In 2023, mPay’s revenues increased by 33.2%, and TTV by 141%

• mPay, the leading Polish digital payment app, is on a growth trajectory.
• The revenues reached PLN 36.34 million in 2023, reflecting an increase of 33.2% compared to the analogical period last year.
• The total transaction value (TTV) processed by mPay in the past year came up to PLN 59 million, in contrast to PLN 41.7 million in the previous year, marking a 141% year-over-year increase.
• As of December 31, 2023, mPay had 1.451 million users, signifying a 26.3% year-over-year growth, compared to 1.149 million in December 2022.
• mPay signed agreements with Warsaw Stock Exchange (WSE) and WSE Private Market and started working on an advanced crowdfunding handling and settlement system;
• mPay has devised and launched the first payment solutions for the B2B segment based on API interfaces, including an API enabling the creation of private payment wallets in external apps, an API allowing the creation of private closed-loop acceptance networks, and VAS API allowing the deployment of services available in the mPay app in external systems and apps;

In 2023, the mPay brand continued the efficient implementation of a strategy to transform into a super fintech application. These activities resulted in an increase in the number of customers using the application, the expansion of the service and product offer, and a boost in turnover compared to the previous year. This was achieved thanks to significant modernization of the application and efforts to cater to the B2B segment by offering financial and payment mechanisms to other B2B entities via API.

“2023 was marked by growth towards a super fintech application. Apart from constantly working on developing our core business, such as expanding the portfolio of cities where we offer our services of selling public transport tickets and parking fee payments, we signed a number of important agreements, including regional transport with POLREGIO, LiveKid, WSE and WSE Private Market in the field of identity verification, and many others to expand our portfolio of financial services,” says Andrzej Basiak, CEO of mPay.

By the end of 2023, the number of mPay application user accounts exceeded 1.45 million. The company also carried out a series of actions enabling it to position itself in the fintech industry. The strategy aimed at transitioning into a super fintech app resulted in offering numerous innovative financial and payment solutions to application users and business customers.

“The impressive pace of work on implementing new functions in the mPay app in both our core business and fintech for B2C and B2B gives me the impression that the steps taken will actively increase the number of application users, activate existing ones, and build a trusted business partner position in the fintech sector. This should lead to a steady growth in the company’s revenues and profits in 2024,” adds Andrzej Basiak.

In 2023, the mPay Company aimed for strong brand recognition growth. Specialized marketing research was carried out, and based on the conclusions drawn, the company prepared a new marketing strategy for 2024. One of its pillars is the support of a well-known sports figure and influencers. During the year, mPay started talks with Jakub Błaszykowski. Actions taken led to the signing of an agreement to use Jakub Błaszczykowski’s image to promote the mPay brand.

mPay generated revenues of PLN 36.34 million in 2023, marking an increase of 33.2 % compared to PLN 27.3 million the preceding year. EBIT profit was PLN 0.7 million, up by 69.5% from the 2022 outcome, and net profit was PLN 0.28 million, representing an increase of 87% compared to 2022.

Selected Financial Data of mPay in 2023:

The company expects that by the end of 2025, nearly half of the planned commission revenues may come from fintech services offered by the company, achieved by significant growth in the number and value of processed payment transactions. Thus, the company’s margin should significantly increase over the next two years. Hence, mPay will continue to gradually develop its product portfolio for both app users and B2B partners, and actively implement a brand awareness strategy among users.