Finseta secures licence to expand payment services in UAE
Dubai's property market is booming thanks to strong business/consumer confidence, a healthy local economy (est GDP 2025 and 2026 of 4.5% and 5.5%) and an expected doubling of foreign direct investment over the next 6 years.
This represents a perfect opportunity for B2B international payments firm () to provide its best-in-class multi-currency forex platform to SMEs and HNWIs via its successful introducer-led strategy.
Indeed, alongside the Canadian 'Money Services' license, which was granted in Feb'24, the Board said today that the Dubai Financial Services Authority had also approved to operate in the UAE - marvellous news which should accelerate both the top and bottom lines in 2026 and beyond.
That said, before reaping the rewards of overseas expansion, investment in sales, compliance and overheads is required. Not only in Dubai and Canada, but also for the group's recently launched corporate card programme. Together, this means that FY25 operating expenses are likely to be higher than current expectations although should "increase profitability" in the medium term.
Regarding numbers, Shore Capital will issue their revised forecasts shortly, but were previously anticipating FY'25 revenues, adjusted EBITDA (+60%) and EPS of £14.1m (+26% LFL), £3.2m and 3.1p respectively, climbing to £16.7m, £4.6m and 4.8p in FY26.
CEO James Hickman adding: "The receipt of this licence marks another milestone in the execution on our strategy. As one of the world's top financial centres, Dubai represents a significant opportunity for Finseta. We already have established foundations there, which with some initial investment, we expect to scale to drive strong growth in this market. Our introducer-led go-to-market approach is also particularly well-suited to this business environment with international professional services and advisory firms having a substantial presence. We look forward to expanding our activities in Dubai and reporting on our progress."
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