A leading FinTech firm has reported a substantial increase in turnover, reaching £2.36 billion. This represents an impressive 111 per cent growth for the year 2018.
This remarkable rise is attributed to strategic acquisitions and an enhanced focus on core products. It underscores the company’s robust performance and growing market influence.
Significant Growth Through Acquisitions
The FinTech firm’s turnover surged to £2.36 billion, marking a 111 per cent increase compared to the previous year’s £1.12 billion. This growth aligns with the company’s expectations and highlights the success of its recent acquisitions.
The company acquired CardOne Banking in August 2017 and City Forex in February 2018. When excluding the impact of these acquisitions, organic turnover still rose by 22 per cent, underscoring the firm’s strong underlying performance.
Core Product Focus Drives Growth
A key driver of this financial growth was the company’s steadfast focus on its core products, namely international payments and prepaid cards. International payments saw an astounding increase of 134 per cent, showcasing the growing demand in the market.
The prepaid card sector also experienced growth, with an 8 per cent rise in usage. This sector’s steady performance reflects the firm’s effective strategy in catering to both retail and corporate clients.
Corporate Card Usage on the Rise
The usage of the company’s corporate card platform rose significantly by 30 per cent compared to the previous year. This is indicative of increasing adoption among corporate clients.
Such an increase can be attributed to the platform’s enhanced features and the growing trust in the company’s financial solutions.
The growth in corporate card usage also mirrors the broader trend of digitalisation in the financial sector, where businesses are increasingly shifting towards digital payment solutions.
Expansion of Retail Customer Base
In addition to the corporate sector, the FinTech firm successfully expanded its retail customer base. The company added 315,000 new UK retail customers in 2018 alone.
This increase brought the total number of retail customers to 1,040,000. This significant growth in user base underscores the firm’s ability to attract and retain customers.
Financial Performance Metrics
In terms of profitability, the group expects to report an adjusted EBITDA of approximately £7.5 million for the 12-month period, a significant jump from £1 million the previous year.
This substantial increase in EBITDA highlights the firm’s operational efficiency and its ability to translate higher turnover into profitability.
The focus on core products and strategic acquisitions has played a critical role in enhancing the company’s financial performance.
Market Position and Future Outlook
With its impressive growth and strategic advancements, the company has solidified its market position as a leading player in the FinTech sector.
Looking forward, the firm is likely to capitalise on its recent successes and continue to innovate in the digital payments landscape.
The company’s track record suggests a promising future, with continued growth and expansion anticipated.
Conclusion
The FinTech firm’s remarkable growth to £2.36 billion turnover is a testament to its strategic vision and operational excellence.
With a strong market position and continuous innovation, the company is well poised for sustained success in the FinTech industry.
Overall, the company’s achievements in 2018 reflect its ability to effectively execute its strategic plans.
The focus on core products, coupled with successful acquisitions, has not only boosted turnover but also strengthened its market position.
