E-banking and international payments group FairFX has reported an 111 per cent increase in turnover to £2.36 billion following two acquisitions.

FairFX said the growth for the year ended 31st December 2018 was in line with expectations. It reported turnover of £1.12bn a year earlier.

Turnover was up 22 per cent when the effect of the acquisitions of CardOne Banking in August 2017 and City Forex in February 2018 was taken out.

The group expects to report adjusted EBITDA of approximately £7.5 million for the 12-month period, up from £1m.  

Growth was driven by the group’s continued focus on its core products of international payments, up 134 per cent, and prepaid cards, up 8 per cent. Usage of the company’s corporate card platform rose by 30 per cent compared to 2017.

In addition 315,000 new UK domiciled retail customers were acquired, bringing the total to 1,040,000 customers.