Surfboard Payments Nearly Doubles Revenue in FY 2025/26, Recurring Revenue Up 143%
Surfboard Payments grew total revenue 96% in fiscal year 2025/26, with recurring revenue up 143% and now 91% of the total, while the operating loss narrowed by 20%.
Stockholm, Sweden, October 2026, Surfboard Payments nearly doubled its revenue in fiscal year 2025/26, according to preliminary figures. Total revenue grew 96%, recurring revenue grew 143% and the operating loss narrowed by 20%.
Nearly all of the growth came from revenue that repeats.
The year in numbers
Revenue that repeats
A year ago, more than a quarter of Surfboard’s revenue came from selling terminals. A sale is a single event, booked once. In FY25/26, that share fell to under a tenth. One-time hardware sales declined by a third, while revenue from renting hardware, together with SaaS and platform fees, grew 155%.
Recurring revenue now makes up 91% of the total, up from 73% a year earlier. For Surfboard, that means a more predictable business. For partners, it means a platform that earns alongside them rather than from a single sale.
The partner engine
Transaction revenue from payments processed through partners’ software grew 140% and now accounts for close to three quarters of total revenue, up from around 60% a year earlier.
This is the model Surfboard has been building toward: distribution through ISVs and platforms that already own the merchant relationship, rather than signing merchants one at a time. When a partner integrates, its merchants come with it. When the partner grows, so does the volume running across Surfboard’s rails.
Two pieces of product work during the year were aimed at that relationship:
- Carbon, the largest platform release to date, gave partners payouts and revenue splitting (Flow), subscriptions, offline payments and new payment methods through the integration they already had.
- The PRO series, a new generation of payment terminals.
Today nine in ten kronor recur
“A year ago, a large part of our revenue came from selling terminals. Today nine in ten kronor recur, and most of it arrives through software partners who grow on our platform. That is the business we set out to build. This year the numbers started to say so as well,” said Christopher Lindfeldt, CEO of Surfboard Payments.
Operating leverage
Revenue nearly doubled. The operating loss narrowed by 20%.
That gap is the point of the model. Revenue that arrives through partners does not need a matching increase in sales effort, and recurring revenue does not have to be won again each quarter. The loss is narrowing because revenue is outgrowing cost, while investment in the platform continues.
What matters to us is the quality of the revenue, not only the growth rate
“What matters to us is the quality of the revenue, not only the growth rate. Recurring, partner-led revenue is predictable, and it scales without a matching rise in cost. It is now almost all of our business, which lets us keep investing in the platform while the loss narrows,” said Tim Lundqvist, COO of Surfboard Payments.
Room to run
The structural shift behind the numbers has some way to go. In a 2024 analysis, UBS estimated that software-led payments accounted for around 20–30% of payments in Europe, against more than 60% in the US, with the Nordics further along than southern Europe. That gap is the market Surfboard is built for.
What comes next
The next year is about scale, in three directions.
New markets, starting with the UK. This spring, a large UK rollout switched more than one thousand terminals over to Surfboard’s CheckoutX Tap to Pay overnight, and Surfboard expects the market to account for a growing share of activity through FY26/27. Partners already live in one market are taking Surfboard into the next, and further European markets will follow.
Operations. As volume grows, the work that matters most is the work merchants never see: uptime, onboarding, settlement and support. Surfboard already runs multi-cloud across Google Cloud, AWS and Microsoft Azure. FY26/27 puts operational excellence at the centre of the plan.
Builders. More and more software is written with AI, and the next generation of payment integrations will be too. Surfboard is built to be read by agents as well as developers: point an assistant at surfpay.ai and it finds the documentation, an llms.txt file and an MCP server for integrating payments.
The goal across all three is the same: the most robust and secure payment platform for partners, and for the builders who come next.
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