Moneycorp Posts 70% Rise in Group EBITDA for Q1 2022

UK-headquartered payments giant, Moneycorp recently published its financial results for the full-year 2021 and provided a trading update for the three months ended 31 March 2022. The financial services provider reported a spike of almost 70% YoY in Group EBITDA during the first quarter of 2022 as the figure reached £14.84 million, compared to £8.7 million in Q1 of 2021.

The London-based payments firm witnessed growth across all business areas. Additionally, Moneycorp onboarded 2.9k new clients during the first three months of 2022. As far as volume is concerned, Moneycorp witnessed growth in North America, the EU and the UK.

"The new financial year has started well, with Q1 results substantially ahead year-on-year across all business units. Whilst we remain alert to geopolitical and macro-economic conditions, the momentum we have demonstrated gives us confidence in the outlook for Moneycorp in 2022 and beyond,” Mark Horgan, the Chief Executive Officer at Moneycorp, said.

In 2020, Moneycorp received e-money and MiFID licenses in Ireland to expand its presence in the region.

2021 Results

For the full year of 2021, the payments company witnessed a growth of 30% in gross revenue. EBITDA, on the other hand, climbed 38% compared to the previous year. In 2021, almost 61% of global payment transactions were completed through either the Group’s online payments platform or mobile app.

"We are delighted to announce a very strong set of 2021 results. The investments we have made to refocus the business as an international, digitally enabled payments provider, have resulted in significant growth and market share gains, with 84% of income now derived from B2B payments and banking services. We remain focused on our strategy to grow our position as a world-leading digital payments platform by capitalizing on the strength of our technology, high-quality service, transparent pricing and cost-efficient operating model,” Horgan added.