No recommendation
No news or research item is a personal recommendation to deal. Hargreaves Lansdown may not share ShareCast's (powered by Digital Look) views.
(Sharecast News) - Tap Global reported record first-quarter revenue in an update on Tuesday, driven by strong performance in its core retail business and early contributions from its new institutional product.
The AIM-traded digital finance platform, which combines money payments and crypto settlement services in a single app, reported unaudited revenue of 0.99m for the three months ended September, up 40.3% year-on-year from 0.71m.
It said the result marked sequential growth of around 30% compared with the prior quarter, and reflected accelerating momentum across its services.
Tap said growth was supported by continued resilience in its B2C offering, which integrates cryptocurrency trading, money account management and card payments for a registered user base of more than 390,000 users.
The quarter also included initial revenue from the company's new Bitcoin Treasury as a Service (BTaaS) platform, designed for publicly listed firms adopting Bitcoin as a treasury reserve asset.
BTaaS provides institutional clients with global liquidity, seamless fiat-to-crypto conversion and comprehensive reporting, and was formally launched in October.
"I am delighted to report a record quarter for Tap Group, with quarterly revenues approaching the 1m milestone," said chief executive Arsen Torosian.
"Growth of over 40% year-on-year, coupled with 30% sequential quarterly growth, demonstrates our accelerating momentum.
"Our B2C 'super app' continues to provide a resilient foundation, while our new B2B institutional arm is beginning to contribute.
"This is a strong start to the current financial year - our first since listing on AIM."
At 1530 GMT, shares in Tap Global Group were up 20.68% at 2,29p.
Reporting by Josh White for Sharecast.com.