Business

Brazil's PagSeguro PagBank quarterly revenue reaches BRL 2.1 billion

PagSeguro PagBank totaled BRL 81 billion in TPV, a growth of 102% in relation to 2020's Q1

Photo: Screenshot/Website PagSeguro
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  • PagSeguro PagBank’s revenue grew 30% about the same period in 2020;
  • PagBank completed two years of operation in the Brazilian market with a total of more than 48 million downloads during this period.

Brazilian financial services and payments provider PagSeguro PagBank had revenues of BRL 2.1 billion in its first quarter of the fiscal year 2021.

In the consolidated results, PagSeguro PagBank saw revenue growth of 30% year-over-year, and adjusted EBITDA of BRL 573 million, up 12% year-over-year.

PagBank, which completed two years of operation in the Brazilian market, had more than 48 million downloads during this entire period, with 7 million in the first quarter of 2021 alone. The company reached the 10 million mark of active customers in May.

READ ALSO: Brazilian PagSeguro PagBank reports BRL 2,1 billion in revenue in 2020’s Q4

PagSeguro PagBank totaled BRL 81 billion in TPV, a growth of 102% in relation to Q1 2020.

In the acquiring avenue, sales volumes processed by PagSeguro in Q1 were BRL 50 billion, up 58% year-over-year, driven by easing of lockdown measures in the period and new growth initiatives, such as increased exposure to online transactions.

The company said that on the eve of Mother’s Day in Brazil it processed nearly BRL 1 billion in sales volume, a 106% increase over the previous date. Acquiring revenues were BRL 1.9 billion, a growth of 29%.

READ ALSO: Large-scale instant payments adoption in Brazil may lead acquirers to lose up to BRL 13 billion a year

PagSeguro’s adjusted EBITDA reached BRL 725 million, a growth of 28% compared to the same period of 2020, and a margin of 38%.

The volumes processed by PagBank, which considers recharges and expenses of cards issued, bill payments, cell phone recharges, electronic transfers to different owners, deposits, loans, among others, grew 261%, reaching R$ 31 billion in the quarter. According to PagBank, this reflected positively in the company’s revenues, which grew 48% compared to the previous period.

The group reached almost R$ 800 million in credit portfolio in March 2021.

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