Fintech Company NPST Reports 300% Growth In 2024

NPST, a player in the digital banking and payment technology sector, has reported over 300% growth for fiscal year 2024. The company, listed on the NSE SME exchange, saw its consolidated annual revenue climb by a staggering 216% to Rs 130.08 crore, up from Rs 41.13 crore in the previous year. Moreover, its net profit soared by 310% to Rs 26.71 crore, significantly up from Rs 6.52 crore in FY 2023.

The fourth quarter of FY 2024 was particularly noteworthy for NPST, with revenue reaching Rs 44.71 crore, a 109% increase from the same period last year. Net profit for the quarter also impressively rose by 161% to Rs 10.02 crore. This growth has been attributed to the surge in digital payments and the company's innovative technology solutions and expanding customer base.

"NPST closed out 2024 with accelerated organic revenue growth of 216%, demonstrating a strong focus to delivering on our financial commitment. The results highlight our strong standing as a trusted technology partner to banks and Fintechs in the payments ecosystem, said Deepak Chand Thakur, Co-Founder and CEO of NPST."Our consistent performance is enabled by a combination of NPST’s unique business model, investments in technology, growing customer base and talented team. We are optimistic about our future and our ability to drive further innovation and value in the digital payments space.”

During Q4, NPST secured substantial orders for its Evok Payments Platform-As-a-Service (PPaaS) from payment aggregators and additional orders from existing banking clients. The company expanded its offerings into offline payments with Qynx, its QR and SoundBox solution, securing orders from two major banks. Furthermore, NPST secured an order for its ODR solution from DCB Bank.

Looking ahead, NPST is set on leveraging the long-term potential in person-to-merchant digital payments and capturing new payment flows and market segments. The company plans to invest in Innovation Labs focusing on AI and ML technologies, layer additional services on its EvoK PPaaS offering, and build a strong leadership pipeline to sustain growth and enhance business performance.

Founded in 2013, NPST has established itself as a leading fintech firm in India, focusing on UPI payments and digital banking solutions. Serving over 100 customers and processing 60 million transactions daily, NPST continues to bridge the gap between banks and fintechs, driving the growth of the digital payments ecosystem in India. For more details about NPST and its offerings, visit their official website.