BANXA (TSX-V:BNXA, OTCQX:BNXAF) Holdings Inc reported a doubling in revenue for the first nine months of its current financial year, on the back of growth in commercial volumes and continued geographical and local payments expansion.
In the nine months ended March 31, 2022, revenue totalled A$57 million ($41 million), a rise of 99% on the same period last year.
"The March quarter results show our continued growth not just in commercial volumes but in our ambition to be the leading fiat on- and off ramp across Web3 in the most markets,” Domenic Carosa, founder and chairman of the digital payments infrastructure provider said in a statement.
“Despite the recent market conditions, we've continued to deliver another positive growth period with key milestones on our roadmap reached."
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The company saw total transaction value (TTV) surge by 204% year-on-year to A$1.2 billion ($879 million) in the first nine months, while in the quarter to end-March, TTV grew by 72% to A$357 million ($253 million).
Nine-month adjusted EBITDA losses were A$6.6 million ($4.8 million).
The company had liquid assets of A$19 million ($14.2 million) at the end of March.
During the period, BANXA (TSX-V:BNXA, OTCQX:BNXAF) set up in entities in two new regions - the USA and Turkey - continuing its expansion into new growth markets. It signed 12 new partners and added 22 new coins and eight new chains.
Holger Arians, CEO of BANXA, said: "Our expanding partner ecosystem and ability to offer our partners support for more coins on more chains in more markets means we are able to scale faster and bring millions of more people into the crypto ecosystem sooner. Along with our enhanced product offerings, we have the ability to scale our partnerships out further into the market".
The company said market volatility and the lower Bitcoin price were behind a drop in volume from the December quarter, while the addition of new partners and support of new coins, chains and layer 2 support contributed to the growing trend.
BANXA powers the world's largest digital asset platforms by providing payments infrastructure and regulatory compliance across global markets. The company is headquartered in Melbourne, Australia, with European headquarters in Amsterdam.
Contact the author at jon.hopkins@proactiveinvestors.com