Definition
Revenue Less Transaction Cost – A non-IFRS profitability measure, subtracting the direct cost of processing a transaction (settlement fees, provisioning for loan losses, and interest expense) from total revenue, before fixed costs like headcount, marketing, and technology. Functions as a cleaner read on unit economics than gross revenue growth alone — a company can grow revenue quickly while its RLTC margin quietly compresses if transaction costs (funding costs, credit losses) are growing even faster, which is easy to miss if a reader only tracks the top-line number management chooses to lead with. Found In: MD&A (non-GAAP reconciliation, payments/fintech platforms)