Way2VAT delivers 43% run rate increase to mark strong Q3 operating performance

Way2VAT Ltd (ASX:W2V) is finishing the year strongly, recording an annualised gross transaction volume run rate of $A19.47 million, which includes transactions coming from its recent acquisition of DevoluIVA.

The run rate is a 43% increase on the previous 12 months (FY21 $13.57 million), and up 169% on FY20 (FY20 $7.24 million).

The company cites 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 for its positive performance.

W2V, a global leader in automated VAT (value-added tax) claim and return solutions, has also highlighted the expansion of its full product rollout throughout Spain as a further milestone.

The company operates in more than 40 countries and its patented artificial intelligence technology that powers the world’s first fully automated, end-to-end VAT reclaim platform, is used by more than 220 enterprise companies including TicToc, Duracell, Playmobil, Amdocs, EY Israel, MasterCard, eToro, Kimberly-Clark, Hitachi ABB, Mobileye Intel, RB, Willis Towers, SiemensIsrael, Daily Mail Group, Sage, Falck, Boston Red Sox and Foot Locker Europe with customer retention more than 97%.