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(Alliance News) - Boku Inc on Monday said it anticipates a significant rise in annual revenue and earnings, largely due to an increase in payments and progress made by identity fraud prevention solution Boku Identity.
Shares in Boku were 14% lower at 82.50 pence each on Tuesday morning in London.
The mobile payments platform provider expects revenue for 2019 to be in the range of USD50.0 million to USD50.5 million, up around 42% from USD35.3 million reported for 2018. Group earnings before interest, taxes, depreciation and amortisation is expected to be in the range of USD10.0 million to USD10.5 million, up 59% from USD6.3 million in 2018.
The total processed value in 2019 was USD5.0 billion, up from USD3.6 billion reported the year prior, with the number of monthly active users of the Boku platform in December increasing to 17.8 million 4.4 million higher than 2018.
The Identity division saw billable transactions increasing 45% to 253 million. Revenue increased 26% to USD6.7 million from USD5.3 million in 2018, and losses narrowed to USD5.0 million versus 2018's USD6.4 million as Boku continued to expand the service outside of the US and the UK to over 60 countries worldwide.
The payments division also recorded "encouraging progress" particularly in Asia due to the addition of e-wallets.
"We are confident that we will see a material revenue impact from e-wallets over the medium term," said Boku Chief Executive Jon Prideaux.
"Demand from global companies for a secure and simple worldwide way of verifying users on mobile is plentiful, with six potentially transformative deals in the pipeline. Realising this potential needs global supply from non-US carriers on which we are expecting to make further progress in 2020," he added commenting on Boku Identity.
Boku will publish its full half-year results at the end of March.
By Ife Taiwo; ifetaiwo@alliancenews.com
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