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UK AIM-listed payments firm Finseta reported an 8.5% year-over-year decline in first-half revenue to £5.4 million ($7.31 million). Adjusted EBITDA experienced a significant contraction, swinging to a loss of approximately £1 million compared to a £300,000 profit in the same period last year. Although the active customer base grew by 26% to 1,389, revenue generated per customer dropped nearly 28% to £3,888 due to broad macroeconomic pressures and extended sales cycles across its core markets.
The company's geographical and client shifts showed mixed operational performance. Corporate clients expanded their share of overall revenue to 74% from 58%, helping gross margins improve to 66% despite falling top-line growth. Regional expansion efforts in Dubai saw revenues surge by 243%, but total regional contribution fell short of internal targets as ongoing geopolitics and conflict in the Middle East curtailed trading activity. Additional growth investments in Canada and corporate banking solutions further weighed on profitability during the period.
Looking ahead, Finseta has revised its full-year 2026 revenue expectations down to around £11 million, representing an 11% decline from previous year levels. Cash reserves stood at £2.1 million at the end of June. Investors and analysts will be closely monitoring whether the expansion into corporate banking and international hubs can stabilize revenues per client and return operational metrics to positive EBITDA growth.
