BANXA (TSX-V:BNXA, OTCQX:BNXAF) Holdings Inc, the payments service provider, saw its transaction volume surge during its fiscal 2Q to A$594 million (US$431 million) thanks to an expanding partner network and new customers.
The firm posted revenue of A$28 million (US$21 million) during the months from October to December 2021, up 522% year-over-year.
BANXA added 30 new coins and chains during the fiscal quarter, with current support for more than 80, it told shareholders.
READ: BANXA Holdings announces January 2022 total transaction value of US$121.4 million, up 207% year-on-year
"We're happy to deliver continued market growth in our October through December quarter 2021. With the industry accelerating at such a rapid pace, and regulations shifting across each market, our transactions reflect the opportunities across the sector,” BANXA’s founder and chairman Domenic Carosa said in a statement.
Total transaction volume was up 461% compared to the same period last year, primarily driven by existing customers increasing volume, new customers, new coins and new payments added, according to BANXA.
The long-term outlook of the business “remains positive,” the company said.
"Our expanding partner network and growing coin options are accelerating our market growth, delivering on our objective of expanding access to the global crypto market,” CEO Holger Arians said. “In the October to December quarter alone we launched a new Layer 2 solution and added a considerable number of new partners. We're excited to continue this expansion in 2022."
The firm posted an adjusted EBITDA (earnings before interest, tax, depreciation and amortization) loss of A$1.3 million compared to $95,959 in income in fiscal 2Q 2020. The figure was impacted by $3.8m of FX losses, according to a statement from the company. The company ended the quarter with A$13.5 million in cash and equivalents.
BANXA powers the world's largest digital asset platforms by providing payments infrastructure and regulatory compliance across global markets. The group is headquartered in Melbourne, Australia, with European headquarters in Amsterdam.
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