Inpay announces a 57% EBITDA growth in 2023

The Danish cross-border payments provider has increased annual revenues by 23% to €60m

Inpay, the Danish cross-border payments provider, has announced strong annual results for 2023. Inpay annual revenue increased by 23% to €60.1m, up from €48.6m in 2022. The business also saw strong growth in EBITDA, up 57% to €13m in 2023, rising from €8.3m in 2022. These results underline the company’s ability to continue its rapid, profitable scaling in the coming years. This is also evidenced by progress made in its geographical expansion strategy in the Middle East and across the world, which is set to continue during 2024.

The organic increase in revenue, profits, and the number of transactions completed in 2023 all demonstrate that Inpay, already one of Europe’s fastest growing paytechs, is continuing to accelerate its already ambitious growth trajectory.

In 2023, Inpay integrated 18 new local markets into its cross-border payments offering. With plans to add an additional 60 countries over the course of 2024, Inpay continues to plan to expand even further. As well as this, the commercial team has grown its global footprint with a local presence in Dubai instated in Q1 2024, supporting Inpay’s strategic growth plans in the Middle East. Looking ahead, Inpay aims to expand its local presence to Asia Pacific, Latin America, and North America, ensuring improved customer experience through the provision of local, dedicated expertise.

2023 was a transformational year for Inpay, completing a full technology refresh as well as the commercial and product teams undergoing a transformation designed to drive vertical-specific product and service delivery. The go-to-market strategy has now been tailored to cater to the specific needs of customers within each vertical, streamlining the overall customer journey and positioning Inpay for scale in the verticals identified as key to the company’s future growth.

Thomas Jul, chief executive officer of Inpay, said: “Our strong financial results in 2023 are a testament to the more efficient operating model that we have developed in readiness for our next growth phase. Having unlocked great insights into the verticals we serve, we now power our growth with an even deeper understanding of what our key markets demand. This has allowed our organisation to prepare for scaling, effectively as well as efficiently; delivering increased value to customers at an even higher pace.”

Image: Inpay

Robert Welbourn Robert Welbourn is an experienced financial writer. He has worked for a number of high street banks and trading platforms. He's also a published author and freelance writer and editor.