Freelancer Ltd., the owner of Freelancer.com, has reported a 39% rise in gross payment volume to $192.9 million (AU$249.7 million) in Q1 2021 and a 32.1% rise in net cash receipts year-on-year to $12 million (AU$15.6 million). Both figures have set record highs for the Sydney-based company.
Freelancer Ltd. includes both its freelancing marketplace and Escrow.com, an online escrow service founded in 1999 in San Francisco and purchased by Freelancer.com in 2015.
Freelancer.com’s Q1 gross marketplace volume (payments to freelancers) totaled $25.9 million, up 23.6% y-on-y, and its cash receipts set another record at $10.1 million, up 31.4% y-on-y. The group reports that 72% of its revenue is in USD and 4% is in AUD.
Freelancer (FLN) has traded on the ASX in Australia since 2013 and in March 2021 it began trading in the US on the OTCQX Best Markets under the symbol FLNCF, upgrading from the Pink market. At the time of writing, FLN shares were up 8.81% and FLNCF was trading at $.65, up 3.26%.
Freelancer Enterprise, the company’s virtual workforce management system, grew its gross marketplace volume by 83.4% y-on-y and the average spend by key accounts is up 2.3x y-on-y. In addition to financials, Freelancer.com reported reaching 52.7 million registered users and 19.7 million jobs, with 1.9 million users and 519,000 jobs added in Q1, and a 105.7% increase in website traffic y-on-y to 16.4 million users.