FairFX, a prominent player in the e-banking and international payments sector, has reported its first full year of profitability.
The company not only saw a surge in revenue but also successfully expanded its operations in 2017.
Financial Turnaround and Growth
In a remarkable turn of events, FairFX, the London-based e-banking and international payments group, has achieved its first full year of profitability. The company reported a significant increase in group turnover, reaching over £1.1 billion for the year ending 31 December 2017. This marks a 41% increase from the previous year’s £800 million. Revenue also saw a substantial rise of 52%, from £10.2 million to £15.5 million.
FairFX’s transition from an adjusted pre-tax loss of £1.6 million in 2016 to a profit of £900,000 in 2017 is noteworthy. The company’s CEO, Ian Strafford-Taylor, has hailed the year as ‘ground-breaking’ in terms of growth and operational expansion.
Strategic Acquisitions
Strategic acquisitions played a crucial role in FairFX’s success. The company acquired Q Money and its e-money licence, allowing it to further its reach in the digital banking sector. Additionally, the acquisition of CardOne Banking has enabled FairFX to expand its operations significantly.
Ian Strafford-Taylor emphasised the importance of these acquisitions, noting that they have been key to the company’s evolution. Such strategic moves are positioning FairFX to be a formidable player in the industry.
These acquisitions have not only bolstered FairFX’s market presence but have also played a pivotal role in enhancing its service offerings, thus attracting a larger customer base.
Product Development and Innovation
Looking ahead, FairFX plans to continue its pursuit of innovation. The company is set to focus on developing new products, particularly targeting the small and medium-sized enterprise (SME) banking sector.
The integration of technology and financial services is at the forefront of FairFX’s strategy, aiming to cross-sell existing services while introducing innovative solutions.
This forward-thinking approach is expected to drive growth and offer tailored services to meet the diverse needs of its SME clients.
2018 Financial Performance and Outlook
In the first quarter of 2018, FairFX has continued its upward trajectory. The company reported a turnover growth to £439.5 million and acquired City Forex, an international payments business, for £6 million.
These developments align with FairFX’s strategic plan to scale its business and gain greater control over its supply chain, ultimately improving profit margins.
The Board remains optimistic about the outlook for the remainder of the year, confident in meeting market expectations through ongoing revenue and operational efficiency enhancements.
Market Impact and Customer Acquisition
The company’s achievements in 2017 included winning over 73,000 new customers. This impressive customer acquisition reflects FairFX’s strengthened position in the market and its ability to meet customer demands effectively.
FairFX’s focus on customer satisfaction and expanding its product portfolio has been instrumental in attracting and retaining clients.
As the company continues to innovate, it aims to build on this strong customer base and adapt to the evolving needs of the market.
CEO’s Vision and Strategic Direction
Ian Strafford-Taylor, the CEO of FairFX, remains committed to steering the company towards further success. His vision involves expanding FairFX’s digital banking capabilities and enhancing operational efficiencies.
The CEO’s forward-looking approach underscores the company’s commitment to leveraging technology for improved service delivery.
Strafford-Taylor’s leadership is pivotal in maintaining FairFX’s momentum and ensuring its competitive edge in the e-banking and international payments landscape.
Conclusion
FairFX’s transformation into a profitable entity marks a significant milestone in its corporate journey. The company’s strategic moves and customer-centric approach have been central to its success.
As FairFX continues to innovate and expand, it is well-positioned to capitalise on emerging opportunities within the fintech sector.
FairFX’s strategic focus on acquisitions and innovation has set the stage for continued success in the fintech market.
The company’s achievements in 2017 position it for future growth and market leadership.