PagoNxt Reports Strong Revenue Growth, Misses Breakeven Target
PagoNxt, a payment services company operated by Spanish bank Banco Sabadell, has reported mixed results. While revenues surged and customer bases expanded, losses continued to rise, and the company missed its breakeven target. PagoNxt offers various services under brands like Getnet España, Comercia Global Payments, Bancel, and Wa ku, each with different pricing models.
PagoNxt's merchant acquiring segment, Getnet, saw a significant 29% year-on-year (YoY) increase in total payments volume (TPV) and a 3% YoY increase in active merchants, reaching 1.27 million. The trade segment, including One Trade and Ebury, also performed well, with active customers doubling to over 30,000. Revenue for the first nine months grew impressively by 96% YoY or 75% in constant terms, surpassing the full-year target of 50% YoY growth.
PagoNxt's consumer brand Superdigital expanded its offerings to include credit cards and loans in Brazil and Argentina. Regionally, Getnet Brazil's TPV increased by 18% YoY, Getnet Mexico saw a 35% increase, and Getnet Europe grew by 42% YoY. Despite these gains, PagoNxt's losses climbed again, with no mention of the previous projection to reach breakeven by the end of 2022.
PagoNxt's strategy focuses on scaling up its data-driven platform, accelerating commercial growth, and increasing penetration in Europe, South America, and North America. The company offers various pricing models, including transaction fees, flat-fee models, registration fees, monthly subscription fees, and customer-specific tariffs, to cater to diverse client needs.
PagoNxt's Q3 2022 results showed strong revenue growth and customer base expansion across different segments and regions. However, the company's losses continued to rise, indicating a need for further improvement in financial performance. PagoNxt will continue to focus on growth strategies while offering flexible pricing models to attract and retain customers.
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