CAB
Payments, a publicly-listed company in the cross-border payments and foreign
exchange market has announced its financial results for 2023. According to the
report published today (Tuesday) it achieved a 25% year-on-year (YoY) increase
in gross income, reaching £137.1 million compared to £109.4 million in 2022.
The growth
was driven by income increases across all four client segments, with Wholesale
FX and Payment FX income, rising by 28% YoY. Adjusted EBITDA also saw a
significant 17% increase, reaching £64.6 million, although the adjusted EBITDA
margin slightly decreased to 47% from 50% in 2022.
Despite the
strong performance, EBITDA was down 12% at £43.5 million, largely due to
IPO-related costs. However, the company’s client base and banking partnerships
continued to expand, with total active clients increasing by 12% to 509 and
banking partners growing by 16% to 331, including a 17% growth in payment
partners.
“2023 was
another year of strong growth for the Group,” Bhairav Trivedi, the Chief
Executive Officer of CAB Payments , commented. We attracted 83 new clients to an
already high-quality list, made up of G10 government entities.”
The
company’s gross income by product type showed an 8% increase in FX income,
reaching £68.5 million, while payments income grew by 2% to £34.2 million.
Total transactional income increased by 6% to £102.7 million, and other banking
services saw a significant 179% increase, contributing £34.3 million to the
overall gross income.
CAB
Payments is in the final stages of obtaining its EU license and also expects to
receive its US authorization in the second half of 2024. These licenses are
expected to open up significant additional sales channels for the company,
particularly among high-quality development organizations and remittance
providers that move considerable sums into CAB Payments’ key markets.
The article is under development.
CAB
Payments, a publicly-listed company in the cross-border payments and foreign
exchange market has announced its financial results for 2023. According to the
report published today (Tuesday) it achieved a 25% year-on-year (YoY) increase
in gross income, reaching £137.1 million compared to £109.4 million in 2022.
The growth
was driven by income increases across all four client segments, with Wholesale
FX and Payment FX income, rising by 28% YoY. Adjusted EBITDA also saw a
significant 17% increase, reaching £64.6 million, although the adjusted EBITDA
margin slightly decreased to 47% from 50% in 2022.
Despite the
strong performance, EBITDA was down 12% at £43.5 million, largely due to
IPO-related costs. However, the company’s client base and banking partnerships
continued to expand, with total active clients increasing by 12% to 509 and
banking partners growing by 16% to 331, including a 17% growth in payment
partners.
“2023 was
another year of strong growth for the Group,” Bhairav Trivedi, the Chief
Executive Officer of CAB Payments , commented. We attracted 83 new clients to an
already high-quality list, made up of G10 government entities.”
The
company’s gross income by product type showed an 8% increase in FX income,
reaching £68.5 million, while payments income grew by 2% to £34.2 million.
Total transactional income increased by 6% to £102.7 million, and other banking
services saw a significant 179% increase, contributing £34.3 million to the
overall gross income.
CAB
Payments is in the final stages of obtaining its EU license and also expects to
receive its US authorization in the second half of 2024. These licenses are
expected to open up significant additional sales channels for the company,
particularly among high-quality development organizations and remittance
providers that move considerable sums into CAB Payments’ key markets.
The article is under development.
