Inpay announces record half-year financial results, and ambitious growth plans for 2024 :
- Revenues have increased to 213,607 million Danish Kroner (~28.6 million EUR), a growth of 28% compared to the same period last year
- Gross Profit of 124,402 million Danish Kroner (~16.7 million EUR) with a margin of 58%
Set alongside some key new business wins, and a rapidly diversifying portfolio, Inpay concluded the first half of 2023 with the completion of over 1 million monthly transactions for the first time in its 15-year history.
These achievements come as a result of Inpay’s process of significant corporate transformation. At the core of this is Inpay’s objective to not just expand upon its strong market position within its traditional verticals, but to further diversify into new segments where its technology and expertise have been proven to add real value. This has been signalled by key wins amongst financial institutions customers, corporates and NGOs, and most recently with the announcement of a partnership with the Danish Red Cross.
On the product level, Inpay has continued to differentiate its offering in a competitive market with the development of a refreshed technology platform set to future-proof the company for the rapid scaling expected in 2024 and beyond, and the introduction of real-time transaction monitoring capability designed to strengthen its robust compliance functionality even further. 2023 also saw the awarding of a Danish FSA issued EMI license, allowing the company to widen its product capability in a sector where customers increasingly demand breadth of service.
This coincides with rapid expansion in the Middle East and APAC, with plans to open offices in Dubai and Singapore in 2024.
Speaking about Inpay’s 2023 performance and expansion into new markets, CEO, Thomas Jul comments:
“Despite challenging market conditions, we have made excellent progress in the first half of 2023. With these results, we are well on our way to achieving our goals for the rest of the year and we are well positioned for future growth. We are dedicated and passionate about creating new opportunities in new countries and sectors where our product set adds clear value to our customers.”
International expansion and entry into new sectors have brought with it wider organisational growth, with 50 new team members joining in the first half of 2023 alone. This brings the Inpay team to over 200, with plans to grow our talent count further in 2024. Inpay is well-positioned to solve complexity at scale with a proven platform, a robust team, and the commercialisation of its newly diversified GTM strategy well underway. This is testament to Inpay’s steadfast commitment to providing a personalised service in a market that is increasingly moving towards automated and tech-only offerings; something reflected in the recent release of Inpay’s NPS score, which is over double the sector benchmark. Jul comments further:
“Our market-leading technology and compliance frameworks sit at the core of everything we do. But our customers are keen to tell us that it is the personal service we provide that retains their business. We believe the most complex payments problems demand human-powered solutions. I have no doubt this approach has played a significant role in our incredible growth in 2023 to date. And am confident this trajectory will continue into 2024.”