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LONDON, March 01, 2018 (GLOBE NEWSWIRE) -- Midpoint Holdings Limited (TSX-V:MPT) (“Midpoint” or the “Company”) is pleased to announce interim financial results for its quarter ended December 31, 2017.
For three months ended December 31, 2017 revenue increased 34% as compared to the three months ended December 31, 2016 to $122,639 with the following business highlights:
- Volume grew 40% Quarter on Quarter
- Record KPIs including highest monthly (December) and Quarterly volume and revenue
- Average transaction size rose significantly to $65,000
- Largest single transaction of over $10m CAD
- Gross margin of 66%
- Raised $1.2 million via a non-brokered private placement
- Granted a Hong Kong Money Service Operator license by the local regulator
- Won “Outstanding Money Transfer Platform Award” at Fintech Awards 2017.
- Basic and Diluted Loss per share of $0.0009
As of this writing, over $350 million has been matched on the Midpoint platform since inception in 2013 and over $100 million was matched in the last 6 months. In January 2018, the Company also launched a partnership with Avios where Midpoint clients can collect 1 Avios point for every £10 they transact on the Midpoint platform. Avios is the loyalty and rewards program for British Airways, Aer Lingus, Iberia, Meridiana and numerous other airlines. The Company also appointed Andrew Jones as Chief Operating Officer. Mr Jones joined the Company as Chief Technology Officer approximately two months ago.
The full text of Midpoint’s financial statements for the quarter ended December 31, 2017 and the related management's discussion and analysis are available electronically on Midpoint’s profile on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com.
About Midpoint
Headquartered in London, Midpoint is an FCA authorized payments institution with the world’s first authentic peer-to-peer (‘P2P’) foreign exchange marketplace. SMEs, overseas professionals, property owners, foreign students, individuals and anyone involved in international payments, use Midpoint’s US patent protected platform for transparent, multi-party, multi-currency services.
Midpoint is currently handling transactions in 23 currencies with the ability to collect and transfer across 72 countries. This highly secure platform provides customers with the most cost-effective FX at the midpoint of the interbank buy/sell rate therefore removing the spread as well as hidden costs and fees.
Midpoint Holdings Limited is listed on the TSX Venture Exchange and cross-listed on the Frankfurt Stock Exchange.
For further information, please contact:
| Corbin Comishin, CFO Midpoint Holdings Ltd. Tel: (250) 352-7667 | David Wong, President and CEO 26 Finsbury Square, EC2A 1DS, London, United Kingdom Tel: +44 20 7448 3081 |
Neither the TSX Venture Exchange (the “TSXV”) nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release and has neither approved nor disapproved of the contents of this news release.
Forward-looking information
This news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “would”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. For a description of the risks and uncertainties facing Midpoint and its business and affairs, readers should refer to Midpoint’s Management’s Discussion and Analysis. Midpoint undertakes no obligation to update forward-looking information if circumstances or management’s estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.