Santander has reported its Q4 21 earnings. This includes the results of its digital payments subsidiary PagoNxt, which recently saw a refocus on B2B following the closure of consumer offering PagoFX.

In terms of revenue, PagoNxt achieved strong growth of 47% in constant euros in 2021, compared to 2020, and 13% growth for Q4 compared to Q3. 

PagoNxt’s pre-tax losses also recovered by about 50% compared to Q3, to -€36m, bringing the company closer to a breakeven scenario for 2022.  

In the merchant solutions division, Getnet continues to deliver growth, increasing the number of active merchants and increasing total payments volume by 50%. Getnet Brazil, which IPOed in Q4, recorded a strong growth in market share, while Getnet Europe started to operate in the second half of the year as a pan-European acquirer, following integration of former Wirecard assets.

For PagoNxt’s trade solutions division, which covers digital trade and international B2B payments, One Trade reached 8,000 active SMEs and corporates in Q4 2022, doubling in size since March 2021. Santander’s majority-owned Ebury is also forecast to grow 50% in 2022 and Santander expects strong growth in the big focus area – the US to Mexico corridor.

PagoNxt has made some good progress in Q4 2021, largely due to its merchant Solutions Division growth. Santander wants PagoNxt to be the payments technology backbone not just for Santander banks but also on the open market. It’s clear it will need to continue to invest in its payments systems in order to meet this goal and to reach breakeven, especially against a background of an intense competition. 

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Kinda Chebib

Kinda is a former Research Manager at FXC intelligence, where she focused on building data and insights within the FX, payment, fintech (such as cryptocurrencies) and ecommerce industries. She contributed to the creation of remittance pricing datasets. Previously, Kinda worked at the GSMA where she focused on the uses of frontier technology for good in emerging markets and supported the engagement with FCDO country offices through research and capacity building. Kinda also has a broad experience in Economic and International Affairs, having worked at the Economic Department of the French Embassy overseas as an Economic and Trade Advisor and at Défense Conseil International in Paris. Kinda earned an MSc in International Business from KEDGE Bordeaux Business School and a Master’s degree in International Affairs and Languages from Paris Sorbonne University.