Crown Agents Bank (CAB) reports record revenues and profits for fiscal 2022. The FX and payments business connects hard-to-reach markets to the global economy. Specifically, the UK-based fintech partners with banks, governments, central banks international development organisations and other fintechs, offering specialist payments.
Crown Agents Bank FY2022 highlights
- Revenues more than doubled to £109m million (2021: £53m), driven by deepening existing client relationships as well as growing the client base.
- Adjusted EBITDA increased 338% to £56m (2021: £17m), with an adjusted EBITDA margin of circa 52% (2021: 31%). CAB says that it is benefitting from the operational leverage generated from long-term investment into technology, machine learning and process automation.
- Operating free cashflow increased 428% to £52m (2021: £12m), equating to strong cash conversion of over 92%
Crown Agents Bank FY2022 strategic highlights
CAB has made a push into the major market bank segment. This results in CAB contracting two large global banks in fiscal 2022. The firm aims to capitalise on the structural shift towards specialist players as major banks look for partners with strong global footprints and networks of local central bank relationships who can operate in a highly regulated environment.
CAB continues to invest in its tech platform and enhances to its product set. In 2022 this included the launch of the ‘inform API’ functionality, allowing clients to access all transaction-level information programmatically in real time.
Bhairav Trivedi, CEO of CAB, said: “In 2022 the business delivered an extremely strong financial performance and has achieved significant growth, as evidenced by a doubling in revenue and a tripling in profits. The acceleration of our profitability has been made possible by years of investment into the company’s infrastructure, team and technology platform, of which we are now seeing the tangible, positive impact.
“Our strong client focus and position as a trusted partner continues to deliver significant penetration of existing clients, maintaining the trend of client cohorts growing their revenue each year since onboarding in 2020 onwards (the year we began tracking client cohorts).
“This bodes well for our target of sustainable growth, as well as demonstrating that we are able to increase our share of wallet, while also expanding our product suite and the geographies which we cover.”
Looking ahead, CAB’s strategic focus remains on building its base of blue-chip clients. It is also expanding its offering to meet the evolving demands of existing clients. This will include further expanding its sales and trading coverage into more markets.