BOKU, INC. has released an unaudited trading update for the six months ended 30 June 2024, showcasing significant financial and operational achievements. The company's revenues for the period are expected to be at least $47.0m, marking a 23% increase from the previous year. This growth is primarily attributed to rising transaction volumes from existing merchants. Notably, carrier-related revenues, including Direct Carrier Billing and Bundling, demonstrated double-digit growth compared to H1 2023. Additionally, Digital Wallets and Account to Account revenues surged by over 50%, reaching $7.5m in H1 2024, indicating increasing adoption.
The company's adjusted EBITDA is anticipated to align with current market expectations, with margins remaining broadly flat compared to 2023. BOKU, INC. continues to invest in core back-end infrastructure to facilitate scalable growth over the next five years, focusing on preparing the business for an upsurge in regulated Account to Account volumes and substantial increases in cross-border transactions. As of 30 June 2024, the total Group cash stood at $148.5m, inclusive of merchant cash in transit, with no debt.
Operationally, the company reported 79.6 million Monthly Active Users (MAUs) of the Boku platform in June 2024, reflecting a 30% increase from the previous year. Total Processed Value (TPV) for H1 2024 amounted to $5.8bn, up 17% from H1 2023, with a 26% increase on a constant currency basis. The average take rate was 0.81% in H1 2024, driven by growth in Higher Take rates from Digital Wallets as observed in H2 2023. BOKU, INC. also welcomed Rob Whittick as its new Group CFO.
Stuart Neal, Boku's CEO, expressed satisfaction with the first-half performance and emphasized the company's strategic focus on becoming the world's best network for localized payment methods. He highlighted the ongoing underlying revenue growth and the preparations for significant market and customer launches in the latter part of the year. BOKU, INC. aims to capitalize on the projected $2.2 trillion market in cross-border ecommerce, with a focus on local payment methods.
BOKU, INC. (AIM: BOKU) is a leading global provider of mobile payment solutions, offering a mobile-first payments network that includes mobile wallets, direct carrier billing, and account to account/real-time payments schemes, reaching over 7.5 billion mobile payment accounts through a single integration. The company serves prominent global entities such as Amazon, Meta Platforms, Google, Microsoft, Netflix, Sony, Spotify, and Tencent. BOKU, INC. was established in 2008 and is headquartered in London, UK, with a global presence across various countries.
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