BANXA has undoubtedly disrupted the financial services industry as the only Payment Service Provider (PSP) that serves the digital asset industry that is publicly traded anywhere in the world. Since the company went public on January 6, 2021, BANXA has continued to grow in leaps and bounds, with its recently released financials further substantiating this claim.
“I am pleased to see the financial performance of the business improving across all key metrics. I am confident that moving forward we will continue to demonstrate to our loyal stakeholders that we are steadfast in our mission to build the bridge between the existing financial systems and the emerging, expanding digital asset world,” said Founder and Chairman, Domenic Carosa.
BANXA has become increasingly popular in recent times by giving clients safe, compliant access to the digital assets market. The company recently announced its maiden adjusted EBITDA profit since the public listing, with amazing figures amidst anticipation of continued revenue growth. The company’s projection is based on increased interest in cryptocurrencies from different quarters, including individuals and institutions, confirming the company’s resilient business model.
“We are very happy to announce these results. Over the previous three months, we have been focused on improving the service and experience for our customers and expanding our capacity to service the rapidly growing demand. The industry is maturing, with greater infrastructure and interest. We aim to be at the forefront of this new stage of development,” said Banxa CEO Holger Arians.
The report shows a total transaction value (TTV) of $396m for the nine months ended March 31, 2021, representing a 1,470% increase compared to the same period in 2020. It also reported March 2021 Quarter TTV of $205m from $107m for the same period in 2020. The adjusted EBITDA Profit stood at $1m for the three months ending 31 March 2021.
Summary of financial results
- Revenue for the three months ended March 31, 2021, stood at AUD 21.0 million compared with AUD 1.3 million for the same period in 2020, an increase of 1,479%. Revenue for the nine months ended March 31, 2021, was reported as AUD 28.4 million, compared with AUD 4.6 million for the same period in 2020, an increase of 512%.
- Gross profit for the three months ended March 31, 2021, was reported as AUD 6.0 million, an increase of 686%. Gross profit for the nine months ended March 31, 2021, was AUD 8.2 million, a 454% increase compared with AUD 1.5 for the same period in 2020.
- Net loss for three months ended March 31, 2021, totalled AUD 1.4 million compared with a net loss of AUD 0.6M for the same period in 2020. The net loss for nine months ended March 31, 2021, was AUD 2.3 million, compared with a net loss of AUD 2.5 million for the same period in 2020.
For more information about BANXA and the unique payment solutions offered by the company, visit – www.banxa.com.
BANXA of Banxa Holdings Inc. is an innovative Payment Service Provider (PSP) that aims to bridge the gap between traditional financial systems, regulation, and the digital asset space. The company’s goal is to onboard the general public to digital currency by building a fully compliant payment infrastructure that enables simple and secure conversion of fiat currency to digital currency, such as USD/CAD to BTC/ETH. Banxa has a global presence with offices in Australia, the Netherlands and Lithuania.
Liam Bussell, Head of Corporate Communications