Bliss is poised to be Australia’s most profitable technology company after posting a $3.6 billion profit in 2017.
Key points:Bliss’ web-based payments solution is poised for growth in the next few yearsThe company, which makes smart payment apps, has created a new model for businesses that offer mobile paymentsBliss CEO Michael Bloss has said his company is on track to post $3 billion profitIn a statement, Bloss said the company’s $3-billion profit in the first quarter of 2018 was “on track to mark the first significant quarterly increase in the company history”.
“We’re on track for another solid year in 2018, which is going to put Bliss on track not just for the next two years, but for years to come,” he said.
“As the industry transitions to a cloud-based environment, we’re going to need to adapt to meet that need, and we’re working to make sure we’ve got a robust infrastructure and systems to support that transition.”
Bliss has already invested $4 billion in Australia, a significant amount for a company that is not profitable.
However, the company has also been working on a new way of doing business.
“Our approach is to be agile, we’ve been building a business model around customer relationships,” Bloss told News.au.
“The idea is that our customers, in return, are going to receive value for their money.”
We see this as an opportunity for us to grow, so we’re looking forward to seeing how the industry develops and evolves.
“Bloss’ web platform, which Bliss uses to sell smart payment solutions, has the potential to be the largest business in Australia by 2020, according to analyst firm Technavio.
The company has a $5 billion market cap, according a recent report from The Wall Street Journal.
Bliss is a key part of the digital payment revolution, as its smart-payment platform has been touted as a viable alternative to traditional bank cards.
Its payment services allow customers to make payments from smartphones, tablets or smartwatches using a QR code and the company can also integrate them into its online banking.
The Bliss platform, however, has faced growing competition from established players such as Paypal, which has acquired Bliss and other payments services providers like Mastercard.
Bloss is currently looking at ways to improve the business, and in an interview with Business Insider in December 2018, he hinted at possible future investments in Australia.”
It’s not going to be a single company, it’s not a one-off, it could be a bunch of them,” BlOSS said.
He said Bliss was on track “to post another solid quarter” in 2018.”
I’m not going into the next quarter saying that, but we’re on schedule,” Bliss said.
The financial year ends on January 2, 2019.
Blasses annual report shows the company raised $3 million from a series of investors in 2018 and spent the next four years investing in the business.