Paymentus Expands Client Base and Industry Presence with Cloud-Based Payment Solutions
During the second quarter of the year, Paymentus, a leading provider of cloud-based bill payment solutions, reported significant growth in bookings and client acquisitions across a diverse range of industries, as stated in PYMNTS News. Founder and CEO Dushyant Sharma revealed in the company’s recent quarterly earnings call that Paymentus had successfully onboarded clients from industries such as retail, insurance, telecommunications, utilities, government agencies, and even a global technology service provider.
Sharma emphasized the universal scalability of Paymentus’ platform, stating, «Our bookings results continue to support our belief that our platform is universally scalable to any vertical and any business of any size and complexity.» He further noted the company’s commitment to expediting client onboarding and the positive outcomes resulting from investments in this area.
For the quarter ending June 30, Paymentus achieved impressive financial growth. Revenue saw a year-over-year increase of 24.1%, reaching $148.9 million. The contribution profit for the same period amounted to $59.6 million, marking a 22.3% YoY growth, while the adjusted EBITDA surged by 183.8% to $14.2 million.
Sharma expressed satisfaction with the financial achievements, highlighting, «We are very pleased with the fact that we added $10.9 million in contribution profit over the comparable quarter of 2022 and dropped over $9 million of that to adjusted EBITDA… Essentially, the majority of the incremental dollars we generated dropped to the bottom line.»
As the company acquired several prominent clients during the quarter, Paymentus anticipates a ramp-up in activity on its platform. Sharma revealed that the ability to hold in-person meetings with large clients during the implementation phase has proven invaluable, particularly for more complex and sophisticated workflows.
Sharma also touched upon Paymentus’ growing ecosystem, which includes Instant Payment Network (IPN) partners, banks, FinTech companies, and software partners. He emphasized the broad reach of this ecosystem, attributing it to the company’s ongoing momentum.
In closing, Sharma expressed optimism about the company’s future prospects: «We’re excited about the long-term prospects of the business. We believe we are well positioned to leverage our ecosystem, our payment operating system, and the various applications we support to grow our business.»