Paysafe Ltd, the Bermudian-incorporated specialised payments platform, has reported best-ever revenue for 2023 as the company’s financial results improved year-on-year.

The company had full-year revenue of $1.6 billion, and total payment volume of $140.2 billion.

Paysafe reported a net loss of $20.3 million, which compares with a prior year net loss of $1.86 billion. The 2022 result was largely attributable to non-cash charges related to the impairment of goodwill and intangibles recognised during the year.

The company reported adjusted earnings before interest, taxes, depreciation and amortisation of $458.7 million, an increase of 12 per cent.

In the fourth quarter of 2023, Paysafe reported revenue of $414.5 million, total payment volume of $35.8 billion, and a net loss attributable to the company of $12.1 million, which compares with $33.7 million in the prior year quarter.

Adjusted ebitda was $121.7 million, an increase of 13 per cent.

Bruce Lowthers, the chief executive of Paysafe, said: “We closed out 2023 strong with 8 per cent revenue growth in Q4 and full year growth of 7 per cent, reflecting our best year since coming public.

“We have undergone significant operating changes during this past year, which has allowed us to deliver on the commitments that we set last March, driving revenue growth, adjusted ebitda expansion and a reduction in our net debt leverage ratio.

“Our team is excited about the opportunities ahead and we look forward to building on this momentum in 2024 by investing in profitable growth, positioning us well for 2025 and beyond.”