Paysafe, a prominent payments provider, has recorded a strong performance in 2023, thanks in part to its new partnership with Fanatics. The company announced a revenue increase of 8% to $396.4m, driven by double-digit gains from its ecommerce solutions and digital wallets. Excluding the impact of foreign exchange rates, revenue was up 5%.

As a result of its success in the first half of the year, Paysafe has raised its full-year revenue outlook to between $1.59bn and $1.60bn, compared to the previous projection of $1.58bn to $1.60bn. This growth was fueled by a 6% increase in revenue from the Merchant Solutions segment, as well as a 12% increase in revenue from the Digital Wallets segment.

Paysafe has also focused on operational improvements, including enhancing customer experience and product innovation. The company reported a net loss of $2.5m for the third quarter, but adjusted net income increased by 21% to $35.3m.

Adjusted EBITDA for the third quarter saw a significant increase of 22% to $116.1m, with an EBITDA margin of 29.3%. Paysafe attributes this growth to its strategic initiatives and commitment to operational excellence.

Additionally, Paysafe has appointed a new chief strategy and innovation officer, Nicole Carroll, to further develop the company’s corporate vision and long-term growth strategy. Meanwhile, the company has integrated with Fanatics Sportsbook, providing customers in five US states with traditional card payments and other alternative payment methods.

Zak Cutler, the president of global gaming at Paysafe, expressed confidence in the partnership with Fanatics Betting and Gaming, stating that Paysafe’s payment solutions will exceed the transactional expectations of Fanatics Sportsbook’s diverse customer base.

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