Boku Expects 24% H1 Revenue Jump, CEO to Retire

<p>Boku (AIM: BOKU), a mobile <a href="https://www.financemagnates.com/fintech/payments/the-role-of-blockchain-technology-in-transforming-payment-systems/">payment solutions provider</a>, has announced the decision of Jon Prideaux to retire from the role of Chief Executive Officer at the end of 2023 after leading the company for more than five years. The company has already appointed Stuart Neal as the CEO Designate to replace Prideaux.
</p><p>A Strong CEO as a Replacement
</p><p>Announced today (Tuesday), Neal will join <a href="https://www.financemagnates.com/tag/boku/">Boku's </a>Board on 1 January 2024 and will closely work with Prideaux to ensure a smooth transition. Following his retirement, Prideaux will continue to sit on Boku's Board in a non-executive capacity.
</p><p>"I will be looking to draw on my own experience of bringing new payment technologies to market over the past 18 years, working closely with Boku's world-class management team, to capitalize on the market-leading position that we humbly command," Neal said.
</p><p>Neal is not new to Boku. He was the company's Chief Financial Officer between 2012 and 2014 and again between 2017 and 2019. He took the company through its public listing and was later appointed as its Chief Business Officer of the Identity division. On top of that, he held executive roles in other payments companies, including Vocalink PaybyBankapp (acquired by Mastercard) and Barclaycard.
</p><p>Growth Continues
</p><p>In a simultaneous trading update, Boku revealed its estimated <a href="https://www.financemagnates.com/fintech/payments-firm-boku-reports-289-million-profits-in-2022/">financials</a> for the first six months of 2023. The London-listed company expects its revenue for the period to be at least $37.5 million, which is 24 percent higher than the <a href="https://www.financemagnates.com/fintech/payments/boku-sees-303m-in-h1-revenue-profits-soared-due-to-identity-unit-sale/">same period of the previous year</a>. Revenue from its new Local Payment Methods, including eWallets and Account to Account payments, jumped 359 percent to about $7.2 million.
</p><p>The adjusted EBITDA of the company is expected to be 25 percent higher year-over-year ($12 million). With these numbers, Boku expects to cross its full-year revenue and EBITDA expectations.
</p><p>Apart from the financials, the other KPIs of the company have strengthened significantly. The number of its monthly active users have increased 32 percent to 61.2 million, while 32.7 million customers have made their first payment.
</p><p>Further, the total payment volume on the platform jumped 15 percent to $5 billion.
</p><p>"The strong end to 2022 has continued into the first half of 2023, and we now expect both revenues and EBITDA to exceed the Board's prior expectations for the full year," said CEO Prideaux. "As I transition from CEO to being a Non-executive Director, I look forward with considerable confidence to the remainder of this year and beyond."
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This article was written by Arnab Shome at www.financemagnates.com.