SafeCharge Reports Record Revenue for Fiscal 2018, Up by 24% Y-o-Y

safechargeGlobal payments technology company, SafeCharge has posted a record full-year 2018 financial results. The firm managed to clock the higher revenue close to the upper end of its revised last expectations. In November last year, the company revised its revenue expectation for the full year within the range of $135-138 million.

The company has posted a full year revenue of $138.5 million, which is a solid 24 per cent growth compared to the total revenue of $111.7 million in 2017. According to the statement issued by the company, the strong revenue growth was largely driven by onboarding new customers as well as increasing relationship with existing customers.

In 2018, the company processed 255.1 million transactions, which is an increase of 47 per cent year-on-year, from 173.8 million transactions in 2017. In terms of transaction value, in 2018 it achieved $13.93 billion, which is 45 per cent higher on an annual comparison. The company in its last guidance report has estimated transaction volume of $14 billion for full-year 2018. 

Commenting on the results, David Avgi, the CEO of SafeCharge, said: 

“The year 2018 was another period of strong financial performance and continued growth. We demonstrated excellent performance and successful entry into new markets and verticals. We have continued to innovate, develop and deliver our payment products and technologies, enabling us to deepen our relationships and win new business with large scale customers.”

The company has also issued a forecast for 2019, with revenue expected in a range of $155 million to $165 million. The firm expects Adjusted EBITDA to fall between $40 million and $42 million. The growth will be driven from its existing as well as the acquisition of new customers. 

Avgi also commented on the 2019 guidance report:

“During 2019 we will continue to invest in building our sales teams to accelerate our entry into new markets, as well as to invest further in innovative products to our customers. We are only at the beginning of our journey. Our highly scalable proprietary Payments Engine has been designed to deliver superior performance translating into better user experience and increased revenues for our customers.”