London, UK, 5 September 2024 – Moneycorp, a leading cross-border payments business, today publishes its results for the full year 2023.

Velizar Tarashev, Group CEO of Moneycorp commented: 

Group Financial Highlights

·         The Group reported a strong set of results for 2023 with record EBITDA of £78m and revenue of £224m representing growth of 11% and 2% respectively. These financial results underscore our strong business with diversified revenue streams, continuing to grow and invest strategically to drive future scale and deliver exceptional value to our clients.

·         In 2023, we experienced a more normalised market environment (compared to 2022) with lower volatility, although higher inflation and interest rates. These dynamics contributed to a dampening effect on trading revenues. However, improved interest income and a close management of costs drove profit growth.

·         EBITDA margin increased by 3 percentage points to 35%, highlighting the Group’s efficient operating model and ongoing strategic investment in core operations, technology and support functions.

·         Profitability and effective cash conversion enabled us to continue to make significant investments into both our people and platform to support our ambitious future growth plans. As of December 2023, our team comprised of 635 FTEs, an increase of 4% on the prior year. Additionally, we invested £19m of capital expenditure into our key technology systems.

Operational Highlights

·         A number of senior appointments have been made across the business, balancing internal succession and external hires to both the Board and Executive Committee, helping accelerate the next phase of Moneycorp’s evolution and growth. Appointments include Velizar Tarashev as new Group CEO in July 2023 and Richard Brice as Group CFO in December 2023.

·         Client satisfaction remains high, with a Net Promoter Score (NPS) of +72, and 89% of Group revenue earned from repeat clients.  The Group was honoured with Feefo’s 10 Years of Excellence Award and Platinum Trusted Service Award, reflecting our client centric approach.

·         We maintain an unrelenting focus on client safety. Our ISO 27001 security accreditation, SOC 2 certification received in June 2023, and investment in Soteria, the Group’s proprietary transaction monitoring system, underscore our commitment to risk management.  

·         The Moneycorp Academy was launched in September when we welcomed 18 apprentices across operational and commercial teams. This initiative reflects our commitment to nurturing talent, promoting diversity, and investing in the development of the next generation of leaders.

Outlook

2024 looks to be an exciting year for Moneycorp. We have a clear roadmap and remain focused on growing our core business, whilst also progressing our application for a US banking charter. With significant investment in our people and technology in recent years, we are poised for growth.

The macro-economic environment for 2024 presents its own challenges with an unprecedented number of local elections happening globally and continued uncertainty over inflation and interest rates. However, in an increasingly uncertain world, our market opportunities will continue to increase as we help clients navigate complexity in cross-border payments and mitigate risk.

Enquiries:

Chief Marketing and Communications Office

Ana Figueiredo 

Annabel Sambrook 

Email: pressoffice@moneycorp.com