Paymentus Finds Demand for Modern Billing Solutions Across Industries
Customers in a variety of verticals are demanding modern bill payment solutions.
So said Paymentus Holdings Founder and CEO Dushyant Sharma Thursday (Feb. 23) during the company’s quarterly earnings call.
“We continue to support consumer choice of payment channels and methods and are working to add more and more partners to the network to capture additional payment volume over IPN,” Sharma said, referring to the company’s proprietary Instant Payment Network (IPN) that provides billing, payment and reconciliation capabilities.
To meet this demand, the firm launched a product for small and medium-sized businesses (SMBs) and formed new partnerships during the quarter ending Dec. 31.
The new product for SMBs handles invoicing and payments, disbursements, accounts payable (AP), expense management and business cards, according to a presentation released Thursday in conjunction with the call.
For Paymentus, this product expands its offerings and its total addressable market (TAM) and makes interchange a revenue source. The company already sends payments to more than 1 million SMBs, and now each of those interactions is an opportunity to onboard them to the new product, the presentation said.
“As you know, there are over 6 million SMBs and millions more small office and home office businesses in the U.S. alone,” Sharma said during the call.
Also during the quarter, Paymentus signed Citizens Financial Group as a large bill center client and will help the bank with consumer bill payment.
“We believe this is a very good sign of things to come for bill payment sales to financial institutions as we have larger and larger institutions evaluating our modern product to replace their legacy solutions,” Sharma said during the call.
Paymentus also expanded its reach through partnerships and implementations with companies in the retail, real estate, loan payments and mortgage services verticals.
“We partnered with a large real estate platform to be one of its payment offerings for rent payments,” Sharma said of one of the new deals.
These new offerings were launched during a year in which Paymentus saw its revenue increase 25.7% over 2021. Looking ahead, the firm expects to see 16% to 21% year-over-year revenue growth during 2023, the company said in a Thursday press release.