Moneycorp, an internationally recognized cross-border payments business, has announced its record-breaking full-year 2022 results and Q1 2023 trading update. Marking a milestone year, the company has seen significant growth across all of its business segments, which was primarily fueled by the expansion and scalability of its payment platform.
Moneycorp Shows Record Growth in FY 2022
In 2022, Moneycorp transacted over £70 billion of cross-border flow on behalf of its clients, underlining the company's strong presence in the global market.
The company saw its trading volumes grow 91% to £73.3 billion in 2022, which is a testament to its strong performance across all segments. This growth was accompanied by an increase of 58% in revenue to £220.1 million, with a notable boost from 'Payments – Financial Institutions' sector. Additionally, the EBITDA rose 85%, bringing the Group's EBITDA margin to 32%.
"Our robust performance and the efficiency of our proprietary technology have put us at an advantage in the rapidly expanding global market," Mark Horgan, the Chief Executive at Moneycorp, commented.
Strong Q1 2023 for Moneycorp
Moneycorp's Q1 2023 results also showed continued growth, with an increase of 75% in trading volumes to £20.0 billion and growth of 22% in revenue. The EBITDA growth for the quarter was consistent with the full-year results from 2022, maintaining the 32% EBITDA margin.
On top of that, investments made by the company have resulted in operational improvements. The company launched 'Soteria', a new in-house system, in June 2022. This system allows real-time monitoring of all transactions passing through Moneycorp's platform, enhancing its compliance process – a key differentiator for the company.
Despite uncertain economic conditions, the company remains optimistic for the year ahead. “Moneycorp's strong and resilient business model and extensive regulatory credentials, underpinned by over 40 years experience in the international currency and payments market, continues to be a differentiator for our clients,” the company stated in the outlook for 2023.
New Markets and New CEO
Six months ago, Moneycorp announced its European presence expansion with its launch in France. In addition, the company hired Cyril Léger to head the Paris-headquartered subsidiary, Moneycorp France.
“Our clients will benefit from the dependable service and cutting-edge technology that Moneycorp is known for – and we look forward to expanding our team over the coming years,” Léger said in September.
Previously, Léger headed the French operations for Ebury and iBanFirst. On top of that, he has worked for banks like LCL, Crédit Agricole CIB, and CIC, according to his LinkedIn profile.
Payment Firms Report Strong Numbers
Other fintech and payments firms reported strong results for the latest periods. Starling Bank, an innovative bank based in the United Kingdom, disclosed its fiscal year ending on 31 March 2023, with revenues of £453 million. It was more than twice the previous year's figure of £216 million.
Meanwhile, Worldline (Euronext: WLN), a French provider of payment services, experienced a notable surge in yearly revenue during Q1 2023, reaching €1.07 billion. It reflected a growth rate of 9.2%. Out of this revenue, €758 million was generated from merchant services, marking an increase of 12.6%. Financial services accounted for €228 million, and mobility & e-transactional services contributed €84 million.
Fiserv (NASDAQ: FISV), a prominent payments processing giant in the United States, witnessed an upward trend in revenue, albeit with lower net income for the first three months of 2023. Revenues amounted to $4.55 billion, showcasing an increase of 10% year-over-year, while net income declined $106 million, settling at $576 million.
