Equals Group (with Ticker EQLS) revealed the report of its financial standings on Tuesday for the first half of the year 2021, ending June 30. The total revenue of the fintech company rose to 16.9 million euros as against the 13.8 million euros recorded last year.

Year-over-year, the revenue figure rose by 23%, and the quarterly number also increased by 11.18%. In the report, it was revealed that the revenue generated in the first quarter of the year is 8 million euros.

Equals Group, which is previously known as FairFX, generates its revenue stream from both B2C and B2B businesses. The B2B portfolio of the business includes the Proprietary Spend Platform, International Payments, Faster Payments, and IBAN Business products. The retail offering of the firm includes travel products which received a huge blow due to the restrictions in place because of the COVID-19 pandemic.

The announcement made recently on the company’s financial standing revealed that the B2B arm of the company generated about 11.6 million euros in the space of 6 months, and the B2C offerings generated 5.3 million euros. These two arms of the business increased significantly compared to the previous year. Concluding from the report, it is safe to say the firm has shifted attention from retail offerings to increasing its corporate clientele.

The gross profit of the firm now stands at 10.2 million euros compared to 9.6 million and 8.7 million euros generated in the past two consecutive years, respectively. Also, the adjusted EBITDA increased by 128% y-o-y to 1.6 million euros. The non-adjusted figure, however, stood at 0.8 million euros with 0.6 million euros in exceptional costs.

A Bullish Q3

Apart from the financial report of the first half of the year, the company released part of the third quarter from July 1 to Sept. 10. In the period reported, the revenue generated by the firm is 9.2 million euros which is about 58% higher than the figure recorded in Q3 2020. Also, the new multi-currency offering by the firm brought 1.2 million euros in revenue.

The revenue from B2B products makes up 80% of the total figure reported in the ongoing quarter.

The CEO of Equals, Ian Strafford, said, “The drift from retail offerings to B2B in Hi 2021 has paid us eventually. This 9.2 million generated in the ongoing quarter, which has about 14 days to end, has made it a record quarter for us.”