Business

Brazilian PagSeguro PagBank reports BRL 45 billion in TPV in Q3

PagSeguro's TPV represented an increase of 53% compared to 2019's third quarter

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  • PagSeguro PagBank reported BRL 44.8 billion in total payment volume (TPV), up 52.5% compared to 3Q19;
  • The firm reported 6.3 million active merchants, growth of 474,000 in 3Q20 and 1.3 million in the last twelve months.

Brazilian UOL‘s financial services provider PagSeguro PagBank recorded BRL 45 billion in TPV (total payment volume) in the third quarter, the highest level in the company’s history for a quarter, the firm said reporting its earnings on Wednesday.

“Our total revenue and income amounted to BRL 1,781.5 million in the three months ended September 30, 2020, an increase of 21.8% from BRL 1,463.0 million in the three months ended September 30, 2019. This
increase was primarily due to increase in our TPV”, the firm said.

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“We continue to invest in an accelerated way in the development of new products, intending to have the best services and products, and be the main destination of the resources of millions of Brazilians. In the past two years, for example, more than 50 new financial products, services, contracts, and partnerships were announced, ”stated Ricardo Dutra, CEO of PagSeguro PagBank in a press statement.

PagSeguro’s TPV growth represented an increase of 53% compared to 2019’s third quarter. Pagbank also reported 6.3 million active merchants, a growth of 474,000 in the quarter and 1.3 million in the last twelve months. It had 6.7 million active PagBank users, a growth of 1.8 million in the third quarter and 4.8 million in the last twelve months.

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The company had a net income of BRL 263.4 million, down 23.1% compared to same quarter in 2019 and BRL 330.4 million in non-GAAP net income, down 15.3% compared to 2019’s third quarter. The firm’s operational revenue and income3 in the quarter were BRL 1,719.3 million, up 22.8% compared to the same period last year.

PagSeguro PagBank also completed the acquisition of MOIP (Wirecard‘s subsidiary in Brazil) in the last quarter, increasing its exposure to financial transactions on marketplaces and e-commerce platforms.