CAB Payments (CABP) investor relations material

Business overview and market positioning

• Leading B2B FX and payments provider specializing in cross-border solutions for the Global South, serving 600+ active clients and 55+ central banks across 120+ currencies and markets.

• Operates a proprietary network with 440+ partners, enabling access to 123 freely traded currencies and 800+ currency pairs globally.

• Institutional client base includes banks, fintechs, corporates, and international development organizations, with a 92% client retention rate and 143% net revenue retention.

• Only UK-regulated bank focused exclusively on wholesale emerging market FX and payments, offering a full spectrum of products including spot FX, derivatives, deposits, trade finance, ACH payments, and stablecoin.

Growth drivers and strategic advantages

• Structural growth driven by global B2B cross-border payments market ($32trn annually, forecast to grow 51% by 2032), with strong tailwinds in emerging markets and higher margins than traditional FX.

• Proprietary infrastructure and entrenched relationships in hard-to-reach markets create high barriers to entry and sustainable growth.

• Strategic global presence with hubs in London, Amsterdam, New York, and Abu Dhabi, targeting further expansion in Sub-Saharan Africa and LATAM.

• Flexible, multi-rail payments platform delivers to 8.5bn endpoints in over 190 countries, supporting both large-ticket and mass payment flows.

Financial performance and operational leverage

• Total income reached £119m in 2025, with a 28% CAGR in total income and 86% CAGR in adjusted EBITDA from 2020-2025.

• FX and payments volumes grew at 17% CAGR, outpacing active client growth (10% CAGR), with EM take rates sustainable at >30bps.

• Highly cash generative and scalable business model, with cost base c.70% fixed and strong operational leverage driving improved margins.

• Adjusted EBITDA margin at 30% in 2025, with ongoing investment in technology, automation, and product development.