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Payment services company Boku reported a surge in annual profit as a pandemic-led increased in e-commerce demand bolstered payments activity.
For the year ended 31 December 2020, adjusted earnings before interest, taxes, depreciation and amortisation, or EBITDA, increased 107% to $15.3 million year-on-year as revenues increased 20% to $56.4 million.
Monthly active users were up 48% to 28.8m and payment volume was $6.9 billion in 2020 compared to $5.0 billion in 2019.
'Boku performed strongly in 2020 with revenues up and Adjusted EBITDA more than doubled compared to 2019, driven by the performance of Boku Payments but the central fact of 2020 was COVID-19,' the company said.
Looking ahead, Boku said its identity business 'looks poised to grow as new customers are connected with unrivalled levels of supply, while in its payments division, it expect to 'cross sell wallets into more of our existing customers.'
'With each launch, revenue will start to build, more materially in 2022,' it added.
At 10:01am: (LON:BOKU) Boku Inc. share price was 0p at 118.5p