Breaking News
Unaudited Trading Update for the Year Ended 30 June 2017
Earthport is pleased to provide an unaudited trading update for the fiscal year ended 30 June 2017 (“FY 2017”).
Financial Highlights
- Revenues grew by approximately 33% to £30.3 million (FY 2016: £22.8 million)
o Approximately 90% of the revenue growth was driven by the existing client base
o Transactional revenues comprised 95% of FY 2017 total revenues
- Adjusted gross profit increased by approximately 30% to £20.7 million (FY 2016: £15.9 million)
- Adjusted gross margin decreased by approximately 2% to 68% (FY 2016: 70%)
- Administrative expenses decreased approximately to £25.5 million (FY 2016: £25.8 million), representing 84% of revenues (FY 2016: 113%)
- Adjusted EBITDA loss decreased by approximately 65% to £2.4 million (FY 2016: £6.9 million)
- Cash Balance at 30 June 2017 amounted to £11.9 million, compared to £14.4 million at 30 June 2016
Operational & Transactional Highlights
- Monetary value of transactions processed increased by 48% to $17.5 billion (FY 2016: $11.8 billion)
- Record number of transactions at approximately 11 million, up 67% (FY 2016: 6.6 million)
o Earthport’s payments processing platform continues to perform at a 99.9% “up-time” rate, ensuring virtually uninterrupted service for our clients
- A total of 143 new opportunities, inclusive of existing and new clients, are currently in the commercial pipeline
- Total of 10+ new countries in our Network pipeline
- Executed payments across 193 destination countries, in 49 currencies
- Average revenue per transaction of £2.64 (FY 2016: £3.12)
- Nuvo and Avalara Launch AI Integration to Eliminate Tax Compliance Gaps and Accelerate B2B Customer Onboarding Read more
- Lumin Digital Unveils Lumin Solaire, an AI-Native Intelligence Layer Embedded In Its Compounding Growth Platform Read more
- Sturgis Bank Partners with MANTL to Transform Business and Retail Account Opening Across All Banking Channel Read more
- Redbridge: Visa’s Commercial Enhanced Data Program (CEDP) – What Merchants Are Really Facing Read more
- TSAM London: FE fundinfo on Mastering Data and Unifying Operations in Asset Management Read more
Nuvo and Avalara Launch AI Integration to Eliminate Tax Compliance Gaps and Accelerate B2B Customer Onboarding
Nuvo Technologies, the AI-native customer-to-cash platform, today announced an integration with Avalara, the agentic AI leader in global tax and compliance. The integration connects Nuvo’s AI-powered onboarding with Avalara’s exemption certificate management and real-time tax calculation capabilities—enabling B2B suppliers to handle credit applications and tax compliance in a single, unified experience. The result is a single workflow where suppliers can approve customers and ensure tax compliance at the same time.
Lumin Digital Unveils Lumin Solaire, an AI-Native Intelligence Layer Embedded In Its Compounding Growth Platform
Lumin Digital, the Compounding Growth Platform for banks and credit unions, today unveiled Lumin Solaire, an AI-native intelligence layer embedded across its platform. The announcement was made at Lumination, the company’s annual client conference, where Lumin is showcasing its platform strategy and product roadmap.
Sturgis Bank Partners with MANTL to Transform Business and Retail Account Opening Across All Banking Channel
Alkami Technology, Inc. (Nasdaq: ALKT) ("Alkami"), a digital sales and service platform provider for financial institutions in the U.S., today announced a new partnership between MANTL, an Alkami solution team and leading provider of loan and deposit account opening technology, and Sturgis Bank, a community bank serving Michigan through 16 branches, to transform its account opening experience for business and retail customers. Through this partnership, Sturgis Bank will modernize onboarding across all physical and digital banking channels, reinforcing its commitment to delivering a seamless, efficient, and customer-centric experience while expanding accessibility and accelerating digital growth.
Reap and TerraPay Partner to Expand Local Payout Corridors Globally
Reap, the stablecoin-native global payments and financial platform infrastructure for businesses, today announced a strategic partnership with TerraPay, a global money movement company, to expand local cross-border payouts through direct access to domestic clearing systems worldwide.
Digital Assets Clearing Center Secures US$10 Million Funding for International Market Infrastructure
Digital Asset Clearing Center (DACC.HK), a next-generation financial market infrastructure for the tokenized economy, today announced US$10 million in funding from strategic partners including Conflux, Transaction Technologies Limited (“TTL”) and Global InfoTech. Traditional bank transfers continue to dominate the US$214 trillion cross-border payments market, but tokenized finance offers an alternative to slow settlement cycles, high transaction costs, fragmented data systems and regulatory barriers. Digital Asset Clearing Service offers seamless connections to the world's leading payment systems including Cross-Border Interbank Payment System (CIPS), blockchain networks and compliance infrastructure delivering end-to-end Clearing-as-a-Service (CaaS) for financial institutions.
Wyden Expands Digital Asset Liquidity Network by Integrating EDX Markets
Wyden, the leader in institutional digital asset trading technology, announced its integration with EDX Markets (EDX), a leading digital asset technology firm that combines an institutional-only trading venue with a central clearinghouse. This integration offers Wyden’s banking and brokerage clients access to EDX’s deep, aggregated liquidity and capital-efficient market structure.
Iress Appoints New CTO to Drive AI-led Modernisation
Iress (ASX: IRE) today announced the appointment of Darryl Campbell-Blackwell as Group Chief Technology Officer (CTO), a newly elevated role on the Global Leadership Team.
Nuvo and Avalara Launch AI Integration to Eliminate Tax Compliance Gaps and Accelerate B2B Customer Onboarding
Nuvo Technologies, the AI-native customer-to-cash platform, today announced an integration with Avalara, the agentic AI leader in global tax and compliance. The integration connects Nuvo’s AI-powered onboarding with Avalara’s exemption certificate management and real-time tax calculation capabilities—enabling B2B suppliers to handle credit applications and tax compliance in a single, unified experience. The result is a single workflow where suppliers can approve customers and ensure tax compliance at the same time.
Lumin Digital Unveils Lumin Solaire, an AI-Native Intelligence Layer Embedded In Its Compounding Growth Platform
Lumin Digital, the Compounding Growth Platform for banks and credit unions, today unveiled Lumin Solaire, an AI-native intelligence layer embedded across its platform. The announcement was made at Lumination, the company’s annual client conference, where Lumin is showcasing its platform strategy and product roadmap.
Sturgis Bank Partners with MANTL to Transform Business and Retail Account Opening Across All Banking Channel
Alkami Technology, Inc. (Nasdaq: ALKT) ("Alkami"), a digital sales and service platform provider for financial institutions in the U.S., today announced a new partnership between MANTL, an Alkami solution team and leading provider of loan and deposit account opening technology, and Sturgis Bank, a community bank serving Michigan through 16 branches, to transform its account opening experience for business and retail customers. Through this partnership, Sturgis Bank will modernize onboarding across all physical and digital banking channels, reinforcing its commitment to delivering a seamless, efficient, and customer-centric experience while expanding accessibility and accelerating digital growth.
Redbridge: Visa’s Commercial Enhanced Data Program (CEDP) – What Merchants Are Really Facing
Share this post: Share on LinkedIn Share on X (Twitter) Share on Facebook Share on […]
TSAM London: FE fundinfo on Mastering Data and Unifying Operations in Asset Management
Share this post: Share on LinkedIn Share on X (Twitter) Share on Facebook Share on […]
Reap and TerraPay Partner to Expand Local Payout Corridors Globally
Reap, the stablecoin-native global payments and financial platform infrastructure for businesses, today announced a strategic partnership with TerraPay, a global money movement company, to expand local cross-border payouts through direct access to domestic clearing systems worldwide.
Digital Assets Clearing Center Secures US$10 Million Funding for International Market Infrastructure
Digital Asset Clearing Center (DACC.HK), a next-generation financial market infrastructure for the tokenized economy, today announced US$10 million in funding from strategic partners including Conflux, Transaction Technologies Limited (“TTL”) and Global InfoTech. Traditional bank transfers continue to dominate the US$214 trillion cross-border payments market, but tokenized finance offers an alternative to slow settlement cycles, high transaction costs, fragmented data systems and regulatory barriers. Digital Asset Clearing Service offers seamless connections to the world's leading payment systems including Cross-Border Interbank Payment System (CIPS), blockchain networks and compliance infrastructure delivering end-to-end Clearing-as-a-Service (CaaS) for financial institutions.