AIM-listed Vipera plc (LON:VIP), the supplier of a broad range of banking and payments solutions, returned half-year revenues of €4.35m, up 15% on the previous year, with an increased loss at the operating level, of €0.56m as the company increased investments in the drive to achieve profitability. Recurring revenues were up 38% as volumes from the 3m+ users of Vipera’s central “Motif” platform increased.
Vipera has a broad portfolio and an extensive list of customers and partners as it worked to build the foundations for longer term growth during a period of massive change in the payments and banking markets. However, medium-term success will be driven by the progress made in a relatively focused cadre of customers. In the first half, 83% of revenues were generated from just 10 customers. As we have seen with many Fintechs, (most notably Earthport) their rate of progress is governed by the speed at which major banks can assimilate new technology. In Vipera’s case, the decision of a leading bank to sign a €2.3m contract is a recognition that Vipera’s solution has been accepted and of the potential open to the company. Progress with UAE-based Mashreq bank means that 80% of its banking transactions are now managed through Vipera’s platform. Deutsche Bank is another flagship customer, using Vipera’s mWallets and Cards solution (in conjunction with Mastercard).
