Finseta plc (LON:FIN), a foreign exchange and payments solutions company, today announced its audited final results for the year ended 31 December 2025.

Revenue grew year-on-year to £12.4 million (2024: £11.4m) due to an increase in active customers and in average revenue per customer. In particular, it reflects significant growth in Dubai and strong growth in business with corporate clients in the UK, which served to largely mitigate the impact of lower trading by HNWIs.

Gross margin reduced slightly to 62.0% (2024: 65.7%), which reflects corporate clients accounting for a greater proportion of revenue. While the gross margin associated with corporate clients is lower than with HNWIs, they typically transact more regularly and provide greater revenue recurrence. Despite the lower gross margin, gross profit increased to £7.7m (2024: £7.5m) as a result of the higher revenue.

Operating expenses were £8.9m in 2025 compared with £6.3m for the previous year. The increase primarily reflects the Group’s planned investment in the business to support its strategic initiatives to expand its geographical and market reach, which is expected to lead to accelerated sales growth and increased profitability in the medium term.

Also included within operating expenses is the impairment of intangible assets of £0.2m (2024: £nil). This reflects a reassessment of the future cash flows from the corporate card product due to the challenges experienced with the scheme as described above.

The Group recognised other operating income of £49k, being interest based on client cash balances. In 2024, other operating income was £0.3m, comprising £0.2m in interest based on client cash balances and £0.1m from the reversal of a provision for a final acquisition-related earn-out payment. The reduction in interest based on client cash balances is due to transitioning in 2025 to a new financial institution for the safeguarding of the majority of client funds.

There was an operating loss of £1.2m (2024: £1.5m profit) and loss before tax of £1.3m (2024: £1.4m profit) after net finance costs of £0.1m (2024: £0.1m). This primarily reflects the investment in the Group’s strategic initiatives as noted above, which offset the increased revenue. The Group recorded a tax credit of £0.2m for 2025 compared with a tax expense of £0.4m for the previous year, resulting in a net loss of £1.1m (2024: £1.0m profit). Basic and diluted loss per share was 1.92 pence (2024: earnings of 1.74 pence and 1.66 pence respectively).

As at 31 December 2025, cash and cash equivalents were £1.5m (31 December 2024: £2.6m), with net debt of £0.3m (31 December 2024: net cash of £0.6m). This primarily reflects cash generated from operations reducing to £0.4m (2024: £2.2m) and cash used in investment activities of £1.1m (2024: £1.3m) due to investment in the Group’s strategic growth initiatives. Cash used in financing activities was reduced to £0.4m (2024: £0.6m), reflecting the settlement of loan notes and deferred consideration in 2024. Post period, the balance sheet was strengthened with the completion of a placing, subscription and retail offer raising £0.9m before expenses.

Customer acquisition has continued to grow in 2026, positioning Finseta to increase revenue conversion in the coming periods. In particular, the Group is experiencing good traction with corporate customers, including attracting larger corporates that have more complex requirements.

In Dubai, the strong momentum of 2025 has been sustained through 2026. With the expansion of the Group’s sales capability, and supported by the receipt of Retail Endorsement in the current year, the Group expects to continue to grow in this market. In addition, progress is being made towards receiving regulatory approval in Europe, which would provide a further revenue stream in due course.

Consequently, the Board continues to look to the future with confidence.

James Hickman, CEO of Finseta, said:

“In 2025, we delivered progress against our strategic and operational objectives for the year – most notably with the ramp up of our operation in Dubai and completing the implementation of UK agency banking. Our increased focus on our business-to-business offering resulted in strong growth with corporate customers – and this momentum has been sustained into the current year, including attracting larger corporates that have more complex requirements. We continue to strengthen our capabilities that will enable Finseta to become the primary payments provider for customers in sectors that are typically underserved by traditional banks and to make progress towards further expanding our international reach and regulatory permissions. Accordingly, the Board continues to have strong levels of confidence in Finseta’s prospects and in our ability to accelerate sales growth and increase profitability in the medium term.”