Fintech PR
PagBank posted all-time high net income of R$1.8 billion in 2023 and starts a new growth cycle
In Payments, TPV growth in 4Q23 reached +21% y/y, more than 2x industry growth;
Digital bank reached 31 million clients, totaling R$28 billion in Deposits;
The results consolidate the business expansion and diversification beyond longtail and POS devices
SÃO PAULO, Feb. 29, 2024 /PRNewswire/ — PagBank (NYSE: PAGS), a complete digital bank in financial services and payments solution and one of the largest digital banks in the country, announces its results for the fourth quarter of 2023 (4Q23). Among the main highlights, the Company posted a record net income (Non-GAAP) of R$520 million in 4Q23 (+27% y/y and +18% q/q), concluding 2023 with almost R$1.8 billion for the year (+11% y/y), the highest in the Company’s history. Net income, in GAAP basis, reached R$488 million in the fourth quarter (+20% y/y and +19% q/q), totaling R$1.65 billion for the year (+10% y/y).
Alexandre Magnani, CEO of PagBank, points out the reasons for this performance in net income, stating the dynamics of revenue recovery, with strong growth in acquiring (TPV), more than offsetting the effects of the interchange cap established in April 2023; a reduction in losses and chargeback, with relevant developments on the security and fraud prevention front; a decrease in financial expenses in the annual comparison, due to the lower average cost of funding on the back of larger share of deposits in the funding strategy and the easing interest rate cycle; and also the fact that operating expenses remained controlled, without harming growth opportunities.
In Payments, the company marked a record TPV of R$113.7 billion in the last quarter of last year (+21% y/y and +14% q/q) and R$394 billion throughout 2023 (+11% y/y), with growth in all segments, including micro-merchants, SMEs and large accounts.
In digital banking, PAGS reached R$66 billion in cash-in (all transfers sent from different financial institutions into PagBank account) in 4Q23 (+48% y/y and +38% q/q) and R$217 billion in the year 2023 (+59 % y/y). This proves the clients’ growing engagement to PagBank’s financial services, by using the features such as Pix, card issuance, credit origination and bill payments. Consequently, PAGS reached a record R$27.6 billion in deposits (+33% y/y and +28% q/q).
“The outstanding numbers show that PagBank is entering a new growth stage. Our value proposition goes beyond serving micro-entrepreneurs and offering POS devices. We are an increasingly solid and active tech company, reaching almost 15% of the total Brazilian population. Our wide and diverse range of products and services serve the most diverse audiences, as our purpose is precisely to make the financial lives of people and businesses easier in a simple, secure, digital and affordable way,” the CEO of PagBank states.
The executive also points out that 2023 was marked by important achievements from PagBank, such as the attribution of the brAAA rating by S&P Global Ratings, the completion of the integration of Moip (online payments company acquired in August 2020), the strengthening of the Internet Banking interface, facial authentication for link online payments and the launches of Tap on Phone in the PagVendas app and Boleto/Cobrança Pix. In SMBs accounts, initiatives such as automatic settlement from different acquirers into PagBank account, multiple users account and Payroll enabling business owners to transfer paycheck up to 2,000 employees are also highlighted by Alex as levers for the digital bank’s performance last year.
Currently, PagBank has the largest acceptance network for payment solutions, with 6.5 million active merchants and entrepreneurs. The Company maintains its focus on balancing profitable and sustainable growth rather than the overall number of merchants, looking for expanding client’s share of wallet, and offers, as competitive advantages, zero fees for new merchants, 24/7 instant payment on PagBank accounts, express payment device delivery, and the best investment options on the market, with CDBs that yield up to 130% of CDI.
The credit portfolio reached R$2.5 billion, stable in relation to the previous quarter, with a focus on low-risk and high-commitment products, such as credit cards, payroll loans and advance FGTS birthday withdrawals. For Alex, the improvement in the credit cycle in the coming months will open up opportunities for PagBank to accelerate credit underwriting and expand the digital bank’s product offering. “Our numbers demonstrate that growth and higher client engagement can be stimulated by offering credit through low-risk products. This allows us to be cautious in more critical moments, like what the sector experienced throughout 2023. However, we understand that underwriting and expanding credit products is a natural path and it’s within our plans.”
Financial highlights
PagBank’s balance sheet also highlights net revenue – which grew again year-on-year – of R$4.3 billion (+10% y/y and +8% q/q) in 4Q23, accumulating the amount of R$15.9 billion by the end of 2023 (+4% y/y). For Artur Schunck, CFO of PagBank, this performance was driven by the strong growth in Payments, led by MSMEs, in addition to the acceleration of volumes processed in large accounts, with emphasis on online payments and commercial automations, in addition to higher margin revenues in financial services .
“As far as operational expenses are concerned, we spent practically the same amount as in 2022, but we managed to do much more. We prioritize growth in organic investments, focusing on simplification and integration, product launches and improvements, and disciplined capital allocation,” Schunck explains.
According to Alex, in order to balance growth and profitability throughout 2024, PagBank’s strategy will continue to be based on five pillars: profitable growth in payments, with a sustainable increase in market share in key segments for the Company; promoting digital banking engagement to diversify revenue sources and increase revenue per client; development of the ecosystem that integrates payments, financial services and value-added services; 360º security, aiming to reduce losses, increase client security and promote operational efficiency; and disciplined cost management and capital allocation to improve profit and cash flow generation.
In 2023, PagBank also published its third Sustainability Report, including the main highlights and actions the Company implemented in the previous year. The Company, which today is a reference among digital banks and fintechs in Latin America, put into practice an ambitious plan that is now reflected in the ratings that measure the maturity stage of companies in ESG, such as Sustainalytics and CDP. “Currently, our stage of maturity on several ESG fronts is similar or higher than that of institutions with decades of work experience. We are focused on creating value for all stakeholders and our society”, highlights Eric Oliveira, Executive Director of IR, ESG and Market Intelligence at PagBank.
See PagBank’s financial results in 4Q23 by clicking here.
About PagBank
PagBank promotes innovative solutions in financial services and payment methods, automating the purchase, sale and transfer process to boost the business of any person and company, in a simple and secure way. A company belonging to the UOL Group – leader of Brazilian internet –PagBank acts as an issuer, an acquirer, and offers digital accounts, in addition to providing complete solutions for online and in-person payments (via mobile devices and POS devices).
PagBank also has a wide variety of payment methods, such as credit and prepaid cards, as well as bank transfers, bank slip payments, account balance, among others. PagBank (PagSeguro Internet Instituição de PayPal S.A) is regulated by the Central Bank of Brazil as a payment institution that issues electronic currency, an issuer of postpaid instruments and an acquirer, having partnerships with the main card brands. Its parent company, PagSeguro Digital, is publicly traded in the USA (NYSE: PAGS) and is regulated by the SEC (Securities and Exchange Commission). The distribution of investment funds is carried out by BancoSeguro S.A., authorized by the Central Bank of Brazil, the Securities and Exchange Commission and affiliated with ANBIMA.
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View original content:https://www.prnewswire.co.uk/news-releases/pagbank-posted-all-time-high-net-income-of-r1-8-billion-in-2023-and-starts-a-new-growth-cycle-302076001.html
Fintech PR
DAZN ADVANCES GLOBAL EXPANSION WITH ACQUISITION OF FOXTEL, A LEADING AUSTRALIAN SPORTS AND ENTERTAINMENT MEDIA GROUP
- Milestone deal for DAZN’s position as the global home of sport.
- This acquisition establishes DAZN’s sports platform in Australia, one of the world’s most attractive sports markets.
- Foxtel Group will leverage DAZN’s global reach, industry-leading technology and extensive content portfolio to further enhance the viewing experience for Australian sports fans.
LONDON, NEW YORK, and SYDNEY, Dec. 22, 2024 /PRNewswire/ — DAZN, a world-leading sports entertainment platform, has today announced an agreement to acquire Foxtel Group (‘Foxtel’) from its majority shareholder News Corp and minority shareholder Telstra at an enterprise value of US$2.2 billion, subject to regulatory approval.
The acquisition establishes DAZN as a leader in sports entertainment in Australia – a highly attractive sports market – while also expanding DAZN’s global footprint and enhancing the group’s standing as the global home of sport. The addition of Foxtel to DAZN brings the Group’s pro-forma revenues towards US$6 billion and provides the additional content, expertise, and expansion opportunities to accelerate DAZN’s growth trajectory.
Foxtel is one of Australia’s leading media companies, with 4.7 million subscribers, who will benefit from DAZN’s extensive portfolio of sports content, platform technology, and global reach.
From its beginnings as Australia’s original pay-TV innovator, Foxtel has evolved to become a digital and streaming leader in sports and entertainment and the proposed transaction positions Foxtel for continued expansion as a digital-first, streaming-focused business. Foxtel will maintain its local character, led by the CEO, Patrick Delany, and his world-class management team.
DAZN, a sports streaming platform with a truly global reach, is committed to growing the global audience for domestic Australian sports across the 200 territories in which it is available.
Under the terms of the transaction, News Corp and Telstra will become minority shareholders in DAZN, enabling them to retain an interest in Foxtel.
Shay Segev, Chief Executive Officer of DAZN, said: “Australians watch more sport than any other country in the world, which makes this deal an incredibly exciting opportunity for DAZN to enter a key market, marking another step in our long-term strategy to become the global home of sport. Foxtel is a successful business that has undergone a remarkable digital transformation in recent years, and we are confident that our global reach and relentless pursuit of innovation will continue to drive the business forward and ensure long-term success.
“We are committed to supporting and investing in Foxtel’s television and streaming services, across both sports and entertainment, using our world-leading technology to further enhance the viewing experience for customers. We are also committed to using our global reach to export Australia’s most popular sports to new markets around the world, and we will continue to promote women’s and under-represented sports.
“We’re looking forward to working closely with Patrick Delany and his team, as well as News Corp and Telstra as shareholders in DAZN, to realise our ambitious vision for the future of sport entertainment.”
Siobhan McKenna, the Chairman of Foxtel, said the agreement with DAZN was international recognition of the transformation of Foxtel from an incumbent pay TV operator to a sports and entertainment digital and streaming leader. “Over the last seven years the Foxtel team, with the strong support of News, have achieved an extraordinary turnaround in an intensely competitive environment.”
Foxtel Group CEO, Patrick Delany, said: “Today’s announcement is a natural evolution for the Foxtel Group, having reinvented the company over the past five years as Australia’s most dynamic technology-led streaming company.
“Kayo and Foxtel provide Australian sports fans with access to the best Australian and international sport and shows, including AFL, NRL and Cricket with 4.7 million subscribers.
“We are excited by DAZN’s commitment to the Australian market. They are experts in the sports media business and can play a significant role in supporting Foxtel as the business grows its streaming capabilities, bringing a bigger and better service to customers across entertainment, news and sport. They are a perfect match for us as we look toward this next era of growth.
“We have been grateful for the support of News Corp while we reimagined the future of Foxtel. In 2019, when we merged Foxtel and Fox Sports we had many people questioning our future.
“After launching Kayo later in 2019 and BINGE in 2020, today we are the largest Australian-based streamer of sport and entertainment, we have stabilised our Foxtel base and launched Hubbl to help consumers find all the streamed content they love all in one place. This wouldn’t have been possible without the support and encouragement of News Corp.”
NOTES TO EDITORS
About DAZN
As a world-leading sports entertainment platform, DAZN streams over 90,000 live events annually and is available in more than 200 markets worldwide.
DAZN is the home of European football, women’s football, boxing and MMA, and the NFL internationally. The platform features the biggest sports and leagues from around the world – Bundesliga, Serie A, LALIGA, Ligue 1, Formula 1, NBA, Moto GP, and many more including the 2025 FIFA Club World Cup.
DAZN is transforming the way people enjoy sport. With a single, frictionless platform, sports fans can watch, play, buy, and connect. Live and on-demand sports content, anywhere, in any language, on any device – only on DAZN.
DAZN partners with leading pay-TV operators, ISPs and Telcos worldwide to maximise sports exposure to a broad audience. Its partners include Deutsche Telekom, Orange, Sky, Movistar, Telenet, Vodafone, and many more.
DAZN is a global, privately-owned company, founded in 2016, with more than 3,000 employees. The Group generated $3.2bn in revenue in 2023, having grown its annual revenues by over 50% on average from 2020 to 2023, through diverse revenue streams comprising subscriptions, advertising, sponsorship, and transactional. For more information on DAZN, our products, people, and performance, visit www.dazngroup.com.
About Foxtel
The Foxtel Group is one of Australia’s leading media companies with 4.7 million subscribers. Its businesses include subscription television, streaming, sports production and advertising. The Foxtel Group is owned 65% by News Corp and 35% by Telstra.
The Foxtel Group’s diversified business includes Fox Sports, Australia’s leading sports production company, famous for live sports and shows with the best commentators and personalities. It is also the home of local and global entertainment content and continues to be the partner of choice for the widest range of sports and international content providers based on established, long-term relationships, growing streaming audiences, and position as the largest Australian-based subscription television company.
View original content:https://www.prnewswire.co.uk/news-releases/dazn-advances-global-expansion-with-acquisition-of-foxtel-a-leading-australian-sports-and-entertainment-media-group-302337997.html
Fintech PR
President Emmerson Mnangagwa met this week with Zambia’s former Vice President and Special Envoy Enoch Kavindele to discuss SADC’s candidate for the AfDB
President Mnangagwa, who is SADC Chairperson, reaffirmed his own country’s and SADC’s enthusiastic support for Zambian candidate Sam Maimbo
LUSAKA, Zambia, Dec. 20, 2024 /PRNewswire/ — Special Envoy Kavindele released the following statement following the meeting:
“I am elated to witness the growing success and momentum of Sam Maimbo’s candidacy to become the next President of the African Development Bank. I am filled with gratitude to our friends across both SADC and COMESA for their continued support and good wishes.
Sam has garnered such wide consensus due to his being uniquely qualified to deliver the transformative change and empowerment our continent needs. Sam’s 30 years in development work is defined by driving outcomes, improving processes, and investing in people. The AfDB needs a hands-on leader who is laser focused on delivering results and who is unafraid of making tough decisions in order to best serve our continent. Sam is that leader. Sam has the track record and experience to drastically enhance the pace, scale, and impact of the Bank’s work in service of the people and governments of Africa.
Our region has a proud history of supporting fellow Southern Africans. For example, we all recall Lusaka’s role in hosting the African National Congress’ headquarters during the dark days of Apartheid oppression.
It therefore gives me no pleasure to observe my South African brothers, who have themselves leant on Zambia’s steadfast friendship over many decades, fail to rally behind both SADC and COMESA’s chosen candidate for the AfDB. Africa’s urgent economic development challenges demand transformational leadership at the AfDB, it is all of our responsibility to put forward the best candidate for the job. This is not the time or place for a government to act with narrow self-interest, we all must act in the continent’s and AfDB’s best interest.
I thank Sam Maimbo for his lifelong service to our entire continent, and I am eager to witness his enormous impact as President of the AfDB.”
LONDON, Dec. 20, 2024 /PRNewswire/ — Heimdal Security shares a practical holiday cybersecurity checklist, offering expert insights to help businesses safeguard against cyber threats this festive season.
With reduced staffing, remote work setups, and a surge in online shopping creating heightened vulnerabilities, this guide offers actionable tips to enhance business security.
Going beyond basic advice, the checklist also highlights the most common holiday scams and features videos showcasing real-life examples of Christmas-themed cyber scams and effective prevention strategies.
Key Tips to Protect Businesses This Holiday Season:
- Strengthen endpoints: Ensure devices are updated with antivirus and endpoint protection software; consider Endpoint Detection and Response (EDR) and application whitelisting.
- Prepare for phishing spikes: Train staff to identify suspicious emails, enforce robust email filters, and establish protocols for reporting unusual activity.
- Secure remote access: Mandate VPN usage, monitor unusual logins, and deactivate inactive accounts temporarily.
- Segment and shield networks: Isolate sensitive areas, deploy DNS security and advanced firewalls, and maintain full visibility over network traffic.
- Apply timely patches: Regularly update all systems and test patches in a controlled environment to minimize disruptions.
- Mitigate supply chain risks: Assess vendors thoroughly and limit their access to essential systems.
- Have a response plan ready: Tailor incident protocols for the holidays, create an on-call rotation for the IT team, and enable rapid action against suspicious activity.
“ Cybercriminals thrive on holiday distractions, but with proactive measures like phishing training, secure endpoints, and network segmentation, businesses can stay ahead of potential threats,” said Alex Panait, System Administrator at Heimdal Security.
Common Holiday Scams That Businesses Should Watch For:
Cybercriminals often tailor their tactics to exploit the festive season. The most common scams include:
- Spear phishing: Emails disguised as holiday bonuses or event invitations that steal credentials or spread malware.
- Malicious holiday E-Cards: Festive greetings that contain links deploying ransomware or spyware.
- Fake E-Commerce sites: Fraudulent websites offering discounts to steal payment information.
- Insider threats: Distracted or disgruntled employees mishandling or exploiting sensitive data.
- Corporate travel scams: Fake booking platforms targeting business travelers.
- Business email compromise (BEC): Fraudulent requests for urgent wire transfers during year-end financial rushes.
For more, read the full article here or watch the video on YouTube to see how these threats unfold and learn actionable prevention strategies.
About Heimdal:
Established in Copenhagen in 2014, Heimdal® empowers CISOs, security teams, and IT administrators to improve their security operations, reduce alert fatigue, and implement proactive measures through a unified command and control platform.
Heimdal’s award-winning cybersecurity solutions span the entire IT estate, addressing challenges from endpoint to network levels, including vulnerability management, privileged access, Zero Trust implementation, and ransomware prevention.
For further press information:
Madalina Popovici
Media Relations Manager
[email protected]
View original content:https://www.prnewswire.co.uk/news-releases/stay-cyber-safe-this-holiday-season-heimdals-checklist-for-business-security-302337465.html
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President Emmerson Mnangagwa met this week with Zambia’s former Vice President and Special Envoy Enoch Kavindele to discuss SADC’s candidate for the AfDB