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 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 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.