The half year results announcement from Smartpay, a company listed on both sides of the Tasman, have disclosed an eight per cent increase in revenue and a 262 per cent increase in net profit after tax. Nevertheless, despite the bold headline announcement, Smartpay's impressive NPAT result was off a very low base - from just A$100,000 in the prior year to $500,000 this year.Bradley Gerdis, chief executive officer of Smartpay, said in a statement to the ASX and NZX that the growth reflected progress in both the Australian and New Zealand markets."Some of the key contributors include steady growth in Australian general retail terminal numbers with the launch of our D-series multi-function terminal, including an initial sale to an Australian bank," Gerdis said. "In New Zealand, the launch of our latest transport technology resulted in increased revenue and profit from our largest customer," he said.Offsetting the above growth in revenue, the company said it "experienced a decline in both existing and anticipated growth in revenue from our Australian taxi business as the continual disruption in the industry had an impact on some of our Australian taxi customers".In the commentary accompanying its profit announcement, Smartpay, a self-described "fintech payments company" said it would be aiming to take market share from the "traditional banking sector" by providing "innovative payments technology to Australia's fast growing SME market."As the next step in this strategy, Smartpay intends to offer merchants an acquiring facility alongside their terminal offering in order to participate in the transaction fee pool, which it termed "the next level of payments innovation". "This will create further opportunities for growth and the opportunity to provide additional financial products and services to merchants," the company said, referencing "recent payments industry regulatory changes" made by the Reserve Bank of Australia.