Anupam Majumdar, Simone Remba, and Francesca De Fina • 21 July, 2023
Infographic: CAB Payments Initial Public Offering (IPO) 2023
General Commentary & Highlights:
CAB Payments, the holding company for Crown Agent Bank (CAB), a B2B FX and payments specialist got listed on the London Stock Exchange on 6th July ‘23
The deal had a market cap of £851 mil. at the IPO (largest public debut in London this year)
The stock fell sharply on its first day of trading (9.6% fall in stock price by close of day)
Overall Strong Financial Profile: Impressive revenue growth of c.79% Y-O-Y, fueled by strong growth in FX & payment volumes and higher take rates; Adjusted EBITDA increased by c.480% Y-O-Y, EBITDA margin at c.50% in 2022
Strong defensive moat with coverage across 150+ markets, c.220 trading partners and c.25 central bank relationships; Specializes in B2B FX and payments to/from emerging markets
Future growth strategy focuses on enhancing products, expanding geo footprint, and increasing customer base (e.g., global tier 1 banks)
Infographic: CAB Payments Initial Public Offering (IPO) 2023
General Commentary & Highlights:
CAB Payments, the holding company for Crown Agent Bank (CAB), a B2B FX and payments specialist got listed on the London Stock Exchange on 6th July ‘23
The deal had a market cap of £851 mil. at the IPO (largest public debut in London this year)
The stock fell sharply on its first day of trading (9.6% fall in stock price by close of day)
Overall Strong Financial Profile: Impressive revenue growth of c.79% Y-O-Y, fueled by strong growth in FX & payment volumes and higher take rates; Adjusted EBITDA increased by c.480% Y-O-Y, EBITDA margin at c.50% in 2022
Strong defensive moat with coverage across 150+ markets, c.220 trading partners and c.25 central bank relationships; Specializes in B2B FX and payments to/from emerging markets
Future growth strategy focuses on enhancing products, expanding geo footprint, and increasing customer base (e.g., global tier 1 banks)
