Global fintech leader in automated VAT claim and return solutions, Way2VAT (ASX:W2V) today announced its full-year financial results for the 12 months ended 31 December 2023 (FY23).
The Company’s reported revenue of $3.1 million was up 64% over the same period last year (FY22: A$1.88 million), with transaction volume of $23.7 million, up 11% on pcp (FY22: $21.3 million).
“This has been a considerable year for Way2VAT as our AI-powered technology platform has started to scale,” said Way2VAT Founder & CEO, Amos Simantov.
“Revenues have steadily increased, culminating in a record annual revenue of $3.1 million for FY23 – with the $1 million milestone reached in the last quarter. Our growth can be attributed to various factors including the return to pre-Covid operating conditions, significant new enterprise client wins, and of course the new markets we’ve entered and clients we’ve serviced through a full twelve months of integrated operations after our strategic acquisition of DevoluIVA.”
“As the year progressed, our operating expenses continue to decrease as we implemented strategies to reduce costs, including moving functional operations to Romania and refining our onboarding processes for new clients, meaning we also generated revenue from them sooner. Our focus on cost management has resulted in a 16% YoY reduction in like-for-like total operating expenses from 2022 to 2023.”
“Operating conditions returned to normal, with business travel continuing to increase and the time taken for tax authorities to administer claims steadily averaging seven months, rather than the fifteen-month periods we were experiencing during Covid.”
In FY2023, Way2VAT secured major multinational clients increasing the enterprise client count to 345, a 38% increase over 12 months. Significant clients include Eli Lilly, Nestlé Spain, Camper (Spanish footwear company), Serveo (Spanish facility and infrastructure management), Sony Spain, SecuritasDirect (Europe-based security provider) and PGIM (asset management and insurance).
Way2VAT also launched its latest latest AI-driven automated product, AI-AP Compliance. “Building on our existing technology platform, AI-AP Compliance performs a full audit of all accounts payable invoices for clients, reducing risk and error of manual processing and ensuring the correct VAT/GST is charged across jurisdictions,” said Amos.
About Way2VAT
Way2VAT is a global fintech leader in automated VAT/GST claim and return solutions in over in 40 countries and in over 20 languages, serving hundreds of enterprise businesses worldwide. Way2VAT owns and operates a patented artificial intelligence technology that powers the world’s first fully automated, end-to-end VAT reclaim platform.
Established in 2016, Way2VAT is headquartered in Tel Aviv with offices in the United Kingdom, Spain and Romania and has over 60 employees. It is used by more than 345 global enterprise companies.