Payments company Novatti confirms booming growth with another record quarter
Novatti’s quarterly update highlights the company’s strong execution on its strategy to become a global payments player.
For fintech Novatti (ASX:NOV), the March quarter saw more strong momentum as the company builds out its multi-channel payments platform.
The result was highlighted by a new record quarterly revenue figure of $4.15m. Through the first nine months of FY21, Novatti has already exceeded total annual revenues from the previous year.
Investors have responded to that growth, with Novatti shares up by more than 160 per cent since the start of February.
The stock soared higher again yesterday (Thursday) following a partnership announcement with BNPL giant Afterpay (ASX:APT), which will see Novatti leverage its Visa licence for APT to issue Visa card solutions in the New Zealand market.
Novatti’s revenue gains in the quarter were driven by its core payments processing business, which generated more than $3m in sales – up 38 per cent from the previous quarter.
The strong growth reflects Novatti’s transition “from a development to a monetisation phase”, after executing on a multi-year development plan to build out its digital banking and payments ecosystem, the company said.
CEO Peter Cook said that was evidenced by the fact Novatti is increasingly becoming the platform of choice for other fintechs to partner with.
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