Net profit of Payme increased by 89% in 2020, Spot reports referring to TBC Bank.

“I am impressed by the results of Payme’s work, which has grown significantly over the year despite the COVID-19 pandemic,” said CEO of TBC Bank Group PLC Vakhtang Butskhrikidze.

According to him, the application is the second largest provider of payment services in the country with 2.9 million users (63.3% more than in 2019) and more than 65 million transactions (74.4% increase). Revenue was 16.6 million lari (almost $5 million), and net profit was 8.3 million lari (about $2.5 million), with a growth rate of 94.7% and 89.1%, respectively.

To note, TBC Bank bought 51% of Payme’s shares for $5.5 million in April 2019, when the entire company was valued at $10.8 million.