Annualised gross transaction volume run rate equates to over $19.47 million – an increase of 43% on previous 12 months. Transaction volume and revenue now including DevoluIVA after successful integration; Expansion of full product rollout through Spain.
A leader in automated VAT claim and return solutions, Way2VAT, is experiencing a strong finish to the financial year leading to an annualised gross transaction volume run rate of $A19.47 million1.
This annualised gross transaction volume run rate of $19.47 million includes transactions coming from its recent acquisition of DevoluIVA and is a 43% increase on the previous 12 months (FY21 $13.57 million), and up 169% on FY20 (FY20 $7.24 million).
This was mainly due to operating conditions for business travel returning to pre-COVID levels, increasing usage through platform partners and enterprise customers, successful integration of the recent DevoluIVA acquisition and the broadening of the product suite with the introduction of the Smart Spend Debit Mastercard.
Way2VAT CEO and Founder, Amos Simantov, said, “Way2VAT is expecting a strong finish to FY22, traditionally a strong time of year, with business travel beginning to normalise. Importantly, we expect to see a reduction in the time tax authorities take to process our claims, returning to the pre-COVID average of 7.5 months over time. This processing time, from when we submit our claims to tax authorities (and recognise our fee as revenue) to when we receive it (and it appears in our cash receipts) had blown out to 15 months in several jurisdictions during COVID lockdown periods.
“We are now operating at an annualised gross transaction volume rate of $19.47 million – a jump of 43% above last year. We have seen a significant increase in transaction volume through business travel expenses and accounts payable and VAT claims following the European summer. “Finally, our integration of DevoluIVA is progressing well. We are already recognising significant transaction volume and revenue through their national network and looking to fully harness the full product suite into Spanish-speaking markets with similar accounts payable, expense and VAT structures”.
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She holds a Bachelor's degree in Communication & Mass Media from Panteion University of Political & Social Studies of Athens and she has been editor and editor-in-chief in various economic magazines and newspapers.
