delivering our strongest quarterly revenue since going public. Revenue increased 7% and adjusted EBITDA increased 5% year-over-year on a constant currency basis, fueled by double-digit growth from our classic digital wallets as well as e-commerce. We are confident in maintaining our full year outlook and remain very pleased with the progress of our sales transformation initiative, which is driving cross-selling and higher value client wins.”

Strategic and Operational Highlights

- Continued to expand sales organization to drive new customer acquisition, cross-selling, multi-product sales, and geographical expansion
- Welcomed Nicole Carroll as Paysafe's Chief Strategy & Innovation Officer
- Expanded into new iGaming markets in the U.S. (Massachusetts, Washington and Ohio); Paysafe now powers payments for iGaming operators across 27 U.S. states or jurisdictions
- eCash partnership with Greyhound Lines, largest provider of long-distance bus transportation in the U.S., offering customers safe and secure cash payments when booking a trip online