PagoNxt Reports Strong Q3 2022 Growth Despite Rising Losses
PagoNxt, a Spanish payment services provider, has reported strong growth in its Q3 2022 results. The company, which operates various brands including Cajamar, EURO 6000, and CaixaBank Payments, has seen significant increases in revenue and customer numbers. However, its losses have also risen, with no mention of the previous projection to reach breakeven by the end of 2022.
PagoNxt's consumer brand Superdigital expanded its offerings in Brazil and Argentina, adding financial products. Meanwhile, Getnet Europe saw a 42% YoY growth in the nine-month period. The merchant acquiring segment, Getnet, saw a 29% 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, saw active customers top 30,000, more than double the number in Q3 2021.
Revenue for the first nine months grew 96% YoY or 75% in constant terms, ahead of the full-year target of 50% YoY growth. Getnet Brazil saw an 18% YoY increase in TPV, while Getnet Mexico saw TPV climb 35% over the same period. PagoNxt's strategy focuses on scaling up its data-driven platform, accelerating commercial growth, and increasing penetration in Europe, South America, and North America.
PagoNxt's Q3 2022 results show significant growth in revenue and customer numbers. Despite the rise in losses, the company remains focused on growth rather than profit. Its strategy of expanding offerings, increasing market penetration, and accelerating commercial growth has driven its success so far.
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