Revenues driven by launch of new bank platform and solution sales to strategic corporates
Cashfac Technologies, the global leader in Bank-to-Corporate Cash Management solutions, today announced revenues were ahead of plan with a 40% increase over the same period last year.
Revenues through the period were driven by an increase in bank partner related business and through direct relationships with multiple large corporates. Cashfac’s recurring revenues from long term contracts increased as client adoption for the firm’s Client Money solutions grew most notably within the public and social care services sectors. Additionally, the launch of the company’s new Bank Platform, which enables Banks to offer pre-configured solutions for specific vertical markets, also contributed to the significant increase in revenues.
Commenting on the results, Richard Cummings, CEO Cashfac, stated: “Our primary goal is to help our bank partners achieve significant adoption of their Cashfac platform and solutions. We’re delighted that this adoption drove significant revenues in H1 but equally pleased to have a number of new direct relationships with Corporates who came to Cashfac seeking bespoke, solutions to gain greater transparency and control over their complex cash management challenges.”
Interest in Cashfac’s new Multi-Vertical Platform, which allows Bank partners to roll out cash management solutions to large numbers of clients as a cloud service, has been significant. The total cost of ownership is reduced for banks utilising the platform and Corporates benefit from accelerated time to market through immediate access to new cash management solutions.
Paul Ormrod, Founder and Executive Vice Chairman commented: “I am particularly pleased with the early market reaction to the new Cashfac Bank Platform. This is the first cash and client money management technology that has deep specialisms for different industries, offering big productivity gains in corporate operations.”