Inpay Announces Record Results and Plans for Future Growth in Annual Report 2022
The Inpay Annual Report for 2022, released today at the company’s AGM in Copenhagen, Denmark, announced record results for the international payments firm and outlined plans for significant future growth within their UK office (London) and internationally across Asia, the Middle East and Europe. The Annual Result highlights include:
- Revenue of £42.7 million, up 26% year on year, from £34 million
- Profit before tax of £6.1 million, up 369% annually from £1.3 million
- Net profit of £5 million, up from £1.2 million in 2021
- EBITDA of £8.3 million, up from £2.7 million in 2021
- 2 million more international payments going through Inpay in 2022 than the previous year
The Danish-owned fintech company has seen revenues grow by almost £35 million since 2018. The growth is attributed to Inpay’s revolutionary approach and software technology, which is modernising the cross-border payments industry – a market where 97% of transfers are currently processed by traditional, old-fashioned, slow and expensive bank transfers.
Thomas Jul, CEO of Inpay comments: “We are extremely pleased with the results for 2022, which have provided a strong foundation for future growth and value creation for our customers, society and other stakeholders. With the structural changes and exceptional senior talent we have brought on board in 2022, we are ready to sustainably accelerate our growth and expand further over the coming years, with the continued goal of democratising payments across the globe.”
Inpay underwent a major transformation during 2022. Having previously been ranked as the sixth- fastest-growing fintech in Europe1, last year the company undertook an organisational restructure and made significant investments into the organisation, technology and leadership team. The new three year growth strategy unveiled in the Annual Report is designed to further increase its market share and capitalise on the vast international growth opportunities in the sector.
Inpay’s new strategy, outlined in the Annual Report, comprises four key focus areas:
- Cross-border payments in complex markets
- A secure global network
- Increased customer engagement
- A passionate culture with professionals driven to make a difference
Inpay is headquartered in Copenhagen, with a second office in London and a global network spanning over 100 countries. The company recently established a full ‘network development team’ in their London office, doubling the number of UK-based staff to more than 20 full-time employees, with further plans for expansion and growth over the next year.
Capitalising on Growth Opportunities in the Payments Market
Less than 3% of all global payments are processed outside of the traditional banking sector, which increases the amount of time and the costs of individual transfers. Traditional, established banks are less agile and are slower to adopt new innovations, which creates a significant opportunity to increase the market share for non-traditional providers. A report from Deloitte shows that traditional banks are facing significant challenges to their competitive advantages and traditional business models because of technological developments. By focusing on credit transfers and B2B payments, Inpay has a strong position in one of the fastest-growing subsectors in the world for cross-border payments.
Thomas Jul, CEO of Inpay continues: “Our core competence is to handle complex payments and ensure that they are executed easily and quickly for our customers and in full compliance with all regulations. In this way, we have turned one of the main challenges of delivering payment solutions into our biggest competitive advantage.”
Inpay’s services and products create a financial infrastructure that aligns with the company’s vision of uniting businesses and people around the world. Social responsibility has been an integral part of Inpay’s DNA from the very beginning, and the company is constantly exploring partnerships that can help humanitarian organisations around the world transfer money in a secure and cost-effective manner, so that a larger portion of donations goes to people in need.
In 2022, Inpay launched the PostalPay app in Uganda in partnership with PostBank Uganda and Posta Uganda, and in collaboration with the IFAD UN fund, making it easier for Ugandans in Europe to send money home to their families.
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