Another year of profitable growth in 2021, operating cash flow of +€6.8m


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  • Annual turnover up 18% compared to an exceptional year in 2020
  • EBITDA positive again at 2.8 million euros, up 88% excluding items related to the health crisis in 2020
  • Solid cash flow of €6.8 million from operating activities

April 7, 2022 at 7 a.m.: HiPay, a fintech specializing in omnichannel payment solutions, announces its 2021 results.

In millions of euros (IFRS standards) 2020 2021 Var. %
Consolidated income statement1
Payment size 5,565 6,612 + 19%
Revenue 45.7 53.9 + 18%
EBITDA 3.4 2.8 – 17%
current operating income -0.1 -0.7
Net revenue -1.8 -4.3
consolidated results1
Equity 34.5 29.9 – 13%
Cash available 3.1 2.1 – 31%

Sustained growth in 2021, after an exceptional 2020

In 2021, HiPay’s payment volume reached 6.6 billion euros (1 billion euros more than in 2020) and the turnover amounted to 53.9 million euros ( +18% vs 2020), corresponding to a stable revenue to payment volume ratio of 0.82%.

After a year 2020 strongly stimulated by the pandemic and the confinements and which led many merchants to accelerate their digital transformations, HiPay managed to maintain a robust growth rate, thanks in particular to the continued growth of e-commerce. The group capitalized on its strong position with its core target, tier 2 customers.

During the 2019/2021 period, the average annual growth rate was +24% compared to +19% during the 2017/2019 period.

Control of operating costs

The direct cost rate remains at 0.45%, equivalent to that of 2020 and 2019, which attests to HiPay’s ability to control its operating costs.

EBITDA amounted to 2.8 million euros, positive for the second consecutive year after 3.4 million euros in 2020, a year in which the company benefited from savings on production costs. operations due to the health situation, including partial commercial measures not renewed in 2021. Corrected for this situation, EBITDA increased by 88%.

Taking into account a loss of -2.8 million euros on non-ordinary activities (total and prudent provision for a tax risk), a net loss of -0.6 million euros and an expense of tax of 0.3 million euros, the net result is -4.3 million euros (vs. -1.8 million euros in 2020).

Strong operating cash flow generation

HiPay’s 2021 performance resulted in an operating cash flow of 6.8 million euros, higher than its investments. It mainly consists of operating cash flow of 3.6 million and a change in working capital of 3.2 million. HiPay’s business model, once operating profitability is achieved, benefits from an advantageous working capital structure. Its major revenue components are collected much faster than its direct costs and other operating expenses are disbursed.

As of December 31, 2021, the company has 2.1 million euros in available cash.

Additionally, there is an unused balance of €3.7 million in the BJ Invest current account. Thus, as of December 31, 2021, HiPay has a cash mobilization capacity of 5.8 million euros.


HiPay expects another year of double-digit growth in 2022, with first quarter sales growing at a more moderate pace than the last quarter of 2021. striving to contain structural costs and controlling the increase in its marketing budget in order to convert an increasingly large share of its growth into generation of EBITDA and operating cash flow.

In addition, HiPay will continue its profitable growth by expanding its customer portfolio, increasing the average volume processed per customer and regularly adding new value-added features to its platform.

Next financial communication: Q1 2022 revenue – May 19, 2022 before market.

1The consolidated result as of December 31, 2021 is currently being reviewed by the statutory auditors. The accounts were closed on March 31, 2022 by the Board of Directors. The 2021 financial report as well as the auditors’ report will be published on the company’s website.

2 Direct cost rate: commissions paid to payment partners and technical connection costs as a percentage of business volume

About HiPay

HiPay is a global payment service provider. By harnessing the power of payment data, we help our merchants grow by giving them a 360-degree view of their business.
More information on

HiPay Group is listed on Euronext Growth (ISIN code: FR0012821916 – ALHYP).

Media Relations Investor Relations NewCap Investors
Annie Hurley (CMO)

+33 (0)6 81 16 07 52

[email protected]

Jérôme Daguet (Financial Director)

+33 (0)7 86 53 93 93

[email protected]

Theo Martin

+33 (0)7 6248 69 45

[email protected]

This press release does not constitute an offer to sell or a solicitation of an offer to buy by HIPAY. If you wish to obtain more information on HiPay Group, we invite you to refer to our website at the address, under Investors. This press release may contain certain forward-looking statements. Although HiPay believes that these statements are based on reasonable assumptions as of the date of this release, they are inherently subject to risks and uncertainties that may cause actual results to differ from those expressed or implied by these statements. HiPay Group operates in a rapidly changing sector in which new risk factors may emerge. HiPay Group undertakes no obligation to update these forward-looking statements to reflect new information, events or circumstances.

  • 20220407 Results RP HiPay 2021 FR


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