Moneycorp, an internationally recognized cross-border payments provider, has announced record full-year 2022 financial results and a transaction update for the first quarter of 2023. In its milestone year, the company experienced significant growth across all business segments, driven primarily by the expansion and scalability of its payments platform.
In 2022, Moneycorp will conduct more than £70 billion in cross-border transactions on behalf of its clients, highlighting its strong presence in global markets.
The company saw a 91% increase in trading volume in 2022 to reach £73.3bn. This is a testament to the strong performance across all segments. This growth was accompanied by a 58% increase in sales in the Payments – Financial Institutions sector to £220.1m. EBITDA also increased by 85%, bringing the Group’s EBITDA margin to 32%.
“Our strong performance and the efficiency of our proprietary technology put us well-positioned in a rapidly expanding global marketplace,” said Mark Hogan, CEO of Moneycorp.
Moneycorp has a strong first quarter of 2023
Moneycorp’s Q1 2023 performance continued to show growth, with volumes up 75% to £20bn and revenue up 22%. EBITDA growth in the quarter was in line with full-year 2022 results, maintaining an EBITDA margin of 32%.
The company’s investment has also improved its operations. The company launched a new internal system, Soteria, in June 2022. The system will enable real-time monitoring of all transactions that pass through Moneycorp’s platform, enhancing the company’s key differentiator, its compliance processes.
Despite the uncertain economic climate, the company remains optimistic about the year ahead. In its outlook for 2023, the company said, “Moneycorp’s strong and resilient business model and extensive regulatory track record, backed by over 40 years of experience in the global currency and payments markets, will continue to be We will continue to be a differentiator for our customers.”
New Market, New CEO
Six months ago, Moneycorp announced the expansion of its European presence with a launch in France. In addition, the company has hired Cyril Léger to head its Paris-based subsidiary Moneycorp France.
“Our customers will benefit from the reliable service and cutting-edge technology that Moneycorp is known for, and we look forward to expanding the team in the years to come,” said Leger.9 said in the month.
Previously, Mr. Léger led the French operations of Eberly and iBanFirst. Besides that, according to his Linkedin profile, he has worked in banks such as his LCL, Crédit Agricole CIB and CIC.
Payments companies report strong numbers
Other fintech and payment companies have also performed well in recent days. UK-based innovative bank Stirling Bank announced its financial year ending 31 March 2023 with turnover of £453m. That was more than double the previous year’s figure of £216m.
French payment service provider Worldline (Euronext: WLN), meanwhile, posted a notable increase in annual revenue in the first quarter of 2023, reaching €1.07 billion. This reflected a growth rate of 9.2%. Of this revenue, he earned €758 million from merchant services, an increase of 12.6%. Financial services accounted for his €228 million, and mobility and e-commerce services €84 million.
Prominent US payment processing giant Fiserv (NASDAQ: FISV) has also seen revenue growth in the first three months of 2023, despite a decline in net income. Revenue he reached $4.55 billion, a 10% year-over-year growth. Net income fell by $106 million year-over-year to settle at $576 million.
Moneycorp, an internationally recognized cross-border payments provider, has announced record full-year 2022 financial results and a transaction update for the first quarter of 2023. In its milestone year, the company experienced significant growth across all business segments, driven primarily by the expansion and scalability of its payments platform.
In 2022, Moneycorp will conduct more than £70 billion in cross-border transactions on behalf of its clients, highlighting its strong presence in global markets.
The company saw a 91% increase in trading volume in 2022 to reach £73.3bn. This is a testament to the strong performance across all segments. This growth was accompanied by a 58% increase in sales in the Payments – Financial Institutions sector to £220.1m. EBITDA also increased by 85%, bringing the Group’s EBITDA margin to 32%.
“Our strong performance and the efficiency of our proprietary technology put us well-positioned in a rapidly expanding global marketplace,” said Mark Hogan, CEO of Moneycorp.
Moneycorp has a strong first quarter of 2023
Moneycorp’s Q1 2023 performance continued to show growth, with volumes up 75% to £20bn and revenue up 22%. EBITDA growth in the quarter was in line with full-year 2022 results, maintaining an EBITDA margin of 32%.
The company’s investment has also improved its operations. The company launched a new internal system, Soteria, in June 2022. The system will enable real-time monitoring of all transactions that pass through Moneycorp’s platform, enhancing the company’s key differentiator, its compliance processes.
Despite the uncertain economic climate, the company remains optimistic about the year ahead. In its outlook for 2023, the company said, “Moneycorp’s strong and resilient business model and extensive regulatory track record, backed by over 40 years of experience in the global currency and payments markets, will continue to be We will continue to be a differentiator for our customers.”
New Market, New CEO
Six months ago, Moneycorp announced the expansion of its European presence with a launch in France. In addition, the company has hired Cyril Léger to head its Paris-based subsidiary Moneycorp France.
“Our customers will benefit from the reliable service and cutting-edge technology that Moneycorp is known for, and we look forward to expanding the team in the years to come,” said Leger.9 said in the month.
Previously, Mr. Léger led the French operations of Eberly and iBanFirst. Besides that, according to his Linkedin profile, he has worked in banks such as his LCL, Crédit Agricole CIB and CIC.
Payments companies report strong numbers
Other fintech and payment companies have also performed well in recent days. UK-based innovative bank Stirling Bank announced its financial year ending 31 March 2023 with turnover of £453m. That was more than double the previous year’s figure of £216m.
French payment service provider Worldline (Euronext: WLN), meanwhile, posted a notable increase in annual revenue in the first quarter of 2023, reaching €1.07 billion. This reflected a growth rate of 9.2%. Of this revenue, he earned €758 million from merchant services, an increase of 12.6%. Financial services accounted for his €228 million, and mobility and e-commerce services €84 million.
Prominent US payment processing giant Fiserv (NASDAQ: FISV) has also seen revenue growth in the first three months of 2023, despite a decline in net income. Revenue he reached $4.55 billion, a 10% year-over-year growth. Net income fell by $106 million year-over-year to settle at $576 million.