OpenPayd's annual recurring revenue tops GBP £40 million

OpenPayd, a prominent infrastructure provider for embedded finance, has announced an impressive achievement of over 100% growth for a second consecutive year. The company has reached profitability and reported generating more than GBP £40 million in Annual Recurring Revenue (ARR).

The London-based firm, which services more than 400 early adopters of embedded finance across the globe, attributes its growth to the rising adoption of embedded finance solutions.

According to OpenPayd's research, a significant three-quarters of all digital businesses in the UK and Europe are expected to implement embedded finance solutions within the next five years. Market revenues in this sector are projected to surpass GBP £600 billion, within a global addressable market valued at over GBP £7 trillion.

OpenPayd's robust technology and licence infrastructure have placed it in a prime position to meet increasing demand and drive expansion in the digital economy.

The company's platform processes over GBP £50 billion in volume annually and serves high-profile clients, including eToro, OKX, and Libertex, showcasing its capacity and reliability at scale.

The strategy of integrating financial services into existing products allows businesses to enhance customer engagement and loyalty. This shift sees financial services evolving from a traditional cost centre to a revenue generator. The acceleration of digital transformation, along with advancements in technologies such as blockchain and artificial intelligence, is set to further expand the market for embedded finance exponentially.

CEO of OpenPayd, Iana Dimitrova, commented on this transformative period in the industry.

"Embedded finance is revolutionising how businesses interact with customers, by providing seamless financial services through their platforms. At OpenPayd, we are dedicated to empowering our partners with the infrastructure they need to innovate and thrive in this dynamic landscape," she said.

Dimitrova highlighted that the company's significant growth mirrors the rising demand for integrated financial solutions. With OpenPayd now in a profitable position, she expressed confidence that the business is geared to achieve new milestones in the current financial year.

In recent developments, OpenPayd announced its collaboration with notable digital financial service providers.

The company is now powering Wirex, a prominent Web3 money app, to offer virtual International Bank Account Numbers (IBANs) to its customers in over 30 countries. Additionally, a partnership with TrueLayer has been established to enhance OpenPayd's real-time payments capabilities.

This announcement underscores OpenPayd's commitment to supporting innovative companies with comprehensive banking and payments infrastructure.