Finseta posts 26% revenue growth in FY24, expands product portfolio and global footprint
When businesses are gaining market share and delivering strong double-digit growth, it's crucial to maintain momentum - while equally ensuring robust checks and balances, support infrastructure, and control systems are firmly in place.
This is exactly the approach of () , a specialist payments platform offering personalised services to private clients (eg HNWIs, 60%) and corporates (40%) who wish to execute complex cross-border transactions.
Today, it posted record results with adjusted Dec FY'24 EBITDA and net cash coming in at £2.0m (vs £1.7 LY) and £0.6m (£0.2m) respectively, thanks to improved gross margins (65.7% vs 63.4%) and an 18% jump in turnover to £11.4m (split £5.1m H1, £6.3m H2), or 26% LFL if discontinued 'white label' activities are excluded.
Here, not only expanded its client base (+16.8% to 1,059 active accounts), geographical footprint (Canada), commercial teams and product portfolio (re mass payments, solutions and cards), but also balanced organic growth by investing (re £1.4m capitalised R&D vs £0.6m amortisation) in its bank-grade infrastructure, regulatory checks, AI-powered monitoring and staff productivity.
This is just the start though. In 2025, the group plans to further invest in its software, regulatory/compliance systems and introducer network (Dubai) in order to accelerate top line growth.
Indeed, house broker Shore Capital Partners (target price 80p/share) is forecasting FY'25 adjusted EBITDA (+60%) of £1.7m and EPS of 1.2p on revenues up +32% LFL to £15.1m, climbing to £4.2m, 4.2p and £19.6m (32%) respectively in FY26 - in turn putting the shares (31p) on FY26 EV/EBITDA and PE multiples of only 4.2x and 7.4x, which appears cheap for a rapidly expanding tech firm.
Elsewhere, has also made a "strong start" to 2025, thanks to "continued growth in the number of active customers". CEO James Hickman adding: "2024 has been a landmark year. We expanded our product offering - most notably with the launch of the Finseta Corporate Card, mass payments and our geographical footprint in Canada and the UAE post year end. These new initiatives have already commenced generating revenue, which we expect to ramp in H2'25 and beyond. As a result, the Group is on track to report significant revenue growth for 2025, in line with the Board's expectations."
The cornerstone of the strategy being that to succeed in HNWI/B2B international payments, businesses need scale, high quality customer service, robust tech and 1st class risk management, in equal measure.
In this interview, CEO James Hickman and CFO Judy Happe of take me through today's record FY'24 results, strong start to 2025, and long-term expansion strategy.
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