Payment platform Nuvei Corporation (TSX:NVEI) today reported its financial results for the three months ended March 31, 2022.

For the three months ended March 31, 2022, the company reported revenue increase of 43% to $214.5 million. The increase was impacted unfavorably by changes in foreign exchange rates year-over-year of approximately $7 million.

Revenue for the first quarter of 2022 increased 73% to $124.6 million in Europe, the Middle East and Africa (EMEA), and increased 64% to $2.9 million in Asia Pacific (APAC).

Organic revenue growth for the first quarter of 2022 was 32% with organic revenue increasing to $198.0 million from $150.5 million a year earlier.

Net income decreased by $23.3 million to $4.5 million compared to net income of $27.8 million, primarily due to a $33.1 million increase in share-based payments to employees who joined the company as part of acquisitions completed in 2021 and other employee incentive grants.

Net income per diluted share was $0.02 compared to net income per diluted share of $0.19 in the year-ago period. Adjusted net income per diluted share was $0.46.

Nuvei expanded its digital assets and cryptocurrency solutions in North America with localized payment acceptance and payouts functionality providing liquidity, risk management, know-your-customer, risk scoring and zero chargeback guarantee capabilities. The Company supported 136 coins and 97 fiat currencies as at March 31, 2022.

The company expanded its Board of Directors to six members with the appointment of financial services and technology veteran, Samir Zabaneh, as an additional independent director.

“We had a strong start to the year, with financial results that exceeded our financial outlook for the quarter,” said Philip Fayer, Nuvei’s Chair and CEO. “Total volume, revenue, and Adjusted EBITDA grew 42%, 43%, and 40%, respectively over the first quarter of 2021, as we continued advancing our strategic initiatives. It was an excellent quarter despite revenue headwind of $7 million from unfavorable changes in foreign exchange rates year-over year. The prospects for our business are strong and we are very well-positioned for sustainable and profitable growth. We remain intently focused on our key priorities and reiterate both our financial outlook for 2022 and our medium and long-term targets.”