Friday, 30th May, Nicosia: ISX Financial EU PLC ("ISXPlc") is pleased to present its 2024 Audited Annual Report and Managing Director’s letter to shareholders for the year 2024.
Note to shareholders from ISXPlc Chief Executive Officer & Managing Director, Nikogiannis Karantzis.
"Dear Shareholders,
The 2024 financial year demonstrated ISX’s ability to further grow and commence scaling as a multi-territory provider of ‘nearly instant’ transactional banking services.
Building upon FY2024, and despite global market turbulence, FY2025 is delivering continued momentum driven by strategic growth initiatives, the rollout of new products and services, and operational achievements.
2024 was a year of disciplined execution and strategic acceleration. We advanced our position as a Tier 1 banktech provider, deepened our infrastructure capabilities, and expanded the reach of our real-time payments and Open Banking platforms. These results are a testament to the strength of our business model, the innovation embedded in our technology stack, and the exceptional calibre of our team, which we expanded with key personnel. As we look to 2025, our focus remains clear: scaling with precision, investing in next-generation capabilities, and delivering resilient value to our clients, partners, and shareholders. I extend my sincere thanks to all our stakeholders for their continued trust and confidence.
I am very proud to report the progress we made in 2024 — a record-breaking year across nearly every key metric of our business. What began with what we believed was an ambitious revenue target of €45 million quickly evolved into something greater. We revised our guidance twice during the year and ultimately closed 2024 with €58.7 million in total revenue — representing 81% year-on-year growth.
Gross Processed Volume (GPV) of electronic money exceeded €4.2 billion, marking a 78% increase and highlighting the accelerating demand for instant payments.
Total Processed Transactions (TPV) processed by our Probanx subsidiaries on behalf of ISXPlc, other banks and financial institutions exceeded €65 Billion, demonstrating the scalability of our interbank-central bank solutions.
On behalf of the Board of Directors, I am pleased to present the 2024 Annual Report. It reflects a year of exceptional performance and strategic delivery — our sixth consecutive year of profitability and our most successful since demerging in 2021. Our focus on disciplined growth, product innovation, and operating excellence has positioned ISX Financial EU Plc as a leading player in the banktech and payments sector.
2024 was a transformative year. ISXPlc’s revenue growth, margin performance, and product delivery exceeded expectations. At the same time, ISXPlc deepened its investment in innovation and reaffirmed our role as a trusted, responsible financial technology provider. These results are a reflection of ISXPlc’s incredible team, the trust of its clients, and the support of our partners and shareholders.
Thank you all for your continued support in ISXPlc and we look forward to building on this success and achieving even more in 2025."
Nikogiannis Karantzis
Managing Director and Chief Executive Officer
ISX Financial EU Plc
2024 Annual Report Highlights:
- Robust Growth: ISXPlc achieved revenue of €58.7 million, up 81% from the prior year, powered by rising transaction volumes, strong client acquisition and investments. Our instant payment solutions played a key role in driving scale, efficiency, and trust across our ecosystem.
ISXPlc’s software subsidiary Probanx contributed over €2.5 Million to the total revenue.
- Financial Strength: ISXPlc closed the year with an industry-leading EBITDA margin of 61%, a 30 percentage point improvement year-on-year. This margin expansion reflects the scalability of our model and the strength of our client base.
- Innovation Focus: ISXPlc’s €2.8 million investment in Research & Development via its Probanx subsidiaries supported new product delivery and ongoing enhancements across our platform. This reinforces ISXPlc’s ambition to remain at the forefront of secure, intelligent payments and regulatory technology solutions.
- Trusted Partner: Client balances held under custody grew by 56% to €189 million, a testament to the trust placed in ISXPlc by its growing network of business customers. As a prudentially regulated institution, safeguarding client funds remains a core part of ISXPlc’s service and reputation.
ISXPlc’s Probanx subsidiaries are providers of Software as a Service (“SaaS”) to other financial institutions and banks to allow them to connect to Central Banks. The quality, reliability and integrity of Probanx SaaS is critical in order to maintain and generate new client opportunities.
- Product and Partnership Development: In Q4, ISXPlc launched its SEPA Direct Debit with Notification service and made a strategic investment in an AI-focused business.
ISXPlc’s 2025 product roadmap is healthy, with several enhancements and new features scheduled for development and release by its Probanx subsidiaries.
- Community Engagement: With a significant portion of ISXPlc’s team based in Cyprus, ISXPlc remains committed to giving back locally. In 2024, ISXPlc continued its long-standing partnership with Ronald McDonald House, both financially and through staff volunteering. ISXPlc organised another successful blood donation drive for the National Blood Bank and expanded ISXPlc’s Dream Big Initiative to promote youth participation in sport. ISXPlc were also proud to sponsor Olympic fencer Alexander Tofalides and the Cyprus Rugby Federation.
- Future Outlook: The start to 2025 has been turbulent due to global macroeconomic factors. ISXPlc is targeting full-year revenues of €60-65 Million, representing modest growth, while maintaining our profitability margin in the 30–40% range. With strategic discipline and execution, ISXPlc is confident in its ability to meet these targets and deliver sustainable shareholder value.
To view the 2024 ISX Financial EU PLC Annual Report please click below:
