Finseta Sees 42% Revenue Jump as Forex Platform Gains Traction

Finseta plc
(AIM: FIN), a foreign exchange and payments solutions provider, announced financial
results for the first half of 2024, with revenue soaring approximately 42% to
£5.1 million compared to the same period last year.

In response to the trading update published on Tuesday morning, the company’s shares opened on the London Stock Exchange with a ten percent increase, testing monthly highs.

Finseta Reports Revenue
Growth in First Half of 2024

The
company, which offers multi-currency accounts through a proprietary technology
platform, saw its active customer base grow to 952, up from 874 in the first
half of 2023. This growth, coupled with an increase in average transaction
value, contributed to the significant revenue boost.

Finseta’s
gross margin improved to approximately 65%, up from 61% in the previous year.
The company attributed this improvement to its strategic decision to phase out
its white-label business. Excluding revenue from white label partners,
underlying revenue growth was even stronger at 54%.

Adjusted
EBITDA saw an increase of about 300% to £0.8 million, reflecting both revenue
growth and the scalability of the company’s platform. Cash flow generated from
operations rose to £0.7 million, resulting in a healthy cash balance of £2.8
million as of June 30, 2024.

James Hickman, CEO of Finseta

“This
has been another excellent period of delivery for Finseta, with substantial
growth in revenue and EBITDA as we continued to increase our number of
customers and average transaction value,” commented James Hickman, CEO of
Finseta.

Hickman
also highlighted the company’s progress in expanding its presence in Canada and
advancing its card program. He affirmed that Finseta remains on track to
deliver growth for the full year 2024, in line with the Board’s expectations.

“Accordingly,
and with the strong trading momentum being sustained, we remain on track to
deliver significant growth for FY 2024,” Hickman added.

The
company’s client mix remained stable, with high-net-worth individuals
accounting for 61% of revenue and corporate customers for 39%.

Finseta is
scheduled to release its full interim results on September 10, 2024.

Finseta plc
(AIM: FIN), a foreign exchange and payments solutions provider, announced financial
results for the first half of 2024, with revenue soaring approximately 42% to
£5.1 million compared to the same period last year.

In response to the trading update published on Tuesday morning, the company’s shares opened on the London Stock Exchange with a ten percent increase, testing monthly highs.

Finseta Reports Revenue
Growth in First Half of 2024

The
company, which offers multi-currency accounts through a proprietary technology
platform, saw its active customer base grow to 952, up from 874 in the first
half of 2023. This growth, coupled with an increase in average transaction
value, contributed to the significant revenue boost.

Finseta’s
gross margin improved to approximately 65%, up from 61% in the previous year.
The company attributed this improvement to its strategic decision to phase out
its white-label business. Excluding revenue from white label partners,
underlying revenue growth was even stronger at 54%.

Adjusted
EBITDA saw an increase of about 300% to £0.8 million, reflecting both revenue
growth and the scalability of the company’s platform. Cash flow generated from
operations rose to £0.7 million, resulting in a healthy cash balance of £2.8
million as of June 30, 2024.

James Hickman, CEO of Finseta

“This
has been another excellent period of delivery for Finseta, with substantial
growth in revenue and EBITDA as we continued to increase our number of
customers and average transaction value,” commented James Hickman, CEO of
Finseta.

Hickman
also highlighted the company’s progress in expanding its presence in Canada and
advancing its card program. He affirmed that Finseta remains on track to
deliver growth for the full year 2024, in line with the Board’s expectations.

“Accordingly,
and with the strong trading momentum being sustained, we remain on track to
deliver significant growth for FY 2024,” Hickman added.

The
company’s client mix remained stable, with high-net-worth individuals
accounting for 61% of revenue and corporate customers for 39%.

Finseta is
scheduled to release its full interim results on September 10, 2024.

This post is originally published on FINANCEMAGNATES.

  • Related Posts

    Weekly Overview: MT4/MT5 Disruption in China, IG Group to exit South Africa, and More

    MT4 and MT5 blackout in China Another week, another set of major happenings in the FX and CFD space. In Mainland China, FX traders faced widespread disruptions in connecting to…

    Brokerage Firm OneRoyal Opens Oman Office in MENA Growth Push

    OneRoyal boosted its Middle East expansion with a new registered office in Oman, signaling a deeper push into the Gulf region’s competitive brokerage landscape. The newly formed entity, One Royal…

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    Weekly Overview: MT4/MT5 Disruption in China, IG Group to exit South Africa, and More

    • May 31, 2025
    Weekly Overview: MT4/MT5 Disruption in China, IG Group to exit South Africa, and More

    Brokerage Firm OneRoyal Opens Oman Office in MENA Growth Push

    • May 30, 2025
    Brokerage Firm OneRoyal Opens Oman Office in MENA Growth Push

    What Is Causing the Global Silver Shortage in 2025?

    • May 30, 2025
    What Is Causing the Global Silver Shortage in 2025?

    Hyperinflation in 2025: What Currencies Are at Risk?

    • May 30, 2025
    Hyperinflation in 2025: What Currencies Are at Risk?

    Will the Petro-Yuan Replace the Petrodollar in the Middle East?

    • May 30, 2025
    Will the Petro-Yuan Replace the Petrodollar in the Middle East?

    XAU/USD: Elliott Wave Analysis and Forecast for 30.05.25 – 06.06.25

    • May 30, 2025
    XAU/USD: Elliott Wave Analysis and Forecast for 30.05.25 – 06.06.25