PaySauce, the employment solutions fintech, has announced a record increase in annual recurring revenue (ARR).
In the quarter ended December 2023, ARR reached $8.2 million, representing a 23% year-on-year growth.
The company attributed the increase to both new and existing customers, as well as its efforts in extracting more value from existing customers and driving sales through accounting channels and vertical partnerships.
Other performance highlights for the quarter included recurring revenue of $2 million (up 26% yoy) and processing fee revenue of $1.4 million (up 15% yoy).
PaySauce also reported a 7% yoy growth in active customers, with 7,320 customers at the end of the period.
CEO Asantha Wijeyeratne expressed satisfaction with the company's achievements and highlighted their focus on developing the Gen 2.0 product and maintaining exceptional service for customers.
PaySauce is a software-as-a-service platform that provides solutions for employers in the Asia-Pacific region.
It offers digital onboarding, payroll management, and other related services.
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