Tap Global Group Plc - Trading Update
Announcement provided byTap Global Group Plc · TAP
20 April 2023
Tap Global Group Plc
(“Tap” or the “Company”)
Tap reports significant financial and operational progress in 100 days since listing
Tap Global Group Plc (AQSE: TAP), the regulated crypto app bridging the gap between traditional finance and blockchain technology, is pleased to provide an update on its performance since listing on the AQSE Growth Market on 10 January 2023 (“Listing”).
- Revenue: £1.16m in Q1 2023 (Q1 2022: £0.25m)
- Average monthly revenue up 347.5% in Q1 2023 to £385,000 (Q4 2022: £86,000)
- Registered users up 30% since Listing to 144,305
- 12 new cryptocurrencies listed on platform since Listing taking total to 39
Since Listing, Tap has seen a material increase in revenue delivered through its platform and is pleased to report revenue of £1.16m in Q1 2023. Revenue delivered in Q1 is over four times the same period last year and is more than that delivered by the operating business throughout the whole of 2022 (£1.1m).
As previously announced, Tap intends to commission analyst research in the near future which will establish revenue and profitability forecasts.
Following the addition of over 30,000 users since Listing, there are now 144,305 registered users on the platform with customers increasingly seeking the security of a regulated, insured, and low-fee provider. This growth has been delivered against a challenging backdrop for cryptocurrency users with a number of high-profile exchange crises taking place throughout 2022. To support its continued growth since Listing, the Company has increased user capture through marketing initiatives, social media campaigns, referral programs and collaboration with cryptocurrency influencers.
The Company continues to plan for international expansion with Foreign Money Services Business registration secured in
Tap maintains its focus on expanding its user offering with 39 cryptocurrencies now listed on its platform, including 12 added since Listing. This improved offering combined with continuous user experience upgrades, should help maintain user growth momentum alongside the retention of existing Tap users.
Beyond its core platform, Tap continues to grow its B2B offering including cryptocurrency business accounts, Crypto-as-a-Service, and the Company’s Cards-as-a-Service solution, for which leading global cryptocurrency exchange Bitfinex was announced as the first client in January 2023. These additional B2B revenue streams position the Company as a full-service cryptocurrency business and lay the foundation for the launch of further B2B solutions.
Tap’s continued financial growth and the additional funds raised through the Listing have allowed the Company to increase its headcount across marketing, sales and compliance, providing the Company with the resources to continue on its expansion trajectory.
David Carr, Chief Executive Officer of Tap Global, commented:
“We are delighted with Tap’s progress since Listing, particularly given the headwinds that cryptocurrency businesses have faced over the last 18 months or so. The decision to become a regulated entity and place a strong emphasis on user protection from Tap’s inception is working strongly in our favour and is reflected in the impressive user growth and retention on our platform.
While we will continue to pursue global expansion, the sustained growth we are experiencing in our existing markets affords us the benefit of being able to time our new market entries wisely in order to secure the best outcomes for both customers and shareholders.
We look forward to providing further updates in the coming months as we build our capabilities and welcome more users to Tap’s unique platform.”
The Directors of the Company accept responsibility for the contents of this announcement.
|Tap Global Group Plc
David Carr, Chief Executive Officer
|Via Vigo Consulting
|Peterhouse Capital Limited (AQSE Growth Market Corporate Advisor)
Guy Miller/Narisha Ragoonanthun
|+44 (0)20 220 9795|
|Vigo Consulting (Investor Relations)
Ben Simons / Charlie Neish
|+44 (0)20 7390 0230
About Tap Global
Tap is a fully regulated cryptocurrency app bridging the gap between traditional finance and blockchain technology.
Through a single app, Tap’s over 140,000 users can access several major cryptocurrency exchanges and, utilising Tap’s proprietary Artificial Intelligence middleware, customers benefit from best-execution and pricing in real time. Through the Tap card, users can also convert their cryptocurrencies to fiat to spend at more than 37 million merchant locations worldwide.
Tap is one of only a handful of unified solutions operators fully regulated to provide distributed ledger technology services and was the first cryptocurrency FinTech company approved by Mastercard in Europe.
Learn more: www.withtap.com
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