Paysafe ups revenue forecast after early growth

Paysafe Group has increased its full-year revenue expectations after reporting ‘strong’ growth during the four months to April 30.

The firm, previously known as Optimal Payments, now anticipates that full-year revenue will amount to between $950 million (€852.5 million) and $970 million, ahead of the market consensus of $911 million.

Paysafe has put this increase down to positive momentum in the opening months of 2016, with growth reported in its payment processing and digital wallets divisions.

The company also noted that its full-year adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) is set to come in between $270 million and $276 million, compared to market consensus of $260 million.

In addition, Paysafe said that its integration of Skrill remains on track and should be substantially completed during the third quarter of this year.

Joel Leonoff, chief executive of Paysafe, said: “I am delighted to report such a strong performance for the Group in the first four months of the year.

“As a result of the positive momentum across our business, we expect to deliver full year revenue and adjusted EBITDA ahead of market expectations.

“We look forward to providing a further update when we announce our half-year results.”

Paysafe expects to publish its results for the half year on August 10.

Related article: Paysafe reveals ‘strong’ financial performance in 2015