The CFO of Tap Global Group will step down from his role despite the firm reporting a rapid rise in revenue and positive adjusted EBITDA in its annual results.
The AIM-listed company, which operates a digital finance ‘super app’ combining payments, cards and crypto settlement services, reported revenues of £3.48 million for the year ended 30th June 2025, up 31% on the prior year.
It floated in June with a share price of 2.6p and it now sits at around 2.22p, with a market cap of £16.5m.
However, Steven Borg will leave his position next week, with Andrew Milmine becoming head of finance to ensure continuity.
Revenue growth for the Gibraltar and London-based company was driven by higher trading volumes, increased commission income and continued expansion of its user base, which rose to more than 391,000 registered users by year end.
The group also recognised £420,000 of other income from the recovery of historical Bitcoin referral bonuses, a one-off item.
Gross profit increased 68% to £2.62m, with gross margins expanding from 59% to 75%, helped by lower exchange and card fees.
Operating expenses were reduced by 6.6% to £3.8m following tighter cost control, optimisation of compliance and staff costs, and changes to the marketing referral programme.
After adjusting for one-off items including AIM listing costs, regulatory settlement expenses and non-cash share option charges, the business generated positive adjusted EBITDA of £410,000 for the year.
Statutory results were still impacted by significant non-cash items, most notably a £4.7m goodwill impairment.
Due to this, Tap reported a loss before tax of £5.7m, a substantial improvement on the £18.2m loss recorded in FY24.
“The financial year ended 30 June 2025 was a defining period of graduation for Tap Group,” said CEO Arsen Torosian.
“We have successfully evolved from a challenger fintech acquiring its first wave of users into a fully regulated digital finance platform capable of serving the complex needs of both retail and institutional clients.
“Looking ahead, the group is positioned to monetise the infrastructure we have built. With the technical hurdle of payment integration behind us and our AIM listing providing a platform for growth, our focus shifts to scaling the B2B vertical and driving “primary account” status for our 390,000+ registered users.
“Having laid the foundations, we are now poised to convert capability into sustained commercial momentum.”
The business has expanded its cryptocurrency offering to more than 70 tokens across 40 countries, introduced new trading features and improved the user experience across the platform.
It has now also appointed FinTech and blockchain executive Manuel De Luque Muntaner as non-executive chairman.
Despite Borg’s departure, the board said it remains confident that Tap has the appropriate governance, controls and leadership in place as it enters its next phase of growth.
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