Shares in Tap Global rose as much as 16% in early London trade after the Blockchain business reported record revenues.
The fintech firm, which offers integrated fiat payments and cryptocurrency settlement services, posted revenue of £1.8m for the latter six months of 2024, an increase of around 40% compared to the prior year, with growth accelerating even faster in December, in which monthly revenues £451,000 were almost double the turnover in July.
It follows a turbulent period for the business which saw the departure of Tap’s CEO as well as a reduction in overall headcount in a bid to cut costs and improve profitability.
Tap co-founder and CEO Arsen Torosian said the “new organisational structure has proven instrumental in achieving key milestones while maintaining operational efficiency and cost control”.
“Having reached cash flow positivity, we’re now at a pivotal moment where we can continuously reinvest revenues into customer acquisition and marketing initiatives.
“Our transition to profitable operations and ability to invest in growth reinforces our confidence in Tap Group’s opportunity to scale very effectively from this base.”
The firm’s shares have risen nearly 80% over the past year.
Tap added that it had “maintained its agility” in the retail fintech space by strategically integrating high-demand token launches such as Hamster Kombat, which “served as a successful test case for a potential new revenue strategy.”
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