Payments Firm Boku Turns $4.4 Million Profits in 2021

Boku (AIM: BOKU), a provider of mobile payment solutions, posted its financial results for 2021, reporting $4.4 million in net profits before taxes, coming out from a loss of $17.3 million that it turned in 2020. The adjusted EBITDA of the company increased by 31 percent to $20 million.

The audited figures came in line with estimated figures for last year posted by the London company earlier.

The company’s revenue for the period jumped by 23 percent. In absolute terms, revenue for the period came in at $69.2 million, compared to $56.4 million in the previous year. It ended the year with a closing cash balance of $62.4 million, compared to the previous year’s $48.6 million.

The revenue from the payment division of the company came in at $62.1 million, which is 21 percent higher than the previous year. The adjusted EBITDA from the division strengthened to $22.9 million from $19.2 million.

Additionally, the monthly active users of Boku’s payments division grew by 3.5 million, ending December with 32.3 million users in total. Further, the total payment volume jumped by 18 percent to $8.2 billion in 2021.

Moreover, revenue from Boku’s identity division jumped by 37 percent to $7.1 million. In addition, it narrowed the EBITDA loss to $2.9 million from the previous year’s $3.9 million.

Growth Continues

Entering 2022, the company is already witnessing an impressive growth of its eWallets and real-time payments with monthly active users exceeding 1.4 million in February.

“Going forward, 2022 will see the emergence of Boku as a pureplay payments company, with the leading position in Direct Carrier Billing and rapid growth in other local payment methods, such as eWallets and Real-Time Payments,” said Boku’s CEO, Jon Prideaux.

"We will invest further in building out our network and systems. This year we will broaden our M1ST network, grow existing merchants, recruit more new merchants who do not use us for DCB and expand into new territories. Non-DCB payments will, for the first time, be a material part of our growth.”