Inpay continues rapid scaling, announcing a 57 percent EBITDA growth in 2023

Inpay, the Danish cross-border payments provider, has today announced strong year-on-year growth with the release of its 2023 Annual Report.

Annual revenues increased by 23 percent to €60.1 million, up from €48.6 million in 2022. The business also saw strong growth in EBITDA, up 57 percent to €13.0 million in 2023, from €8.3 in 2022. These results underline the company’s ability to continue its rapid, profitable scaling in the coming years – evidenced by progress made in its geographical expansion strategy in the Middle East and across the world, set to continue during 2024. 

• Revenue of €60.1 million, up 23% year on year, from €48.6 million in 2022
• EBITDA of €13.0 million, up 57% year on year, from €8.3 million in 2022
• A net profit increase of 50% up from nearly €5.7 million in 2022 to €8.5 million in 2023
• Exceeded an average of 1 million monthly transactions, sustaining the underlying business growth

The organic increase in revenue, rising profits, and the record-breaking number of transactions completed in 2023 all demonstrate that Inpay, already recognised as one of Europe’s fastest-growing fintechs, is continuing to accelerate its already ambitious growth trajectory.

Thomas Jul, CEO comments: “Our strong financial results in 2023 are a testament to the more efficient operating model that we have developed in readiness for our next growth phase. Having unlocked great insights into the verticals we serve, we now power our growth with an even deeper understanding of what our key markets demand. This has allowed our organisation to prepare for scaling, effectively as well as efficiently; delivering increased value to customers at an even higher pace.”

Expansion of global network and local markets

In 2023, Inpay delivered against its network expansion strategy by providing access to even more payments corridors for its customers in key strategic areas of market growth.

During the year, Inpay successfully integrated 18 new local markets into its cross-border payments offering. With plans to add an additional 60 countries over the course of 2024, Inpay looks to expand even further. Simultaneously, the commercial team has grown its global footprint with a local presence in Dubai instated in Q1 2024, supporting Inpay’s strategic growth plans in the Middle East. Looking ahead, Inpay aims to expand its local presence to Asia Pacific, Latin America, and North America, ensuring improved customer experience through the provision of local, dedicated expertise.

A transformational year

To realise its growth ambitions Inpay will continue to serve its main verticals, being a premium partner for companies within iGaming, Financial Services, Corporates and NGOs. This is done through the company’s unique combination of network, technology and compliance and is continuously proven and verified through an industry-leading completion rate.

2023 was a transformational year for Inpay, completing a full technology refresh as well as the commercial and product teams undergoing a transformation designed to drive vertical-specific product and service delivery. The go-to-market strategy has now been tailored to cater to the specific needs of customers within each vertical, streamlining the overall customer journey and positioning Inpay for scale in the verticals identified as key to the company’s future growth.