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Inbox Impact Labs > Blog > Insights > Paysafe Raises 2024 Forecast Following 9% Revenue Growth
Insights

Paysafe Raises 2024 Forecast Following 9% Revenue Growth

Pat Crawley
Last updated: August 13, 2024 3:16 pm
Pat Crawley
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51 Min Read
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2024-08-13T17:16:19.402+02:00

Tuesday, 13/08/2024 | 15:16 GMT by Jared Kirui

  • The company experienced a 7% year-over-year increase in payment volume, totaling $38.1 billion.
  • Paysafeโ€™s growth was largely boosted by its focus on the iGaming sector, along with partnerships and capital returns.

paysafe

FM

Paysafe has released its financial report for the second quarter of 2024, highlighting a 9% increase in revenue to $439.9 million compared to the same period last year. According to the companyโ€™s statement, this growth has led the payment platform to revise its full-year revenue forecast upwards.

Strong Q2 Performance

The companyโ€™s total payment volume reached $38.1 billion, marking a 7% increase year-over-year. Although Paysafe recorded a net loss of $1.4 million, this was an improvement from the $1.8 million loss in the same quarter last year.

Adjusted net income grew to $36.3 million, or $0.59 per diluted share, up from $34.7 million, or $0.56 per diluted share, a year ago. Adjusted EBITDA also experienced a modest rise of 5%, reaching $119 million.

Commenting about the strong performance, Paysafeโ€˜s CEO, Bruce Lowthers, said: โ€œGiven our robust performance in the first half of the year, we are raising our revenue guidance for 2024 to a growth range of 7% to 8%.โ€ Lowthers also highlighted a 125 basis point increase at the midpoint from their original guidance.

Focus on iGaming and Partnerships

Paysafeโ€™s growth in iGaming revenue remains a key driver, bolstered by deals signed in the latter half of 2023 and the expansion of online gambling in new US states. The company has also continued to optimize its portfolio, focusing on reducing risk and improving earnings quality.

Besides that, Paysafe has reportedly been active in capital returns, repurchasing 686,396 shares for $11.0 million. The companyโ€™s net leverage reportedly decreased to 4.8x as of June 30, 2024, down from 5.0x at the end of 2023, reflecting improved financial health.

In Q1 earnings, Paysafe posted strong performance and growth across key business segments. Revenue increased 8% year-over-year (YoY), reaching $417.7 million. On a constant currency basis, revenue expanded by 7%. Paysafeโ€™s adjusted EBITDA was $111.9 million, marking a 4% increase from the previous year. Adjusted for currency fluctuations, the growth in adjusted EBITDA was 3%.

Additionally, Paysafe partnered with Alchemy Pay, a fiat-crypto payment solution provider, last month to offer users a range of payment methods for purchasing cryptocurrencies . This step aimed to boost crypto transaction accessibility.

Paysafe has released its financial report for the second quarter of 2024, highlighting a 9% increase in revenue to $439.9 million compared to the same period last year. According to the companyโ€™s statement, this growth has led the payment platform to revise its full-year revenue forecast upwards.

Strong Q2 Performance

The companyโ€™s total payment volume reached $38.1 billion, marking a 7% increase year-over-year. Although Paysafe recorded a net loss of $1.4 million, this was an improvement from the $1.8 million loss in the same quarter last year.

Adjusted net income grew to $36.3 million, or $0.59 per diluted share, up from $34.7 million, or $0.56 per diluted share, a year ago. Adjusted EBITDA also experienced a modest rise of 5%, reaching $119 million.

Commenting about the strong performance, Paysafeโ€˜s CEO, Bruce Lowthers, said: โ€œGiven our robust performance in the first half of the year, we are raising our revenue guidance for 2024 to a growth range of 7% to 8%.โ€ Lowthers also highlighted a 125 basis point increase at the midpoint from their original guidance.

Focus on iGaming and Partnerships

Paysafeโ€™s growth in iGaming revenue remains a key driver, bolstered by deals signed in the latter half of 2023 and the expansion of online gambling in new US states. The company has also continued to optimize its portfolio, focusing on reducing risk and improving earnings quality.

Besides that, Paysafe has reportedly been active in capital returns, repurchasing 686,396 shares for $11.0 million. The companyโ€™s net leverage reportedly decreased to 4.8x as of June 30, 2024, down from 5.0x at the end of 2023, reflecting improved financial health.

In Q1 earnings, Paysafe posted strong performance and growth across key business segments. Revenue increased 8% year-over-year (YoY), reaching $417.7 million. On a constant currency basis, revenue expanded by 7%. Paysafeโ€™s adjusted EBITDA was $111.9 million, marking a 4% increase from the previous year. Adjusted for currency fluctuations, the growth in adjusted EBITDA was 3%.

Additionally, Paysafe partnered with Alchemy Pay, a fiat-crypto payment solution provider, last month to offer users a range of payment methods for purchasing cryptocurrencies . This step aimed to boost crypto transaction accessibility.

Jared Kirui

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Jared is an experienced financial journalist passionate about all things forex and CFDs.

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๐Ÿ†Finance Magnates Annual Awards ๐Ÿ† Where excellence and innovation is celebrated like never before. What makes these awards stand out? โžก๏ธ Our unique voting process ensures fairness and inclusivity, with 50% of votes from the community and 50% from judges. โžก๏ธ From national, regional and global levels, all forex brokers can participate and share in this prestigious achievement. โžก๏ธ Submit your nominations: https://awards.financemagnates.com/?utm_source=linkedin&utm_medium=social-video-post&utm_campaign=why-nominate Jjoin us in celebrating the best in finance! #FinanceMagnatesAwards #celebrateexcellence #ForexTrading #BrokerageExcellence #FinancialAwards #BrandRecognition #FinancialServices #MarketLeadership #IndustryInsights #ForexMarket #TradingExcellence #AwardWinningBroker #FinanceInnovation #FinancialReputation #BrokerageSuccess #BusinessGrowth #FinancialBrands

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  • Louise Bedford | Trading Game| FMPS:24 Speaker Interviews

    Louise Bedford | Trading Game| FMPS:24 Speaker Interviews

    Louise Bedford | Trading Game| FMPS:24 Speaker Interviews

    Louise Bedford | Trading Game| FMPS:24 Speaker Interviews

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    Louise Bedford | Trading Game| FMPS:24 Speaker Interviews

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  • Pere Monguiรณ Montells | FXStreet

    Pere Monguiรณ Montells | FXStreet

    Pere Monguiรณ Montells | FXStreet

    Pere Monguiรณ Montells | FXStreet

    Pere Monguiรณ Montells | FXStreet

    Pere Monguiรณ Montells | FXStreet

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    In this video, @fxstreet Co-CEO Guillermo Parada met with us at iFX EXPO International 2024 to discuss their campaign to prevent scams in the trading industry. He highlights the importance of educating traders to protect themselves and clarifying what to expect from reputable brokers. Guillermo outlines three layers of protection: trader awareness, brand responsibility, and platform regulation. Guillermo concludes by detailing FXStreetโ€™s future plans, including launching broker reviews and building strong trading communities on social media. #financemagnates #fxstreet #trading #scamprevention #financenews #financeindustry #financialnews #tradingnews ๐Ÿ“ฃ Stay updated with the latest in finance and trading! Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today: ๐Ÿ”— LinkedIn: https://www.linkedin.com/company/financemagnates/ ๐Ÿ‘ Facebook: https://www.facebook.com/financemagnates/ ๐Ÿ“ธ Instagram: https://www.instagram.com/financemagnates_official ๐Ÿฆ X (Twitter): https://twitter.com/financemagnates/ ๐Ÿ“ก RSS Feed: https://www.financemagnates.com/feed/ โ–ถ๏ธ Telegram: https://t.me/financemagnatesnews Donโ€™t miss out on our latest videos, interviews, and event coverage. ๐Ÿ”” Subscribe to our YouTube channel for more!๐Ÿ””

    In this video, @fxstreet Co-CEO Guillermo Parada met with us at iFX EXPO International 2024 to discuss their campaign to prevent scams in the trading industry. He highlights the importance of educating traders to protect themselves and clarifying what to expect from reputable brokers. Guillermo outlines three layers of protection: trader awareness, brand responsibility, and platform regulation. Guillermo concludes by detailing FXStreetโ€™s future plans, including launching broker reviews and building strong trading communities on social media. #financemagnates #fxstreet #trading #scamprevention #financenews #financeindustry #financialnews #tradingnews ๐Ÿ“ฃ Stay updated with the latest in finance and trading! Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today: ๐Ÿ”— LinkedIn: https://www.linkedin.com/company/financemagnates/ ๐Ÿ‘ Facebook: https://www.facebook.com/financemagnates/ ๐Ÿ“ธ Instagram: https://www.instagram.com/financemagnates_official ๐Ÿฆ X (Twitter): https://twitter.com/financemagnates/ ๐Ÿ“ก RSS Feed: https://www.financemagnates.com/feed/ โ–ถ๏ธ Telegram: https://t.me/financemagnatesnews Donโ€™t miss out on our latest videos, interviews, and event coverage. ๐Ÿ”” Subscribe to our YouTube channel for more!๐Ÿ””

    In this video, @fxstreet Co-CEO Guillermo Parada met with us at iFX EXPO International 2024 to discuss their campaign to prevent scams in the trading industry. He highlights the importance of educating traders to protect themselves and clarifying what to expect from reputable brokers. Guillermo outlines three layers of protection: trader awareness, brand responsibility, and platform regulation. Guillermo concludes by detailing FXStreetโ€™s future plans, including launching broker reviews and building strong trading communities on social media. #financemagnates #fxstreet #trading #scamprevention #financenews #financeindustry #financialnews #tradingnews ๐Ÿ“ฃ Stay updated with the latest in finance and trading! Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today: ๐Ÿ”— LinkedIn: https://www.linkedin.com/company/financemagnates/ ๐Ÿ‘ Facebook: https://www.facebook.com/financemagnates/ ๐Ÿ“ธ Instagram: https://www.instagram.com/financemagnates_official ๐Ÿฆ X (Twitter): https://twitter.com/financemagnates/ ๐Ÿ“ก RSS Feed: https://www.financemagnates.com/feed/ โ–ถ๏ธ Telegram: https://t.me/financemagnatesnews Donโ€™t miss out on our latest videos, interviews, and event coverage. ๐Ÿ”” Subscribe to our YouTube channel for more!๐Ÿ””

    In this video, @fxstreet Co-CEO Guillermo Parada met with us at iFX EXPO International 2024 to discuss their campaign to prevent scams in the trading industry. He highlights the importance of educating traders to protect themselves and clarifying what to expect from reputable brokers. Guillermo outlines three layers of protection: trader awareness, brand responsibility, and platform regulation. Guillermo concludes by detailing FXStreetโ€™s future plans, including launching broker reviews and building strong trading communities on social media. #financemagnates #fxstreet #trading #scamprevention #financenews #financeindustry #financialnews #tradingnews ๐Ÿ“ฃ Stay updated with the latest in finance and trading! Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today: ๐Ÿ”— LinkedIn: https://www.linkedin.com/company/financemagnates/ ๐Ÿ‘ Facebook: https://www.facebook.com/financemagnates/ ๐Ÿ“ธ Instagram: https://www.instagram.com/financemagnates_official ๐Ÿฆ X (Twitter): https://twitter.com/financemagnates/ ๐Ÿ“ก RSS Feed: https://www.financemagnates.com/feed/ โ–ถ๏ธ Telegram: https://t.me/financemagnatesnews Donโ€™t miss out on our latest videos, interviews, and event coverage. ๐Ÿ”” Subscribe to our YouTube channel for more!๐Ÿ””

    In this video, @fxstreet Co-CEO Guillermo Parada met with us at iFX EXPO International 2024 to discuss their campaign to prevent scams in the trading industry. He highlights the importance of educating traders to protect themselves and clarifying what to expect from reputable brokers. Guillermo outlines three layers of protection: trader awareness, brand responsibility, and platform regulation. Guillermo concludes by detailing FXStreetโ€™s future plans, including launching broker reviews and building strong trading communities on social media. #financemagnates #fxstreet #trading #scamprevention #financenews #financeindustry #financialnews #tradingnews ๐Ÿ“ฃ Stay updated with the latest in finance and trading! Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today: ๐Ÿ”— LinkedIn: https://www.linkedin.com/company/financemagnates/ ๐Ÿ‘ Facebook: https://www.facebook.com/financemagnates/ ๐Ÿ“ธ Instagram: https://www.instagram.com/financemagnates_official ๐Ÿฆ X (Twitter): https://twitter.com/financemagnates/ ๐Ÿ“ก RSS Feed: https://www.financemagnates.com/feed/ โ–ถ๏ธ Telegram: https://t.me/financemagnatesnews Donโ€™t miss out on our latest videos, interviews, and event coverage. ๐Ÿ”” Subscribe to our YouTube channel for more!๐Ÿ””

  • Andrew Lane | Acuity

    Andrew Lane | Acuity

    Andrew Lane | Acuity

    Andrew Lane | Acuity

    Andrew Lane | Acuity

    Andrew Lane | Acuity

    During iFX EXPO International 2024, we had the pleasure to interview Andrew Loveridge from Acuity Trading. He discusses the evolving financial trading industry and the impact of AI, regulation, and technological advancements. He highlights the importance of natural language processing (NLP) and sentiment analysis in trading, detailing how these technologies are used to extract valuable data from text for trading purposes. Andrew also introduces their latest innovation, which merges technical analysis with sentiment analysis to provide more comprehensive trading tools. #financemagnates #Acuity #trading #AI #NLP #financenews #financeindustry #financialnews #tradingnews ๐Ÿ“ฃ Stay updated with the latest in finance and trading! Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today: ๐Ÿ”— LinkedIn: https://www.linkedin.com/company/financemagnates/ ๐Ÿ‘ Facebook: https://www.facebook.com/financemagnates/ ๐Ÿ“ธ Instagram: https://www.instagram.com/financemagnates_official ๐Ÿฆ X (Twitter): https://twitter.com/financemagnates/ ๐Ÿ“ก RSS Feed: https://www.financemagnates.com/feed/ โ–ถ๏ธ Telegram: https://t.me/financemagnatesnews Donโ€™t miss out on our latest videos, interviews, and event coverage. ๐Ÿ”” Subscribe to our YouTube channel for more!๐Ÿ””

    During iFX EXPO International 2024, we had the pleasure to interview Andrew Loveridge from Acuity Trading. He discusses the evolving financial trading industry and the impact of AI, regulation, and technological advancements. He highlights the importance of natural language processing (NLP) and sentiment analysis in trading, detailing how these technologies are used to extract valuable data from text for trading purposes. Andrew also introduces their latest innovation, which merges technical analysis with sentiment analysis to provide more comprehensive trading tools. #financemagnates #Acuity #trading #AI #NLP #financenews #financeindustry #financialnews #tradingnews ๐Ÿ“ฃ Stay updated with the latest in finance and trading! Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today: ๐Ÿ”— LinkedIn: https://www.linkedin.com/company/financemagnates/ ๐Ÿ‘ Facebook: https://www.facebook.com/financemagnates/ ๐Ÿ“ธ Instagram: https://www.instagram.com/financemagnates_official ๐Ÿฆ X (Twitter): https://twitter.com/financemagnates/ ๐Ÿ“ก RSS Feed: https://www.financemagnates.com/feed/ โ–ถ๏ธ Telegram: https://t.me/financemagnatesnews Donโ€™t miss out on our latest videos, interviews, and event coverage. ๐Ÿ”” Subscribe to our YouTube channel for more!๐Ÿ””

    During iFX EXPO International 2024, we had the pleasure to interview Andrew Loveridge from Acuity Trading. He discusses the evolving financial trading industry and the impact of AI, regulation, and technological advancements. He highlights the importance of natural language processing (NLP) and sentiment analysis in trading, detailing how these technologies are used to extract valuable data from text for trading purposes. Andrew also introduces their latest innovation, which merges technical analysis with sentiment analysis to provide more comprehensive trading tools. #financemagnates #Acuity #trading #AI #NLP #financenews #financeindustry #financialnews #tradingnews ๐Ÿ“ฃ Stay updated with the latest in finance and trading! Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today: ๐Ÿ”— LinkedIn: https://www.linkedin.com/company/financemagnates/ ๐Ÿ‘ Facebook: https://www.facebook.com/financemagnates/ ๐Ÿ“ธ Instagram: https://www.instagram.com/financemagnates_official ๐Ÿฆ X (Twitter): https://twitter.com/financemagnates/ ๐Ÿ“ก RSS Feed: https://www.financemagnates.com/feed/ โ–ถ๏ธ Telegram: https://t.me/financemagnatesnews Donโ€™t miss out on our latest videos, interviews, and event coverage. ๐Ÿ”” Subscribe to our YouTube channel for more!๐Ÿ””

    During iFX EXPO International 2024, we had the pleasure to interview Andrew Loveridge from Acuity Trading. He discusses the evolving financial trading industry and the impact of AI, regulation, and technological advancements. He highlights the importance of natural language processing (NLP) and sentiment analysis in trading, detailing how these technologies are used to extract valuable data from text for trading purposes. Andrew also introduces their latest innovation, which merges technical analysis with sentiment analysis to provide more comprehensive trading tools. #financemagnates #Acuity #trading #AI #NLP #financenews #financeindustry #financialnews #tradingnews ๐Ÿ“ฃ Stay updated with the latest in finance and trading! Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today: ๐Ÿ”— LinkedIn: https://www.linkedin.com/company/financemagnates/ ๐Ÿ‘ Facebook: https://www.facebook.com/financemagnates/ ๐Ÿ“ธ Instagram: https://www.instagram.com/financemagnates_official ๐Ÿฆ X (Twitter): https://twitter.com/financemagnates/ ๐Ÿ“ก RSS Feed: https://www.financemagnates.com/feed/ โ–ถ๏ธ Telegram: https://t.me/financemagnatesnews Donโ€™t miss out on our latest videos, interviews, and event coverage. ๐Ÿ”” Subscribe to our YouTube channel for more!๐Ÿ””

    During iFX EXPO International 2024, we had the pleasure to interview Andrew Loveridge from Acuity Trading. He discusses the evolving financial trading industry and the impact of AI, regulation, and technological advancements. He highlights the importance of natural language processing (NLP) and sentiment analysis in trading, detailing how these technologies are used to extract valuable data from text for trading purposes. Andrew also introduces their latest innovation, which merges technical analysis with sentiment analysis to provide more comprehensive trading tools. #financemagnates #Acuity #trading #AI #NLP #financenews #financeindustry #financialnews #tradingnews ๐Ÿ“ฃ Stay updated with the latest in finance and trading! Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today: ๐Ÿ”— LinkedIn: https://www.linkedin.com/company/financemagnates/ ๐Ÿ‘ Facebook: https://www.facebook.com/financemagnates/ ๐Ÿ“ธ Instagram: https://www.instagram.com/financemagnates_official ๐Ÿฆ X (Twitter): https://twitter.com/financemagnates/ ๐Ÿ“ก RSS Feed: https://www.financemagnates.com/feed/ โ–ถ๏ธ Telegram: https://t.me/financemagnatesnews Donโ€™t miss out on our latest videos, interviews, and event coverage. ๐Ÿ”” Subscribe to our YouTube channel for more!๐Ÿ””

    During iFX EXPO International 2024, we had the pleasure to interview Andrew Loveridge from Acuity Trading. He discusses the evolving financial trading industry and the impact of AI, regulation, and technological advancements. He highlights the importance of natural language processing (NLP) and sentiment analysis in trading, detailing how these technologies are used to extract valuable data from text for trading purposes. Andrew also introduces their latest innovation, which merges technical analysis with sentiment analysis to provide more comprehensive trading tools. #financemagnates #Acuity #trading #AI #NLP #financenews #financeindustry #financialnews #tradingnews ๐Ÿ“ฃ Stay updated with the latest in finance and trading! Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today: ๐Ÿ”— LinkedIn: https://www.linkedin.com/company/financemagnates/ ๐Ÿ‘ Facebook: https://www.facebook.com/financemagnates/ ๐Ÿ“ธ Instagram: https://www.instagram.com/financemagnates_official ๐Ÿฆ X (Twitter): https://twitter.com/financemagnates/ ๐Ÿ“ก RSS Feed: https://www.financemagnates.com/feed/ โ–ถ๏ธ Telegram: https://t.me/financemagnatesnews Donโ€™t miss out on our latest videos, interviews, and event coverage. ๐Ÿ”” Subscribe to our YouTube channel for more!๐Ÿ””

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