Despite the economic impact of COVID-19 seeing adverse effects in most industries, the digital payments sector is thriving with populations in isolation as evidenced by fintech company Novatti Group (ASX: NOV) again reporting record revenues from their payments processing business.
For the quarter ending 30 June 2020, the company delivered $2.07m (unaudited) solely from their payments division which represented an 84% increase on their corresponding 2019 quarter.
This was also a 20% rise from their March quarter, when the division netted $1.72m through the pandemic’s economic trough.
The strong June quarter was boosted by Novatti’s acquisition of Emersion Software Systems in April which furthered Novatti’s global reach while shoring up new revenues.
“Over the past 12 months, Novatti’s processing business has continued to perform strongly,” said Novatti Managing Director, Peter Cook.
“Despite the challenges of COVID-19 over the past quarter, the swift and smooth integration of Emersion has strengthened the overall business, underpinning the strategic rationale for the acquisition.”
Key to Novatti’s continued growth has been the corporate partnerships secured recently. In June, the diversified fintech company was selected by global payments business Marqeta as their domestic partner for an Australian expansion of their cards business.
Going forward into the new financial year, Novatti is expected to see further growth in its core payments business having secured $10.2m via a private placement capital raise last month as the company seeks to capitalise on the rapidly growing trend towards cash payment alternatives.
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