Fintech payments group Equals announced that it significantly exceeded full-year revenue expectations this morning, with a 51 per cent boost to £40.4m, compared to a previous £26.8m for the same period in 2020.
The fintech announced this morning that group revenue for the period between 1 October to 6 December was £11.6m compared to £5.7m for the same period last year – an increase of 105 per cent.
Underlying revenues rose by 45 per cent over the year to date and 78 per cent in the October to December period. These significant increases have been largely driven by strong demand for the ‘Equals Solutions’ proposition, the new multicurrency product aimed at larger businesses, which has generated £3.1m in the year to date; along with substantial growth in both the Group’s Spend platform and its white-label business.
As a company focused on the SME marketplace, Equals results benefitted from material international payments transactions for a large corporate client that generated revenue of £1.5m.
Ian Strafford-Taylor, chief exec, said: “I am delighted to be able to inform the market that the strong performance we saw in September and October has continued and allowed us to significantly surpass the market expectations for the full year in early December.”
“Our results show the results of strategic steps we undertook three years ago to pivot the business to a B2B-focus and to invest into our platforms and connectivity.”