Online payment and fraud management solution provider Mi-Pay has surpassed £2m profit.

The news comes as the AIM- listed London company posts its final results for the year with a gross profit of £2.1 million.

The firm, which also has offices in Romania and the Philippines, posted a total revenue of £3.3 million for the year, a £0.2m increase on its 2017 results.

Founded in 2003, the company delivers outsourced online and related payment and fraud management solutions to digital ecommerce clients, primarily in the mobile and digital content sector.

In 2018 the company processed £106.0m of payment transaction from 7.4 million transactions, up from 6.7 million the previous year.

Its product offering provides the infrastructure to enable pre-paid mobile devices to be topped up via a variety of channels such as websites, mobile applications and social media applications.

Michael Dickerson, Executive Chairman of Mi-Pay Group said he was ‘delighted’ by the results.

"The market we operate in continues to change as new European payment compliance directives impact solution providers and our clients consolidate their offerings and vendors, especially as they increasingly focus on the transition to digital solutions, our core offering,” he said.

“This offers both opportunities and risks, however our knowledge, in house solutions and efficiencies in digital e-commerce provides a strong platform to build from."