Stuart Neal, CEO of London-listed fintech Boku is “really pleased” with the group’s half-year results, having posted a revenue bump of 24%.
Boku is a localised payment solutions provider with products including mobile payments and digital wallets.
The group, which listed on London’s AIM exchange in 2017, reported revenue of $47.3m (£35.4m) for the six months ended 30 June 2024.
Speaking to UKTN, Neal attributed the rising turnover to the company’s international work, with cash coming from all four corners of the globe.
In the first half of the year, Boku connected Polish payment system Blik with Google, connected Netflix “to a wallet in Italy called Satispay” and saw revenue growth from various product rollouts in Thailand, Japan, Taiwan, Germany and the Middle East.
“We’re not really dependent on one or two things. It’s coming from the whole portfolio,” Neal said.
Though revenue was up for the first half of the year, a surge in expenses swung the results from a total comprehensive profit in the first half of 2023 of £2.2m to a loss of £1.6m.
Neal, however, was far from concerned, describing the rising costs as a “deliberate” method of scaling.
“We have to fund the growth, which is, more connections and more entities in more markets,” Neal said.
“If we’re going to build a bigger skyscraper, we need to have deeper foundations. That means better treasury systems, more process engineering, and automation of the back office.”
Boku shares were up marginally at the opening of the markets on Tuesday at a value of 163.00 but have since dipped to 161.40.
No dividend was paid during the current financial period.