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Pay Sauce PaySauce grows recurring revenue 44 % Lower Hutt , New Zealand - 12 October 2021 Employment fintech PaySauce ( NZX : PYS ) is pleased to report strong growth for the quarter with recurring revenue up 44 % year on year and 22 % quarter on quarter . Total recurring revenue for the September 2021 quarter includes both PaySauce processing fees and interest income , as well the new Smooth Pay subscription revenue recognised in the quarter . This is the first full quarter of activity since the acquisition of Smooth Pay on 31 May 2021 . FY22 Q2 Quarterly Recurring Revenue Jul - Sep '21 PaySauce $ 724K FY21 Q2 Change Jul - Sep '20 % YoY $ 519K 39 % Smooth Pay ( subscriptions invoiced $ 57K N / A during the quarter ) Total Recurring Revenue ( before $ 781K $ 519K 50 % timing adjustments ) Smooth Pay timing adjustments¹ ( $ 34K ) N / A Total Recurring Revenue ( after $ 747K $ 519K 44 % timing adjustments ) Excluding the acquired Smooth Pay business , processing fees from PaySauce customers grew 45 % YoY , the second consecutive quarter of accelerated growth , following the 44 % YoY increase in the quarter to June 2021. Interest Revenue was down 20 % YoY due to the significant decline in interest rates , however , an increase from $ 31K in Q1 to $ 38K in Q2 marked the first quarter on quarter increase in 12 months . The growth in processing fees has arisen from both a 38 % YoY increase in PaySauce customer numbers and a 48 % YoY increase in the value of payroll processed through the PaySauce platform compared to the September 2020 quarter . 1 A large proportion of Smooth Pay's subscription revenue is invoiced annually . To align with PaySauce's revenue recognition policies , annual subscriptions are spread evenly over the 12 month period . The timing adjustments represent $ 39K of revenue to be recognised in future months , less $ 5K of revenue invoiced in June , recognised in the July to September quarter .