Earthport, the cloud-based payment platform run by Goldman Sach’s former co-COO of technology, Hank Uberoi,put out unaudited results for the year to June on Wednesday — and they’re pretty good.
The London-based company’s revenue jumped 78% last year to £19.25 million ($US30 million). The dollar value of payments made on Earthport’s cloud-platform rose by 75%, and the company is on track to process $US10 billion (£6.4 billion) worth of transactions by the end of the year.
Earthport is trying to build a faster, more tech savvy, international payments network, built on the cloud. The current systems of so-called payment “rails” were built decades ago, and are slow and costly.
Thirty-one new customers signed up to the platform last year and big names like HSBC, Santander, and Standard Chartered all started routing payments through Earthport’s system.
Uberoi said in today’s statement: “We are pleased and enthusiastic about the acceptance of the Earthport payment network as a truly valuable and innovative solution in the massive payments market.”
He said the medium- to long-term potential for Earthport’s technology is “significant.” Investors are clearly buying in to that theory. Earthport’s shares, which are listed on London’s market for growing companies AIM, are up 6% at a one-month high.
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