Foreign exchange and payments solutions provider Finseta (LSE: FIN) reported strong financial performance for 2024. Underlying revenue climbed 26% to £11.3 million as the company expanded its customer base.

Finseta Reports 26% Revenue Growth in 2024, Driven by Customer Base Expansion

The London-listed fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term firm saw its active customer count rise to 1,059 from 906 in the previous year, while adjusted EBITDA increased 18% to £2.0 million. The company's gross margin improved to 65.5%, up from 63.4% in 2023.

Private clients, primarily high-net-worth individuals, accounted for 59% of total revenue, while corporate accounts contributed 40%. The remaining 1% came from a licensing agreement related to its former subsidiary, Avila House.

“This has been a milestone year for our company,” said James Hickman, CEO of Finseta. “We undertook several significant strategic initiatives while continuing to deliver strong growth.”

The latest data reveals that following a strong first half of the year, during which Finseta increased its revenue by 42%, the second half of 2024 also maintained positive momentum. During this period, revenue reached £5.1 million, significantly exceeding the £3.6 million reported in H1 2023.

Cash and cash equivalents strengthened to £2.6 million by year-end, resulting in a net cash position of £0.6 million, up from £0.2 million at the end of 2023. Operating cash flow reached £2.2 million, showing improvement from £2.0 million in the previous year.

“Our agreement with Mastercard, establishing a presence in Canada and adopting ‘Finseta’ as our new company name have strengthened our business and our ability to deliver value,” Hickman added. “Accordingly, we have entered 2025 with confidence and we look forward to reporting on further progress.”

Finseta is not the only LSE-listed company to report revenue growth this week. On Monday, Plus500 also released its financial results, revealing revenues of approximately $768 million and an EBITDA of about $342 million for 2024.

Forex Company

Finseta plc operates as a specialized foreign exchange and payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term solutions provider, focusing on high-value transactions for corporate clients and high-net-worth individuals. Founded in 2010 and headquartered in London, the company leverages its proprietary technology platform to facilitate cross-border payments in over 150 countries using 58 currencies.

The company's core business revolves around providing multi-currency accounts and payment solutions through a combination of technological infrastructure and personalized service.

Unlike competitors in the retail space, Finseta specifically targets the high-value, compliance-intensive transaction segment. Their platform enables clients to manage, maintain, and distribute funds from a single account, offering support for major currencies including the USD, EUR, and GBP.