Danish fintech Inpay is expanding in the UK market

Highlights of annual results include:

· Turnover of £42.7m, up 26% year-on-year from £34m

· Profit before tax of £6.1m, up 369% year-on-year from £1.3m

· Net profit of £5m, up from £1.2m in 2021

· EBITDA of £8.3m, up from £2.7m in 2021

· 2 million more international payments go through Inpay in 2022 than the previous year

The Danish-owned fintech company has seen revenue grow by nearly £35m since 2018. The growth is attributed to Inpay’s revolutionary approach and software technology, which is modernizing the cross-border payments industry – a market where 97% of transfers are currently processed through traditional, old-fashioned, slow and expensive bank transfers.

Thomas Jul, CEO of Inpay comments: “We are very pleased with the results for 2022, which have provided a strong basis for future growth and value creation for our customers, society and other stakeholders. With the structural changes and exceptional senior talent we have brought with us in 2022, we are poised to sustainably accelerate our growth and expand further in the coming years, with the continued goal of democratizing payments worldwide.”

Inpay underwent a major transformation during 2022. After being ranked as the sixth fastest growing fintech in Europe1, last year the company carried out an organizational restructuring and made significant investments in the organization, technology and management team. The new three-year growth strategy unveiled in the annual report is designed to further increase market share and exploit the enormous international growth opportunities in the sector.

Inpay’s new strategy, outlined in the annual report, includes four central focus areas:

· Cross-border payments in complex markets

· A secure global network

· Increased customer engagement

· A passionate culture of professionals driven to make a difference

Inpay is headquartered in Copenhagen, with a second office in London and a global network that spans over 100 countries. The company recently established a full ‘network development team’ in its London office, doubling its UK workforce to more than 20 full-time staff, with further plans for expansion and growth over the next year.

Take advantage of growth opportunities in the payments market

Less than 3% of all global payments are processed outside the traditional banking sector, increasing the time and cost of individual transfers. Traditional, established banks are less agile and are slower to adopt new innovations, creating a significant opportunity to increase market share for non-traditional providers. A report from Deloitte shows that traditional banks face significant challenges to their competitive advantages and traditional business models due to technological developments. By focusing on credit transfers and B2B payments, Inpay has a strong position in one of the fastest growing cross-border payments sub-sectors in the world.

Thomas Jul, CEO of Inpay continues: “Our core competence is to handle complex payments and ensure that they are carried out easily and quickly for our customers and in full compliance with all regulations. In this way, we have turned one of the main challenges of delivering payment solutions into our biggest competitive advantage.”

Inpay’s services and products create a financial infrastructure that is in line with the company’s vision of uniting businesses and people worldwide. Social responsibility has been an integral part of Inpay’s DNA since its inception, and the company is constantly exploring partnerships that can help humanitarian organizations around the world transfer money in a secure and cost-effective way, so that a greater proportion of donations go to people in need .

In 2022, Inpay launched the PostalPay app in Uganda in collaboration with PostBank Uganda and Posta Uganda, and in collaboration with the UN fund IFAD, which made it easier for Ugandans in Europe to send money home to their families.