Tuesday, April 2, 2024

From 2023 Success to 2024 Strategy: What’s Next for Boku Inc?

From 2023 Success to 2024 Strategy: What's Next for Boku Inc?
From 2023 Success to 2024 Strategy: What’s Next for Boku Inc?

Boku Inc is a payment solution that has been disrupting the Fintech sphere in a number of ways since they emerged as an option on the market in 2009.

The company has helped to revolutionize the way that payments are being made for various industries, as customers are now being provided with new methods in which they can make a transaction. The Boku network utilises localized payment solutions, including Direct Carrier Billing (DCB), digital wallets, and Account-to-Account (A2A) connections.

A host of global companies have become key customers of the firm, with the likes of Amazon, Google, and many entertainment companies having all made the payment option available for their customers. It is also available across various other industries, with the iGaming sector having also been a key adopter of the payment solution.

It is now possible to find some of the best mobile casinos accepting Boku as a payment solution. Players in the UK can access their favorite games and play them immediately by adding funds and then paying for them via their phone bill.

Indeed, Boku payments have become extremely popular across the UK with gamblers, as the method offers an enhanced level of security that others simply can’t provide. Transactions made via this method do not require individuals to provide banking details nor any other sensitive data that may be potentially compromised if certain security precautions are not followed properly, especially as cybersecurity concerns continue to rise.

As a result, it’s easy to see why this solution is currently on the rise in 2024 and why there has been a lot of success recorded over the last 12 months.

Boku’s 2023 success in numbers

To put into context the amount of success that Boku had in 2023, it is worth taking a look at some of the important numbers that have been published.

Per a news report from Market Screener, Boku had managed to expand its network to over 300 Local Payment Methods (LPMs) – a method of payment that represents two-thirds of all global online payments in today’s financial world – across a total of 60 customers. The LPM market is huge, as it has managed to grow from being worth around just one-quarter of all online payments in 2010.

In addition to the rapid expansion that was experienced in the first six months of the year, the payment company had also managed to accelerate its growth in terms of customer numbers and adoption of their services. More than 32 million new customers had made their first purchase last year, on a network that has the potential to reach over 7.5 billion consumer payment accounts in over 90 different countries.

Economically, those figures also translated very positively for the company in 2023. They announced at the beginning of 2024 that once the earnings had been adjusted, they were ahead of where their market expectations were for the period. They saw revenue jump an incredible 30%, going from a total of $63.8 million in 2022 to $82.7 million in 2023. They also saw an increase in users over the same period, going from 52.3 million to 67.4 million; a growth of 29%.

The adjusted earnings before EBITDA (earnings before interest, taxes, depreciation, and amortization) had grown by 33% as they were up from $20.5 million to $27.3 million, with continued investment going into their product and service despite being far ahead of current market expectations. Total group cash also improved significantly over the last year, going from $116.3 million to $151.2 million.

What does 2024 hold for Boku?

Given the success that Boku has managed to have over the last year, there is certainly a lot of excitement about where the company could go and what it could experience in 2024.

As investment in the products and services being offered continues to be offered regarding Boku’s mobile-first payment network, it would not be a surprise if we were to see the payment solution become even bigger in the UK over the course of the year.

Additionally, we might be able to expect some new changes and new direction this year following the hiring of Stuart Neal as the new Chief Executive Officer (CEO). He replaces the former CEO, Jon Prideaux, who had announced six months prior that he would be retiring.

He has already announced he intends to build on the success that has been achieved in terms of their commerciality, as well as drive innovation to help improve the world of payments.

Neal will bring more than two decades of payments, leadership, and innovation experience to the company, while he is also arguably best positioned to take the organization into its next phase. He knows the business inside out, having served two terms as the company’s Chief Financial Officer before spending time elsewhere with other global companies, including Barclaycard, GlaxoSmithKline, and Virgin Media.

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