Hyper-focused on under-serviced EM payments (initiation report)

CAB specialises in B2B cross-border FX and payments, facilitating flows (both ways) between developed markets (DMs) and hard-to-reach emerging markets (EMs). Clients are sophisticated institutions such as commercial banks, central banks, payment Fintechs, and international development agencies. It has only scratched the surface of its opportunity. In 2024, CAB processed £37bn of flows in a high-growth, multi-trillion-dollar market (it focuses on EMs growing at >4%). But even at this scale CAB has robust financials, with revenue of £106m and PBT of £18m in FY24. In late 2023 and 2024 business volumes and revenue margins plummeted in some West and Central African markets (large, high-margin markets for CAB) after Central Bank interventions...