Boku Inc.
(LON: BOKU) has announced higher revenues for the first half of 2024 and
appointed a new Chief Financial Officer (CFO) as the company continues its
expansion in the localized payment methods (LPMs) market.
Mobile Payments Company
Reports 23% Revenue Boost
The provider
of global mobile payment solutions, reported expected revenues of at least
$47.0 million for the six months ended June 30, 2024, marking a 23% increase
from $38.2 million in the same period last year. On a constant currency basis,
the growth was even more visible at 30%, primarily driven by increasing
transaction volumes from existing merchants.
“Boku
is targeting the $2.2 trillion market in cross border ecommerce, within which
it is predicted that 60% will occur using local payment methods by 2028,”
commented Stuart Neal, Boku’s CEO. “Throughout H1 2024, we have continued to
make bold steps towards becoming the world’s best network for localised payment
methods, including the creation of world leading licensed money movement
capabilities, due to complete in H1 2025.”
Neal is the
new president of Boku, having taken over the position at the beginning of this
year from Jon Prideaux.
The
company’s carrier-related revenues, including Direct Carrier Billing (DCB) and
Bundling, showed continued resilience with double-digit growth compared to H1
2023. Digital Wallets and Account-to-Account (A2A) revenues saw a significant
uptick of over 50%, rising from $7.5 million in H1 2023, demonstrating
increasing adoption, including the notable launch of Google on BLIK in Poland.
Boku’s
operational metrics also showed strong growth, with Monthly Active Users (MAUs)
of the Boku platform reaching 79.6 million in June 2024, a 30% increase from
61.2 million in June 2023. Total Payment Volume (TPV) rose to $5.8 billion in
H1 2024, up 17% from $5.0 billion in H1 2023, with an even higher growth of 26%
on a constant currency basis.
A
few months ago, the company also reported its results for the entire year of
2023, showing a 178% jump in profit and an increase in new customers by more
than 66 million. Boku closed the year with a pre-tax profit of $11.4 million.
The net profit was at $10.1 million, compared to $4.3 million in the previous
year
New CFO Joins Boku
In a
separate announcement, Boku revealed the appointment of Rob Whittick as its new
Chief Financial Officer, effective immediately. Whittick, a Chartered
Accountant, brings over 25 years of experience from Natwest Group plc, where he
held various senior roles, including Finance Director for Commercial and
Private Banking.
“He
brings with him a wealth of experience and knowledge, in particular financial
and operational expertise from within a large and complex organization,
invaluable as we progress our own scaling journey,” Neal welcomed Whittick to
the team.
The move
comes after the company’s long-standing CFO, Keith Butcher, announced in early
May that he would retire after 40 years of service in the financial industry.
As Boku
continues to invest in its core back-end infrastructure throughout 2024 and
2025, the company aims to enable scalable growth over the next five years,
preparing for an acceleration in regulated A2A volumes and material increases
in cross-border transactions.
“I am
excited to be joining Boku at such an important time in the Company’s
development,” added Whittick. “I look forward to working closely with Stuart
and the team to drive continued growth and innovation, and to contribute to
Boku’s ongoing success.”
This article was written by Damian Chmiel at www.financemagnates.com.
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