How Finseta is cashing in on currencies

There is a growing global market for cross-border payments, in which new companies are taking business away from traditional banks and foreign exchange brokers who lack the resources to cope with increasing compliance requirements. Finseta (Aim: FIN) is a good example of one such company. It provides multi-currency accounts for businesses and high net-worth individuals (HNWIs) all over the world. The firm removes the complexity of international payments by managing currency risk, payment and electronic account services. Finseta has a market value of £22 million and achieved a turnover of £9.65 million in 2023, up fourfold from 2021.

Finseta does not compete in the low-value, high-volume retail market, but instead provides bespoke services to corporate and HNWI customers making high-value compliance intensive transactions. The company serves 1,400 customers in more than 150 countries and with more than 58 currencies. It offers accounts in at least 35 different currencies and provides four main advantages over traditional banks. These are: first, one-to-one personalised service; second, reduced paperwork; third, speed (witness a turnaround time of less than 24 hours) and, fourth, cost (the service is up to 5% cheaper than high-street banks’ offerings).