Leading payment facilitator Square released its quarterly financials on Wednesday, reporting $462 million in revenue, a 22% increase year over year.

The company also reported that it processed $13.6 billion in payments volume, down slightly from $13.7 billion last quarter, but in line with normal seasonal trends, the company said. That number is up 33% over first quarter last year.

“That’s staggering growth for a company that was at zero just eight years ago,” Rick Oglesby, Double Diamond Group partner and principal of AZ Payments Group, told PaymentFacilitator.com.

“While other merchant acquirers struggle to grow, or grow through acquisition, Square does it organically and without the massive sales teams that make up traditional acquirers. It now also has scale, which makes its growth even more impressive. It’s no longer due to a small denominator,” he said.

Oglesby pointed out that, by comparison, the payments industry is growing at a rate of 6 to 7%. Square’s growing gross payments volume isn’t the only thing it has going for it, he said.

“At the same time, Square’s revenue streams are diversifying internationally, across products, and across merchant profiles,” he said. “In particular, Square shows continued growth in its large merchant segments, showing that it is able to compete head to head with traditional acquirers and win.”

Square reported that its payments volume originating from sellers with more than $125,000 a year in volume grew 44% year over year. That merchant segment now accounts for 43% of its total volume, up from 39% during first quarter last year.

Oglesby noted that the company also continues to have an eye toward future growth, spending more than $100 million per quarter on product development, sales and marketing.

“Square continues to hit on all cylinders and no major competitors appear to be challenging it at all,” he said.

Square said that it is increasing its guidance for full year, based on these first quarter results.