Prepaid payments firm Contis Group is keen to expand its business further by tapping the European markets, including the UK, with plans to grow its revenue by 147% for financial year ending March 2015.
The e-money institution has laid a five-year growth plan across Eastern Europe to bank on 93% increase in year-on-year revenue for financial year 2014.
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Contis Group executive chairman Peter Cox said the company has an aggressive growth plan for the next five years across the UK and Eastern Europe, following the launch of Baltic headquarters in Latvia.
"This activity will focus on Scandinavia, the Baltics and the CIS region where there is a proven demand for our bank-like card-based solution. Through our in-house development team we are continuing to deliver innovative products and services across a range of vertical markets and to further refine our current financial services offering which continues to demonstrate its ability to deliver the services associated with traditional banking to people across Europe," added Cox.
Contis has witnessed annualized monthly recurring revenue increase of 202% between June 2012 and March 2014, driven by 385% expansion in prepaid accounts operating on Contis’ platform between June 2013 and March 2014.
Meanwhile, the number of monthly prepaid transactions grew by 339% between January 2013 and March 2014.
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By GlobalDataBesides introducing a flagship brand, the Gift & Loyalty Company, to foray into open gift card sector, the company has secured contracts for its white label Visa products from Latvian National Airline airBaltic, prepaid current account Ffrees, and international haulage company TCS.
However, the company is seeking investment to drive its expansion plan.
"This aggressive growth will require additional funding and we are working to secure a significant capital inflow which will place us in an even stronger position to take advantage of the ground swell of opportunities being presented to the Group and the rapidly growing prepaid sector," added Cox.
