ISX Financial Reports Strong Q2 2024 Results
Nicosia, Aug 5, 2024 AEST (ABN Newswire) - ISX Financial EU PLC ("ISX Plc"), is pleased to present its earnings for Q2 2024. Building on the back of a record Q1 24, ISX Plc is pleased to have delivered yet another robust quarter, marking a continuation of its upward trajectory and solidifying its position as a leader in both 'banktech' and regtech sectors.
Robust Growth
ISX Financial has demonstrated remarkable growth, with revenues soaring by an impressive 74% year-on-year. Despite a minor 2% decrease quarter-on-quarter, the company continues to maintain a strong upward trajectory. Net Assets surged significantly, with a 123% year-on-year increase and a 35% rise from the previous quarter. These metrics underscore the company's resilience and growing market presence.
Financial Strength
The company has solidified its position as a market leader, boasting an EBITDA margin of 56%. This strong margin reflects ISX Financial's ability to manage costs efficiently while delivering exceptional value to its clients. As a hybrid banktech payments company, ISX Financial continues to provide direct financial services to customers and offer robust infrastructure solutions to other financial institutions.
Innovation Focus
ISX Financial remains at the forefront of technological advancements, investing EUR0.7 million in Research and Development during Q2 2024. This investment is part of the company's ongoing commitment to innovation and customer-centric solutions. Notably, the company received a formal Notice of Allowance from the US Patent and Trade Mark Office (USPTO) for a new patent in the family "Verifying identity with uninterrupted video." This patent exemplifies ISX Financial's dedication to enhancing security and convenience for its users.
Ajay Treon , CFO of ISX Financial EU PLC, commented "As we carry forward the momentum from our successes in 2023 and the first quarter of 2024, ISX continues to demonstrate strong performance this quarter, exceeding expectations. Our focus and strategic initiatives have enabled us to achieve significant milestones, reinforcing our commitment to growth and innovation in the 'banktech' and payments sector."
Future Outlook
Looking ahead, ISX Financial is revising its 2024 revenue target to EUR50 million, reflecting confidence in its strategic planning and execution capabilities. The company aims to continue driving sustained growth, with plans to expand its EBITDA margin range to 30%-40% based on its diverse mix of business lines.
Nikogiannis Karantzis, CEO and Managing Director of ISX Financial EU PLC, commented, "Our Q2 results highlight our commitment to innovation and profitable growth, allowing us to continue providing exceptional services to our customers. As we invest in cutting-edge technologies and expand our offerings, we are confident in achieving our ambitious goals and delivering long-term value to our stakeholders."
You can view the full ISX Financial EU PLC Q2 2024 earnings through the link below:
https://abnnewswire.net/lnk/79208Y9E
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.
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