Equals Group plc (AIM: EQLS), which is a fintech payments group focused on the SME marketplace, published a trading update on Monday, reporting revenue of £11.7 million for the third quarter of 2021 that spans from July till September.
The figure for the quarter jumped by 33 percent when compared to the prior quarter when it generated £8.8 million. On a yearly basis, however, the revenue increase came in at 62 percent.
“Revenue growth is broad based across all products augmented by the strong demand for the Group’s ‘Equals Solutions’ proposition, the new multicurrency product aimed at larger businesses,” the company stated.
“This performance further underpins the Board’s confidence in accelerating momentum and maintaining growth moving into the final quarter of the year.”
Previously known as FairFX, Equals Grouprevenue stream comes from both B2B and B2C businesses. Its B2B business portfolio, includes International Payments, proprietary Spend platform, Faster Payments and business IBAN products, while retail offerings include travel products.
The company, however, shifted its focus from the pandemic-hit retail services to B2B streams. In the first two quarters of the ongoing fiscal, more than 80 percent of its revenue came from B2B businesses.
As Finance Magnates reported earlier, Equals Group generated £16.9 million in the first half of the year, which was 23 percent higher than the previous year. B2B businesses, in the period, generated, £11.6 million, while B2C brought in £5.3 million.
The fintech company is yet to disclose its other performance parameters for the latest quarter, but it made a gross profit of £10.2 million in the first six months of the year.
“The planned pivoting away from retail and travel towards B2B has paid-off spectacularly,” Equals Group CEO, Ian Strafford-Taylor, said earlier.
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