Mobile Payments Firm Boku Posts 38% H1 Revenue Jump

Boku Inc. (AIM: BOKU), which provides mobile payment and identity solutions globally, has published its half-yearly interim financials for the first six months of 2021, reporting a 38 percent jump in group revenue.

The revenue figure for the period came in at $34.2 million, which is up from the previous year’s $24.7 million. Additionally, the group consolidated the business from Fortumo, which it acquired on July 1, 2020. Without Fortumo, the Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term company’s revenue climbed by a solid 21 percent.

In addition, the growing business activities pushed the gross adjusted EBITDA to 61 percent higher at $10.3 million. Further, operating profits of the company jumped to $2.3 million from the previous year’s $0.2 million.

Moreover, the pre-tax profits of the payments company climbed to $1.9 million, which is significantly higher than the $0.09 million generated in the previous year.

Demand for Payment Services Is Increasing

Boku is known for its Mobile First Payments Network (M1ST) that provides more than 330 mobile payments methods, according to the company. Headquartered in London, the company has some high-profile clients like Apple, Facebook, Google, Microsoft, Netflix, PayPal, Sony, Spotify and Tencent.

The payments division of the company brought most of the business, generating revenue of $30.7 million and climbing 40 percent from the previous year. Also, Consolidation of Fortumo helped this figure to jump, but even without the new subsidiary, the figures jump 20 percent.

Furthermore, the monthly active user base of the company increased 46% as the platform handled $4 billion in total payment volume in six months.

Boku CEO Jon Prideaux said: “Our short run performance has been strong, we think our long-term future is brighter still. With positive momentum in both the Payments and Identity businesses, I am confident in our ability to meet the revised, increased expectations over the full year.”