FinTech Universal Partners saw revenue almost double to £1.3 billion in its third financial year since receiving its licence from the Financial Conduct Authority.
The cross-border payment and foreign exchange specialist for businesses said annual turnover increased 84% for the 2022 financial year from the previous period.
It reported a 104% increase in gross profit to £6.52m, while operating profit increased to £2.56m, up 120%.
The company, which has a partnership with the Association of British Travel Agents, said a release in pent-up demand for travel had boosted results.
This allowed the company to push ahead with its planned expansion strategy by boosting the size of its C-suite team and increasing overall headcount from 28 to 46 employees.
“Increasing turnover was, as always, a key element of our growth,” said Oliver Carson, co-founder and CEO. “It is incredible to see gross profit increasing by 104% to £6.52m whilst simultaneously making further investments into technology and key senior hires.
“What this shows is how effective our growth strategy has been with consistently onboarding the correct type of clients to further support future growth plans.”
Looking ahead, Universal Partners plans to deliver more global payment services, including instant mass payments for a broad range of currencies and setting up overseas collection accounts, from tier one businesses to fast growing SMEs. The company is also focusing on establishing key partnerships with global financial institutions.
“Part of our growth strategy has involved establishing new relationships with tier-1 global, regional and local banks that can help us expand our range of products and services to offer our client base,” said Carson.
“Our online platform is just one of those new offerings, further enabling our clients to closely manage their international payments and balances. Through dealing closely with many large international corporates, we have a good understanding of all of the challenges and risks these businesses face on a day-to-day basis.
“Universal Partners has a mission to be able to provide solutions to as many of our clients’ problems as possible that relate to international trade. Ultimately, we want to help businesses grow, that’s what gets us excited.
“This will see us continue to develop new products and enter new markets as we look at the road ahead, including establishing our first office outside of the UK which will expand our global footprint.”