Guavapay marks 71% revenue growth in financial year 2024

Guavapay, a company based in London, UK, has announced a 71% annual revenue growth for the financial year 2024 compared to the previous year.

The financial solutions provider, which was founded in 2017, attributes its growth to an expansion in customer base and an increase in the size of its team. The company nearly tripled the number of staff in its London office to meet global demand for its financial services.

In addition to its office expansion, Guavapay has accrued a variety of operating licences across regions such as the UK, Canada, the European Union, and Switzerland. This licensing, alongside a global employee base of over 500 professionals, supports the company's plans for further international growth.

"Customer centric technology innovation at Guavapay has been central to our growth," stated Kamal Hasanov, Group CEO of Guavapay. "Our sales have steadily increased each month, with corporate clientele doubling each quarter this year with MyGuava Business alone. Our growing popularity and loyal customer base can vouch for our robust scalable solutions for both business and personal finance management. I see Guavapay is clearly positioned to lead the next-generation payment solutions, offering unparalleled speed, transparency and cost-effectiveness."

Guavapay positions itself as a key player in providing cost-efficient, non-banking payment solutions for small and medium-sized businesses. These solutions include real-time funds transfer, multi-currency accounts, and advanced payment APIs, facilitated by in-house technology that ensures cost-effectiveness and operational efficiency. The company also leverages partnerships with other organisations to extend its product and service capabilities.

Notably, the MyGuava (B2C) and MyGuava Business (B2B) payment applications allow users to open accounts in over 20 currencies, such as GBP, USD, and EUR. Customers can perform local and international payments in real-time with competitive fees. Besides, Guavapay is a principal member of several major card schemes and is registered as a 'Small Electronic Money Institution' with the Financial Conduct Authority since 2019. The company offers cross-border and mass payment solutions, allowing customers to send money via SWIFT, SEPA, BACS, CHAPS, and Faster Payments.

Strategic collaborations further enhance Guavapay's offerings. MyGuava Business has partnered with Xero, Ecwid by Lightspeed, and Adobe Commerce (Magento) to provide a high-quality user experience for business payments. Additionally, a partnership with PayPoint enables MyGuava B2C users to deposit cash at over 28,000 UK PayPoint locations. The integration of transaction enrichment from Snowdrop Solutions into the MyGuava App provides users detailed transaction data for improved transparency.

According to a McKinsey report, the global payments industry saw a 7% annual growth from 2018-2023 and is expected to grow by 5% annually over the next five years. Guavapay's expansion indicators highlight the significance of investing in advanced payment technologies that ensure efficient, low-cost transactions while adhering to regulatory standards.