Foreign
exchange and payments solutions provider Finseta (LSE: FIN) reported strong
financial performance for 2024, with underlying revenue climbing 26% to £11.3
million as the company expanded its customer base.
Finseta Reports 26%
Revenue Growth in 2024, Driven by Customer Base Expansion
The
London-listed fintech firm saw its active customer count rise to 1,059 from 906
in the previous year, while adjusted EBITDA increased 18% to £2.0 million. The
company’s gross margin improved to 65.5%, up from 63.4% in 2023.
Private
clients, primarily high-net-worth individuals, accounted for 59% of total
revenue, while corporate accounts contributed 40%. The remaining 1% came from a
licensing agreement related to its former subsidiary, Avila House.
“This
has been a milestone year for our company,” said James Hickman, CEO of
Finseta. “We undertook several significant strategic initiatives while
continuing to deliver strong growth.”
The latest
data reveals that, following a strong first half of the year, during which
Finseta increased its revenue by 42%, the second half of 2024 also maintained
positive momentum. During this period, revenue reached £5.1 million,
significantly exceeding the £3.6 million reported in H1 2023.
Cash and
cash equivalents strengthened to £2.6 million by year-end, resulting in a net
cash position of £0.6 million, up from £0.2 million at the end of 2023.
Operating cash flow reached £2.2 million, showing improvement from £2.0 million
in the previous year.
“Our agreement with Mastercard, establishing a
presence in Canada and adopting ‘Finseta’ as our new company name have
strengthened our business and our ability to deliver value,” Hickman added. “Accordingly,
we have entered 2025 with confidence and we look forward to reporting on
further progress.”
Finseta is
not the only LSE-listed company to report revenue growth this week. On Monday, Plus500 also released its financial results, revealing
revenues of approximately $768 million and an EBITDA of about $342 million for
2024.
Forex Company
Finseta plc
operates as a specialized foreign exchange and payments solutions provider,
focusing on high-value transactions for corporate clients and high-net-worth
individuals. Founded in 2010 and headquartered in London, the company leverages
its proprietary technology platform to facilitate cross-border payments in over
150 countries using 58 currencies.
The
company’s core business revolves around providing multi-currency accounts and
payment solutions through a combination of technological infrastructure and
personalized service.
Unlike
competitors in the retail space, Finseta specifically targets the high-value,
compliance-intensive transaction segment. Their platform enables clients to
manage, maintain, and distribute funds from a single account, offering support
for major currencies including the USD, EUR and GBP.
Foreign
exchange and payments solutions provider Finseta (LSE: FIN) reported strong
financial performance for 2024, with underlying revenue climbing 26% to £11.3
million as the company expanded its customer base.
Finseta Reports 26%
Revenue Growth in 2024, Driven by Customer Base Expansion
The
London-listed fintech firm saw its active customer count rise to 1,059 from 906
in the previous year, while adjusted EBITDA increased 18% to £2.0 million. The
company’s gross margin improved to 65.5%, up from 63.4% in 2023.
Private
clients, primarily high-net-worth individuals, accounted for 59% of total
revenue, while corporate accounts contributed 40%. The remaining 1% came from a
licensing agreement related to its former subsidiary, Avila House.
“This
has been a milestone year for our company,” said James Hickman, CEO of
Finseta. “We undertook several significant strategic initiatives while
continuing to deliver strong growth.”
The latest
data reveals that, following a strong first half of the year, during which
Finseta increased its revenue by 42%, the second half of 2024 also maintained
positive momentum. During this period, revenue reached £5.1 million,
significantly exceeding the £3.6 million reported in H1 2023.
Cash and
cash equivalents strengthened to £2.6 million by year-end, resulting in a net
cash position of £0.6 million, up from £0.2 million at the end of 2023.
Operating cash flow reached £2.2 million, showing improvement from £2.0 million
in the previous year.
“Our agreement with Mastercard, establishing a
presence in Canada and adopting ‘Finseta’ as our new company name have
strengthened our business and our ability to deliver value,” Hickman added. “Accordingly,
we have entered 2025 with confidence and we look forward to reporting on
further progress.”
Finseta is
not the only LSE-listed company to report revenue growth this week. On Monday, Plus500 also released its financial results, revealing
revenues of approximately $768 million and an EBITDA of about $342 million for
2024.
Forex Company
Finseta plc
operates as a specialized foreign exchange and payments solutions provider,
focusing on high-value transactions for corporate clients and high-net-worth
individuals. Founded in 2010 and headquartered in London, the company leverages
its proprietary technology platform to facilitate cross-border payments in over
150 countries using 58 currencies.
The
company’s core business revolves around providing multi-currency accounts and
payment solutions through a combination of technological infrastructure and
personalized service.
Unlike
competitors in the retail space, Finseta specifically targets the high-value,
compliance-intensive transaction segment. Their platform enables clients to
manage, maintain, and distribute funds from a single account, offering support
for major currencies including the USD, EUR and GBP.
This post is originally published on FINANCEMAGNATES.
