Altapay A/S

Development in activities and financesOn a global scale, 2022 was a year that brought many challenges. Following Covid-19, both expectations and optimism were sky-high; instead, we were confronted with geopolitical instability, daunting inflation, challenges in the supply chain and a general mood shift in the tech industry: from a growth journey to a profitability reality, resulting in cost savings in many tech companies. Against this severe background, AltaPay showed great performance and concluded the year in a strong position. The following sections will highlight a selection of milestones accomplished in 2022:

After launching our strategic and exclusive partnership with Danske Bank in 2021, we began executing on Danske Bank’s ambition of helping its business customers with more than just conventional banking services in Denmark, Finland, Norway and Sweden. In 2022, our ambition remained the same as last year: to offer Danske Bank’s business customers our suite of payment technology, while ensuring a safe and optimal experience.

Our merchants are the cornerstone of our existence. We thrive when our merchants thrive. In most cases, our technology is operating in the background, offering noiseless and secure payments. When we intervene, it is typically in our role as payment advisor where we strive to optimise our merchants’ payments. It is with this mindset and behaviour that we in 2022, and since our inception, have supported the growth of our new and existing merchants. And this is a formula that has proven successful.

Payments are complicated. For this reason, our Customer Success team is ready to assist our merchants when payments are cumbersome. In 2022, our Customer Satisfaction Rate was 92%, reflecting outstanding performance from our employees. In 2023, we want to raise the bar and aim for a satisfaction score of 98%. This is the human factor we bring into delivering on our brand promise: Payments less complicated.

In terms of technological milestones, 2022 was a very busy year where we continued to invest in our platform to meet the future demands and needs of our merchants and their end consumers as well as ensuring compliance with the increasing regulation. As we look back on the past year, we are excited about the progress we have made across various areas. Our dedication to delivering cutting-edge solutions and providing exceptional experiences remains unwavering:

- We are very excited to announce the release of our preliminary Checkout solution, designed to reduce integration efforts, improve conversion rates, and enhance the overall user experience. This solution is currently being piloted with selected merchants.

- Over the past year, we have observed a significant shift towards mobile device purchases, prompting us to enhance our mobile flow and expand support for additional acquirers in our e-wallet solutions.

- We have continued to enhance our agreements solution by adding MobilePay and Vipps subscriptions to our portfolio. These additions have been seamlessly integrated into our Magento 2 and WordPress plugins, further expanding our offerings.

- In the eCommerce Platform area, we have introduced Apple Pay for Magento 2, launched our new Shopify App, and integrated with Bubble, a no-code solution.

- On the compliance side, we have introduced native support for dual scheme selection, laid the groundwork for PCI DSS 4.0, and implemented new features for our fraud prevention integration.

- Internally, we have streamlined our processes by releasing a new onboarding tool, automating steps in the merchant setup.

- We are proud to announce the release of our new internal querying system, which supports complex reporting and serves as the foundation for our new data API.

- Finally, a joint venture has been established to facilitate the innovation and development of new affiliated business offerings to the benefit of our customers.

Where the tech sector generally experienced a panorama of cost savings and job reductions in 2022, we managed to not only sustain our current employee base, but also expand our team, thanks to a cautious and stable position in the last couple of years. In accordance with last year, we have welcomed new people to AltaPay that, in a highly competitive market, have either chosen to join AltaPay for the first time or have chosen to re-join our company. In today’s job market, we are aware that it is a challenge to attract and maintain talent despite the recent developments in the tech industry. Whenever new and former employees join our company, we gain confidence in terms of attracting new talent. At the same time, we would like to thank all the AltaPayers that day after day bring their competencies and skills into play at AltaPay.

In 2022, AltaPay delivered a strong performance. Thus, 2022 concludes with a net profit of T.DKK 3.6 against T.DKK 2.2 the prior year, which is in line with management’s expectations. The result has been delivered by hard work and dedication from a fantastic skilled team. AltaPay ends the year in a strong financial position with improved equity and a solid balance sheet with no external debt.

In 2022, gross profit has increased 29% compared to 2021 (from T.DKK 19.277 to T.DKK 24.776). The main reason behind this increase can be explained by the strong performance from our merchant portfolio, both existing and new merchants. Our operating profit has improved from T.DKK 345 in 2021 to T.DKK 1.999 in 2022.