ISX Financial Reports Exceptional Q4 2023 Earnings
Nicosia, Feb 1, 2024 AEST (ABN Newswire) - In a remarkable demonstration of financial strength and strategic growth, ISX Financial (ISX) is proud to announce its Q4 2023 earnings, marking a period of substantial growth and profitability. These results underscore our commitment to excellence as a leading 'banktech' payments company.
Key Highlights of Q4 2023:
Solid Growth: ISX is happy to report a 35% year-on-year revenue increase, showcasing a robust 39% growth quarter-over-quarter. Our net assets have also seen a remarkable 50% year-on-year increase, coupled with an 18% rise quarter-over-quarter. This growth trajectory is a testament to our innovative business model and exceptional service offerings, including multi-currency corporate accounts, Native EU IBANs, and Native UK Sort Codes.
Profitability Assurance: In Q4 FY2023, our EBITDA margin stood at an impressive 31%, cementing our position as a financially robust entity in the 'banktech' sector. This profitability is a direct result of ISX's strategic initiatives and operational efficiency, assuring stakeholders of our financial strength and sustainability.
Investing in the Future: Reflecting our commitment to innovation and future growth, ISX Financial has invested EUR2.5 million in Research and Development this year. This investment is a cornerstone of our strategy to propel our vision forward, ensuring that we remain at the forefront of technological advancements in the financial sector.
Guidance for 2024: As ISX looks ahead, our target is set to achieve EUR45 million in revenue by the end of 2024. We are committed to maintaining our EBITDA/profitability margin within the 25-35% range, focusing on sustainable growth and value creation for our clients and stakeholders.
Managing Director & CEO, Nikogiannis Karantzis, said "I am thrilled with the results and our growth profile, whilst maintaining profitability and margins. 2023 is another profitable year for ISX, that sets the group up for a listing event on a regulated market. As we celebrate these achievements, I invite our valued clients, partners, and stakeholders to join us on this exciting journey ahead as we prepare for listing."
*To view the Q4 Presentation, please visit:
About ISX Financial
ISX Financial EU PLC is a 'banktech' company that leverages its own technology to provide financial services to merchants across the EEA & UK. The company's combined payments stack and infrastructure provides a complete end-to-end transactional banking, FX, remittance and payment processing capability.
ISXMoney's multi-Currency IBAN accounts coupled with PaidBy Bank instant open banking provide merchants with a tailored payment solution to reach any UK or EEA bank account holders.
ISX Financial's consumer product "flykk" is a digital wallet that combines all its financial technology and infrastructure to create a retail product. flykk(R) is a two-sided network developed on ISX's own platform that links both merchants and consumers around the globe to facilitate the processing of payment transactions. flykk(R) allows customers to use their account for both purchase and paying for goods, as well as to transfer and withdraw funds, with the benefits of a Diners card for point of sale transactions.
ISX Financial's subsidiary Probanx(R) also develops payment infrastructure for third parties, and provides connectivity to central banks, banks around the world and major card schemes.