Way2VAT doubles post-COVID transaction volumes to A$21.33 million in FY22

Way2VAT Ltd (ASX:W2V) has delivered robust financial results for the full year ended December 31, 2022, doubling gross transaction value to A$21.33 million, up 57% from the previous corresponding period in 2021.

During the year, the company saw a 25% increase in enterprise clients, including the likes of TikTok, BASF Spain, Duracell, Playmobil, Artsana and Pizza Hut Spain.

In addition, SMB clients expanded to 29% through indirect sales with strong technology and accounting partnerships with Xero, Zoho, WebExpense, Sage, Circula, Allocate and DevoluIVA.

In a bid to boost finances, Way2VAT raised $2.49 million via a private and oversubscribed share placement to accelerate growth opportunities, with strong support from sophisticated, institutional and cornerstone investors.

In Spain, the company acquired DevoluIVA in the December quarter, which will be the country's first fully digital solution for corporate expense and VAT recovery.