Multicurrency payments fintech FairFX’s share price rose by as much as 15 per cent this morning, after announcing more than £1bn in turnover for the first half of 2018 boosted by its recent acquisition spree.
Total turnover for the first six months of the year was up by 146.2 per cent year-on-year from £434m in 2017, the company reported this morning in a regulatory filing. This included the results from its newly-acquired entities Cardone and City Forex.
The company has said it is confident it will meet full-year expectations, as it targets the digital banking sector to become a renowned player among the likes of Monzo, Starling and Revolut.
Like-for-like turnover for prepaid cards and international payments rose 8.5 per cent to £181.7m and 39.1 per cent to £334.6m respectively, bolstered by the acquisitions of Cardone and City Forex in these two areas.
Read more: FairFX grabs CardOne for £15m and raises an extra £26m
When acquisitions are removed from the equation, like-for-like turnover was up 22.8 per cent to £532.9m.
“The performance of FairFX during the first half of 2018 demonstrates the execution of the Company’s strategy to scale its core FX services whilst evolving the digital banking offering,” said chief executive Ian Strafford-Taylor.
“The substantial growth in turnover has also been achieved without reduced margins and this gives us great confidence for the prospects for 2018 and beyond.”
In late afternoon trading, FairFX’s share price was up by 13.25 per cent at 129p, taking it over the £200.5m market cap.