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 business
segments, primarily fueled by the expansion and scalability of its payment
platform.
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 by 91% to £73.3 billion in 2022, a testament to
its strong performance across all segments. This growth was accompanied by a
58% increase in revenue to £220.1 million, with a notable boost from ‘Payments
– Financial Institutions’ sector. The EBITDA also rose by 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 a 75% increase in trading
volumes to £20.0 billion and a 22% growth in revenue. The EBITDA growth for the
quarter was consistent with the full-year results from 2022, maintaining the
32% EBITDA margin.
Investments
made by the company have also 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 the 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 also 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%. Within this revenue, €758 million was
generated from merchant services, marking a 12.6% increase. 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,
also 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 a
10% year-over-year increase, while net income declined by $106 million,
settling at $576 million.
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 business
segments, primarily fueled by the expansion and scalability of its payment
platform.
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 by 91% to £73.3 billion in 2022, a testament to
its strong performance across all segments. This growth was accompanied by a
58% increase in revenue to £220.1 million, with a notable boost from ‘Payments
– Financial Institutions’ sector. The EBITDA also rose by 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 a 75% increase in trading
volumes to £20.0 billion and a 22% growth in revenue. The EBITDA growth for the
quarter was consistent with the full-year results from 2022, maintaining the
32% EBITDA margin.
Investments
made by the company have also 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 the 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 also 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%. Within this revenue, €758 million was
generated from merchant services, marking a 12.6% increase. 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,
also 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 a
10% year-over-year increase, while net income declined by $106 million,
settling at $576 million.
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- Source: https://www.financemagnates.com//fintech/moneycorp-reports-record-year-and-positive-q1-2023-performance/
