A subtle shift beneath the surface suggests that Finseta is charting a course few anticipated, leveraging its client growth to underpin strategic launches across three continents and laying the groundwork for what could be a transformative second half of the year.
In the first six months of 2025 Finseta reported a 16 per cent uplift in revenue to just under £5.9 million, a development that owes more to an expanding client roster than to any dramatic market swing. Rather than resting on transactional spikes, the firm has quietly broadened its active customer count by almost 16 per cent year-on-year, reaching 1 101 users compared with 952 at the same point in 2024. This uptick in clientele has not only diversified Finseta’s revenue base but has also positioned the group to absorb near-term market soft patches as several high-value deals slipped into the latter half of the year.
High-net-worth individuals now account for 42 per cent of the firm’s income thanks to demand for overseas property purchases and other large scale foreign exchange contracts, while corporate clients have stepped up to supply the remaining 58 per cent. That shift in mix has weighed on gross margin, which eased to around 62 per cent from roughly 66 per cent a year earlier, yet management remains unflinchingly focused on the medium-term benefits of this broader revenue footprint.
Behind these figures lies a deliberate push into new territories. During the period Finseta brought its corporate card scheme to market and inaugurated full service operations in Canada and Dubai. Early revenues from those regions are already filtering through, establishing proof points as each unit ramps up. More than just box ticking exercises these launches represent tangible platforms for recurring streams and cross-sell opportunities that, when fully bedded in, could boost profitability well beyond the modest £300 000 EBITDA expected for H1. That figure compares with £800 000 in the prior year yet reflects a conscious decision to reinvest in growth engines rather than chase short-term margin.
This strategy has not gone unnoticed by the market, even if share price movements have been volatile. A combination of subdued global economic headwinds and delayed customer transactions led to a roughly 26 per cent pullback in Finseta’s stock, which traded near 23 pence in mid-July. Share price choreography often overreacts to headline earnings shifts, overlooking the deeper undercurrents of strategic positioning. Finseta’s board articulates confidence that this period will stand out as a milestone, cementing the firm’s ability to scale beyond its birthplace in London’s liquid foreign exchange universe.
Cash flow remains sturdy: operating activities generated some £300 000 in the half year, mirroring adjusted EBITDA. Meanwhile cash and equivalents closed June at £2.4 million, against a net cash position of £400 000—ample headroom for further investment in technology and marketing. Investors weighing risk against reward should note that Finseta’s balance sheet is neither stretched nor strained, meaning opportunities for bolt-on acquisitions or enhanced client-facing tools remain within reach without compromising financial flexibility.
Looking ahead the narrative hinges on market stabilisation. As global currency volatility moderates, Finseta anticipates a resumption of delayed high-value deals, especially in sectors tied to property and cross-border corporate disbursements. With its corporate card offering now live and its Canadian and Dubai platforms demonstrating early traction, the second half of 2025 could reveal a return to stronger margin profiles and a step-change in recurring revenue streams. Whether the stock mirrors that operational recovery remains to be seen but the underlying analytics suggest the firm is no longer defined solely by its currency services. It is evolving into a multi-dimensional fintech provider capable of capturing value across payments, cards and advisory services in diverse geographies.
Finseta Plc (LON:FIN), formerly Cornerstone FS PLC, is a United Kingdom-based foreignexchange and payments company offering multi-currency accounts and payment solutions to businesses and individuals through its global payments network.
