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Trust Payments Announces 73% Increase in Revenue and 100% Merchant Retention
Trust Payments, the disruptive leader in fintech specialising in frictionless payments and value-added services, has today published its annual report and financial statements for 2021: headlined by a 73% increase in total revenues to £108.7m, up from £62.7m the year before.
Net revenues increased to £70.2m, up 73% from £40.5m in 2020, buoyed by net merchant volume retention over 100% and driving adjusted EBITDA for the year up 105% to over £20m.
Daniel Holden, Group CEO of Trust Payments, said: “It’s been an incredible year for Trust Payments. We’ve delivered outstanding financial growth, doubled our headcount, and expanded the depth and breadth of our product suite, to become a leading fintech disruptor.”
“We’ve now built a robust platform for scale across multiple industries, and through our acquisitions,have deepened our ability to support them: whether through integrated ePOS solutions or a direct-to-consumer eCommerce platform ( Stor ) for merchants to accelerate their revenues. The future looks bright for blending commerce and payments and in 2022 we’re well positioned to offer just this,” he continued.
Despite the economic uncertainty stemming from the coronavirus pandemic, Trust Payments has continued to grow from strength to strength. The company doubled its staff headcount from 214 people to 428 over the last year and has opened up six new offices across the UK, EU and US.
Holden added: “Our aim is to help businesses optimise their sales and build truly world-class experiences for their customers. By combining and then embedding payments, banking and value-added services into customer journeys we deliver our vision of Converged Commerce™ for next generation business.”
The business grew across all three markets as more merchants recognised the need for digitisation of payments and commerce, partially fuelled by the rise in contactless spending and the need to meet growing customer demand for Converged Commerce ™ experiences.
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