FX and payment technology expert Finablr registers rise in income in first 9 months of 2019

Group Adjusted Income for the nine months to end-September 2019 amounted to $1,168 million, up 9.0% from the corresponding period a year earlier.

Finablr PLC (LON:FIN), provider of cross-border payments, FX and payment technology, today issued its trading update for the 9 months to September 30, 2019.

During the first nine months of 2019, Group Adjusted Income amounted to $1,17 million, up 9.0% in annual terms.

Group Adjusted EBITDA for the period was $182.3 million, up 22.1% from a year earlier. Underlying Group EBITDA margin was 15.6%, up 167 bps from the same period a year ago.

Total processed volumes (TPV) for the first nine months of 2019 totalled $97.2 billion, up 13.5% from a year earlier.

The company noted the strong continued momentum in its B2B and Payment Technology Solutions segment, as demonstrated by several commercial partnerships announced recently.

On October 3, Finablr announced it was teaming up with Samsung Pay to provide international money transfer through an in-app service to 47 countries, within Samsung’s native mobile wallet.

On October 22, Finablr announced a commercial partnership with Airtel Africa that will enable customers to send money from over 100 countries into Airtel Money wallets across Africa.

Further, on October 29, Finablr said it entered into an MOU with China Union Pay to collaborate on cross border payments into mainland China, digital wallets, digital shopping, VAT refunds and acceptance of Union Pay issued cards at Finablr managed ATM networks.

In terms of outlook, Promoth Manghat, Group CEO, said:

“We reaffirm the guidance and outlook provided at the time of IPO and remain highly confident in the future prospects of the business”.

Let’s recall that Finablr got listed on the London Stock Exchange on May 20, 2019.