Unifiedpost Group, a cloud-based platform for SME business services built on Documents, Identity, Payments, and associated financial services, has published its third-quarter results for the period up to September 30, 2021.
According to the report, the consolidated group revenue in the first three quarters of 2021 increased 137.9% to €119.5M, driven by the acquisitions completed earlier this year.
In Q3, Unifiedpost’s revenue increased by 131.9 per cent to €38.8M.
Digital processing revenue
Out of this, digital processing revenue, the core business of Unifiedpost, accounted for €76.1M, an increase of 51.5 per cent YoY in 9M 2021.
In Q3, the digital processing revenue accounted for €25.8M, an increase of 54.5 per cent in 9M 2021.
Organic digital revenue
The report suggests that organic digital revenue in Q3 grew by 13.3 per cent (9M 2021: +12.1 per cent), as a result of an expanded customer base and an increase in cross-selling of services.
Recurring organic revenue growth
As per the report, the recurring organic revenue growth increased over the quarter, despite some short-term slow down over the European summer holiday period. Recurring revenue for 9M 2021 remained at 94.5% of total revenue.
Commenting on the results, Hans Leybaert, CEO and Founder, says, “I am pleased to see the continued growth and strength of our pan-European platform. It’s over a year now since our IPO and I am delighted to report that for every quarter since, we have grown our customer base, our revenues, and indeed our revenue per customer. As we approach the end of the ‘construction year’, I want to thank everyone for their hard work in rolling out our pan-European platform and executing according to plan, which as a result, we are on track to achieve our guidance for 2021.”
“Our focus now is on completing the integration of our acquisitions, the rollout of Banqup, and our expanded payments and value-added services within our one-stop platform which will drive further organic growth in the years to come. There has been an accelerated adoption of mandatory e-invoicing by governments, and we believe that Unifiedpost is well-positioned to capture market share in this growing market,” he added.
Pan-European growth strategy
Last year, the Belgian company announced the acquisition of 21 Grams, AKTI, and BanqUP to develop its one-stop-shop platform and expand its activities from fifteen to twenty European countries. The company also acquired German company Crossinx earlier this year.
“The rollout is progressing well, despite some minor delays as a result of a technical adjustment to one global cloud instance. The rationale for the change was driven by the rapid adoption of mandatory B2G and B2B digital invoicing across Europe,” says the report.
With the widespread rollout, Unifiedpost is well-positioned to benefit from regulatory tailwinds as governments across Europe seek to close VAT gaps.
Numerous countries such as France, Serbia, Belgium, and Italy are already making digital B2B invoicing mandatory to close its VAT gap.
Earlier this month, the National Bank of Belgium gave a green signal to Unifiedpost to operate local payment accounts in 16 additional countries.
In Belgium and France, Unifiedpost has the right to issue domestic IBAN accounts in 18 countries and offer payment services with local payment accounts to complement its other core services.
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