Live merchants at year end

149

533

1 249

2 355

3 836

Practice segment

110

384

874

1 601

2 532

Trade segment

39

149

375

754

1 304

Average full-time equivalents

10

20

36

54

72

Total payment volume, Rbn

0.50

3.05

8.70

18.73

33.90

Card volume, Rbn

0.17

0.98

2.78

5.99

10.51

Account-to-account volume, Rbn

0.34

2.07

5.92

12.74

23.39

Gross revenue

5.8

33.2

92.3

193.1

339.7

Cost of payments

(2.6)

(14.8)

(40.7)

(85.0)

(149.5)

Net revenue

3.2

18.4

51.6

108.1

190.2

Blended net take rate, basis points

64

60

59

58

56

Integration partner revenue share

(0.5)

(2.8)

(8.0)

(17.0)

(29.9)

Cost to serve

(1.2)

(5.6)

(13.2)

(24.3)

(38.5)

Fraud and chargeback losses

(0.1)

(0.4)

(1.2)

(2.7)

(4.8)

Terminal depreciation

(0.0)

(0.1)

(0.3)

(0.7)

(1.1)

Contribution profit

1.4

9.5

28.9

63.4

115.9

Contribution margin

44%

52%

56%

59%

61%

Operating expenses

(12.8)

(25.1)

(45.6)

(70.0)

(96.7)

EBITDA

(11.4)

(15.6)

(16.7)

(6.6)

19.2

EBITDA margin on net revenue

-356%

-85%

-32%

-6%

10%

Depreciation, other

(0.2)

(0.4)

(0.8)

(1.2)

(1.7)

Profit / (loss) before tax

(11.6)

(16.0)

(17.5)

(7.8)

17.5

Taxation

—

—

—

—

(0.9)

Profit / (loss) after tax

(11.6)

(16.0)

(17.5)

(7.8)

16.6

Cumulative profit / (deficit)

(11.6)

(27.6)

(45.1)

(52.9)

(36.3)

Capital expenditure

(1.0)

(1.3)

(2.2)

(3.2)

(4.0)

Equity raised

—

85.0

—

—

—

Closing company cash

10.7

78.8

59.9

50.1

64.4

Merchant settlement funds held

2.2

13.4

38.1

82.1

148.6

Total assets

15.1

97.0

107.3

147.7

235.8

Total equity

11.5

80.5

63.0

55.2

71.8