28 May 2024, London, UK: Leading payment and FX provider IFX Payments has enjoyed a record financial year with profits soaring 59% and revenues up by a quarter.
The global fintech saw its top line for 2023/24 hit £41m, up from £33m the previous year, while profits increased from £5.8m to £9.2m.
IFX Payments' performance comes against a backdrop of a large growth in international payments and a surge in demand for solutions to manage them, such as its flagship ibanq platform. Research from the Bank of England shows the value of cross-border payments is expected to be $250billion (£197billion) by 2027, a $100billion increase since 2017[1].
A multi-currency virtual IBAN account, ibanq works with IFX’s foreign exchange services and global payments network, enabling companies to accept and collect payments in 38 currencies and pay out in over 100.
The last 12 months has seen IFX strengthen its top team with several key hires, including the appointment of Sara Cass as Chief Compliance Officer and Graham Ridley joining from Barclays as the company’s new Strategy Director.
Its growth strategy includes plans to expand into new international markets. Last August IFX acquired a licence to operate as a foreign money services business in Canada as it seeks to enhance its global footprint and win new clients.
In the UK, the company has also seen its profile increase thanks to a new partnership with Premier League club AFC Bournemouth, building upon cross-industry deals with Brentford, Scottish top-flight side Hibernian and recent League One Playoff winners Oxford United.
Will Marwick, CEO at IFX Payments, comments: “As a growing company with a global outlook we know the challenge of managing processes across multiple countries and have made it our mission to help deliver efficient and reliable international payments for our clients through ibanq.
“This record financial year is a testament to the hard work and dedication of the IFX Payments team. Moving forward we are committed to expanding into new markets and territories, helping more businesses to streamline their payments.”
[1]https://www.bankofengland.co.uk/payment-and-settlement/cross-border-payments
