Paymentus Holdings, Inc. (NYSE: PAY) witnessed a noteworthy upsurge of 12.52% in its stock price during the post-market trading session on Monday, reaching $16.98. The PAY stock, however, experienced a 2.58% decline in its value, concluding the regular trading session at $15.09. This surge in PAY stock price coincided with the release of its quarterly financial results.
Paymentus (PAY) disclosed its unaudited financial performance for the quarter ending on September 30, 2023. The company reported outstanding achievements for the third quarter, featuring a robust 18.9% revenue growth, amounting to $152.4 million. Additionally, it contributed to a remarkable 20.3% increase in contribution profit, reaching $61.5 million, and an impressive 93.9% growth in adjusted EBITDA, totaling $15.5 million.
The strong demand and competitive differentiation are evident, as illustrated by PAY’s substantial backlog at the end of the quarter. This backlog is expected to provide significant visibility into the company’s performance for the remainder of 2023 and well into 2024. Notably, Paymentus recently unveiled a strategic partnership with MRI Software, a prominent provider of real estate software solutions, aimed at expanding the utility billing and payment capabilities available to MRI’s client base.
This collaboration empowers renters to seamlessly receive, manage, and make payments for bills from various national, regional, and local utility providers connected to the Paymentus Instant Payment Network (IPN). The integration also offers an array of enhanced payment options. This integration, known as the Paymentus integration with MRI Property Management X, is accessible to clients utilizing the MRI LivingTM suite of residential property management tools.
The recent Voice of the Resident Report, commissioned by MRI, revealed that the majority of respondents expressed a preference for additional digital payment options to settle their bills. Paymentus takes the lead in accommodating various payment methods and channels, surpassing other billing and payment platforms, with the objective of stimulating consumer engagement, adoption, and overall satisfaction.
For property managers, Paymentus’ integration with MRI Property Management X streamlines the payment process by connecting tenants directly to their utility providers, resulting in reduced administrative burdens for multifamily property managers and fewer instances of delinquency and service disconnections to contend with.
