Surfboard Payments Delivers 22% QoQ Recurring Revenue Growth, Defying “Boom and Bust” Tech Trends with Profitable Expansion
Surfboard Payments Q3 2025 report is here: +64% increase in processed volume vs Q1, validating its partner-first strategy as the market shifts from AI hype to fundamental value.
Surfboard Payments, the provider of payment solutions for partners and platforms, today announced its financial results for the third quarter of 2025. In a market currently characterized by volatile valuation swings and “growth at all costs” narratives, Surfboard Payments posted a 22% quarter-on-quarter increase in Recurring Revenue, cementing a trajectory of compounding, profitable growth.
While much of the technology sector chases speculative AI-driven spikes, Surfboard Payments has delivered consistent monthly recurring revenue growth averaging 8% from October 2024 to September 2025. This equates to a corresponding Compound Annual Growth Rate (CAGR) of 121% (or 144% from October 2024 to September 2025), driven not by one-off events, but by the systematic scaling of its Partner ecosystem.
Q3 2025 Financial Highlights
Recurring Revenue Growth: +22% Quarter-over-Quarter (QoQ). Payment Volume Surge: +64% increase in Processed Payment Volume compared to Q1 2025. Partner Scaling: Payment Facilitator (PF) volumes grew by 28% in Q3 alone, as major software partners expanded their merchant bases on the Surfboard platform. Sustainable Fundamentals: The company remains profitable, maintaining a disciplined cost structure even while accelerating topline revenue.
A 22% quarterly jump in recurring revenue, underpinned by profitability, is a signal that our infrastructure is mission-critical to our partners, not just a nice-to-have.
“The current tech landscape is divided into two camps: those betting on theoretical future utility, and those delivering tangible commercial value today,” said Christopher Lindfeldt, CEO of Surfboard Payments. “Our Q3 results demonstrate the power of the latter. We aren’t interested in the kind of growth that burns out in a quarter. We are building an engine for compounding returns. A 22% quarterly jump in recurring revenue, underpinned by profitability, is a signal that our infrastructure is mission-critical to our partners, not just a nice-to-have.”
Operational Drivers
The strong Q3 performance was primarily driven by the maturation of key partnerships. As partners integrate Surfboard’s terminals, Tap to Pay solutions and online checkout, their merchant volumes naturally compound, creating a “layer cake” revenue model that offers stability superior to direct-to-merchant sales models.
While July volumes benefited from seasonal retail activity, the 28% growth in core PF volume indicates structural gains in market share, rather than temporary spikes.
About Surfboard Payments
Surfboard Payments is a pioneering paytech company known for its innovation and excellence in the payment industry. Operating under the auspices of the Swedish Financial Supervisory Authority, Surfboard Payments offers a comprehensive payment platform for both card-present and online payments. Our solutions are designed to rethink the payment experience, offering value to partners, merchants, consumers, and payment institutes worldwide.