Brazilian UOL ‘s financial services provider PagSeguro PagBank recorded BRL 2.1 billion in net income in 2020’s Q4, an increase of 33% compared to the same period in 2019. Adjusted net income for the quarter was BRL 430 million.
According to a note published by the company, revenues were impacted by the higher volume of financial transactions, the record of new merchants and the growth in PagBank revenues, which exceeded the BRL 500 million mark.
PagSeguro PagBank registered BRL 55 billion in TPV (total payment volume) between October and December last year, which represented an increase of 61% compared to the same period of the previous year.
The number of new merchant additions reached approximately 800,000, adding up to more than 7 million active establishments at the end of December.
“The rising number of new merchants combined with the substantial increase in online financial transactions were the main growth drivers in the period,” says the note released by the company.
Also, in 2020, driven by accelerated digitization due to the COVID-19 pandemic, PagBank added 5.1 million new customers to its user base.