Finseta Plc’s (LON:FIN) FY25 results were in line with expectations, according to the latest research note from Shore Capital, with the business showing progress after a year focused on investment, platform development and international expansion.
The AIM-listed financial services company reported revenue of £12.4m for FY25, up 9% year on year. Shore Capital noted that the results matched the expectations set out in January’s FY25 trading update, not only in terms of the headline numbers, but also in the direction of the business.
A key feature of the year was the growing contribution from corporate accounts. Corporate account revenue now represents 54% of total revenue, up 13 percentage points year on year. Active customers also increased from 1,059 to 1,101, with the company seeing a rise in average revenue per customer.
The shift towards corporate customers did have an impact on gross margin, which moved to 62% from 65.7% in FY24. Operating expenditure also increased to £8.9m from £6.3m in 2024, reflecting a year of investment across the business.
FY25 highlights
• Revenue increased 9% year on year to £12.4m.
• Corporate account revenue rose to 54% of total revenue, up 13 percentage points year on year.
• Active customers increased from 1,059 to 1,101.
• Gross margin was 62%, compared with 65.7% in FY24.
• Adjusted EBITDA was £0.2m, ahead of the £0.1m expected by Shore Capital.
• Cash stood at £1.5m, with net debt of £0.3m.
• The company raised £0.9m in April 2026.
Shore Capital also highlighted the company’s progress in Dubai, regulatory work in Europe and the implementation of agency banking in the UK. The note points to continued customer acquisition, including good traction with corporate customers, and says Dubai momentum has been sustained year to date.
Research Analyst Ben Williams wrote: “FY25 was a year of investment in multiple areas- the platform, with a new client portal introduced, the launch of the Dubai office, and regulatory approval for the UAE.”
That investment year appears to be an important part of the Finseta story. The new client portal, Dubai office launch and UAE regulatory approval all point to a business putting infrastructure in place to support future growth. The implementation of agency banking in the UK in Q3 is also significant, as Shore Capital says it should allow Finseta to issue its own account numbers and sort codes. This could help the company serve more complex customers needing digital services alongside high-touch support, particularly in sectors that may be underserved by traditional banks.
Shore Capital has made no changes to its forecasts. The broker expects revenue to rise to £16.4m in 2026F and £20.5m in 2027F. Adjusted EBITDA is forecast to improve from £0.2m in 2025A to £1.2m in 2026F and £3.4m in 2027F. The broker also forecasts adjusted pre-tax profit of £0.3m in 2026F and £2.6m in 2027F.
While FY25 included an operating loss and higher costs, the latest research note frames the year as one of investment, with attention now turning to whether the expected growth comes through. Shore Capital also notes that if its forecasts are met, the company could see an incremental £4m of revenue this year and next.
For general readers, the key point is that Finseta has moved through a period of spending and operational development, while continuing to grow revenue and broaden its corporate customer base. The next phase will depend on delivery, particularly from corporate customers, Dubai and the potential expansion of regulatory permissions into Europe.
In Summary
Finseta’s FY25 results were as expected, with revenue growth, a larger corporate account contribution and continued investment in the platform and international operations. Shore Capital’s latest research note suggests the company has completed an important investment year, with forecasts pointing to further revenue growth and improved profitability over the medium term.
