London, UK, 1 June 2023 – Moneycorp, one of the world’s leading cross-border payments businesses, today publishes its results for the full year 2022 and provides a trading update for the three months ended 31 March 2023.

Mark Horgan, Chief Executive Officer said: 

Group Full Year 2022 Results

* Trading volumes represent flow measured as single leg transaction volume

** FY2021 results have been restated following the Group adoption of IFRS for management accounting purposes during the year

Full Year 2022 Financial Highlights 

• Trading volumes grew by 91% to £73.3bn, with strong performance from new and existing clients across each business segment.
• Revenue growth of 58% to £220.1m, driven by substantial growth in Payments – Financial Institutions. The Group reported 113% revenue retention from our existing Corporate client base.
• The Group reported significant EBITDA growth, up 85% year on year. The Group EBITDA margin now stands at 32%, as a result of increased trading revenues, combined with improved efficiency of our payment networks, ongoing prudent cost management, and investment in our people and core technology platform. With over 50% of Group revenue being USD denominated, the USD/GBP rate was a tailwind in our financial performance.
• Moneycorp remains highly cash generative, with 75% of EBITDA converted to free cash. 

Full Year 2022 Operational Highlights

• Continued investment in systems and controls to maintain robust operations and regulatory excellence. ‘Soteria’, a new in-house system that provides real time monitoring of all payment transactions that pass through Moneycorp’s platform, was launched in June 2022. Furthermore, we are constantly investing in and enhancing our industry-leading compliance processes as we consider this to be a key differentiator for Moneycorp.
• The Group continues to build on its European ambitions with the launch of Moneycorp France in September 2022. 
• Moneycorp was recently named in the Top 100 cross-border payment companies by FXC Intelligence for the fifth year running.

Group Q1 2023 Results

* Trading volumes represent flow measured as single leg transaction volume

** Q1 2022 results have been restated following the Group adoption of IFRS for management accounting purposes during the year

Q1 2023 Financial Highlights

• Trading volumes grew by 75% to £20.0bn, with strong performances, especially in Payments – FI, despite challenging market conditions.
• Revenue of £59.2m represents a year-on-year growth of 22%. Underlying increase in trading revenue was in line with volume increases noted above and reflected our conservative risk stance in a challenging macro-economic backdrop.  
• The Group reported proportionate EBITDA growth, up 23% year-on-year and has demonstrated strong overall growth throughout the quarter. 
• Group EBITDA margin for the quarter was 32%, consistent with that achieved in 2022. 

Outlook 

Whilst the economic outlook remains uncertain, we are confident for the year ahead as Moneycorp expands its reach in its core markets. Moneycorp’s strong and resilient business model and extensive regulatory credentials, underpinned by over 40 years experience in the international currency and payments market, continues to be a differentiator for our clients. Our people, technology and platform will continue to perform well, driving strong financial results, meeting strategic milestones and complying with regulatory expectations.

About Moneycorp

Moneycorp is a world-leading cross-border payments business, recognised for its personalised service, smart technology, regulatory excellence, and its all-in-one payments ecosystem. Truly embodying our brand’s distinctive logo, the North Star, we help our clients navigate the complex global payments market.

We have a presence in the United Kingdom, North America, Europe, Brazil, Hong Kong, and UAE offering a full suite of payment solutions in over 120 currencies. Further, our payment experts provide hard-to-replicate proficiency, alleviating the stress associated with navigating the complex global payments market. All in all, we are committed to innovation and building meaningful relationships.

Through our technological advancements, we have engineered an intuitive payments ecosystem allowing us to expand our services to meet ever-evolving customer needs. Whether our clients need to simply send money across borders or create a sophisticated risk management plan, we have the tools necessary to create the customised solution our clients need.

For further details contact:  

Brunswick Group

• Eilís Murphy
• Sofie Brewis
• Gabi Lapedus

+44 207 404 5959

moneycorp@brunswickgroup.com