SafeCharge (UK) Limited, a subsidiary of the namesake payments group, has published its annual financial results for 2019, showing a major increase in the revenue and nearing a fourfold jump in net gains.
The UK unit provisions marketing and support services to the payments group company, SafeCharge International Group Limited, and also to Cyprus-regulated SafeCharge Limited, which operates as an electronic money institution.
According to the Companies House filing, SafeCharge (UK) ended 2019 with revenue of almost £4.12 million, compared to the previous year’s revenue of £2.56 million. That was an annual increase of 156 percent.
The company ended up with a net profit of £217,654, gaining around 260 percent from the previous year, a £60,476 gain.
The massive gain in revenue and profits further pumped the expenses of the company higher as a significant jump was reported across all expense lines.
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“The Company’s development to date, financial results, and position as presented in the financial statements are considered satisfactory,” the filing noted. “There are no significant developments in the company’s activity.”
SafeCharge expanded its business in the United Kingdom in 2018 after obtaining a license from the Financial Conduct Authority for its subsidiary SafeCharge Financial Services Limited.
Making of Another Payments Giant?
Founded in 2016, SafeCharge is a well-known payments infrastructure provider across Europe. The company was acquired by the Nuvei Group in 2019 for $889 million, giving its Co-founder and long-running CEO, David Avgi a profitable exit.
Avgi, along with several of his former SafeCharge colleagues, has co-founded another fintech, UNIPaaS, which recently gained a payment institution license from the British regulator. The startup is focusing on cloud-based services offering flexible pay-in/pay-out options for both local and global customers and is targeting companies in both B2B and B2C arenas.