Automated value-added tax recovery provider Way2VAT reported a 57 percent year-over-year increase in transaction volume in 2022, including a 40 percent increase in the fourth quarter.
The company's total transaction volume last year was A$21.33 million (about US$15 million), up from A$13.57 million in 2021, according to its earnings report. Founder and CEO Amos Simantov in a statement said the growth shows that company is "now seeing the ability of our platform to scale as transaction volume and revenue increases, and our cash receipts are growing more quickly as the lag time between transaction volume being processed and final returns from government tax authorities decreases."
The growth stemmed in part from Way2VAT's acquisition of Barcelona-based corporate expense management and VAT recovery company DevoluIVA, announced last summer. Simantov said that integration "continues smoothly," and the two companies have completed integration of their systems.
Way2VAT reported 25 deals with "major enterprise clients" during the fourth quarter, including BASF Spain, Max Mara, Pizza Hut Spain, Globalia, Quersus, Libel, Eatout Group and Serveo. It now reports 250 large business customers as well as about 900 small and midsized clients.