Paymentus Adds Bookings and Clients Across Multiple Industries

Paymentus added bookings and clients from multiple industries for its cloud-based bill payment solutions during the second quarter.

Those industries include retail, insurance, telecommunications, utilities, government agencies, and a global technology service provider, Paymentus Founder and CEO Dushyant Sharma said Monday (Aug. 7) during the company’s quarterly earnings call.

“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,” Sharma said.

He added: “During the quarter, we also remained focused on onboarding clients at a faster pace. We have continued to make investments in this area, which we believe are yielding strong results.”

During the quarter ended June 30, Paymentus recorded 24.1% revenue growth year over year (YoY) to $148.9 million, according to a Monday press release. Contribution profit for the quarter was $59.6 million, representing 22.3% YoY growth, and adjusted EBITDA for the quarter was $14.2 million, up 183.8%.

“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,” Sharma said during the call. “Essentially, the majority of the incremental dollars we generated dropped to the bottom line.”

Having added several large clients during the quarter, the company expects them to ramp up their volumes on the platform, Sharma said during the call. Paymentus has also found that, post-pandemic, it can meet with large clients face to face during the implementation process, thereby collaborating more closely and developing solutions as they onboard workflows that are sophisticated and complex.

“Face-to-face interactions, especially in the large and complex, sophisticated clients, has made a huge difference for us,” Sharma said.

Paymentus has also continued to build its ecosystem with its Instant Payment Network (IPN) partners, as well as banks, other FinTechs and software partners, Sharma said. The ecosystem has never been broader, and that contributes to its momentum.

“We’re excited about the long-term prospects of the business,” Sharma said. “We believe we are well positioned to leverage our ecosystem, our payment operating system, and the various applications we support to grow our business.”