“In a challenging marketplace, where FinTech valuations have decreased because of economic conditions, we are delighted to have it confirmed by independent analysis that MiFinity is in good health and performing strongly,” said Paul Kavanagh, CEO at MiFinity. “In the last two years, MiFinity has grown exponentially, doubling our merchant base and with record new account signups. I believe our position amongst the top Secure Payment Solutions is due to our agility, innovation and customer-centric approach.”
82 of the companies audited in the Plimsoll study were deemed to be in financial danger, and a record number were making a loss. FinTech valuations have experienced a downturn compared to the highs of 2021. Volatile technology stocks and rising interest rates impacted valuations and investment activity in 2022. Neobanks including Revolut and Varo Bank have had valuations cut in recent weeks, and payment service providers Klarna and Stripe have also seen theirs slashed in the last year.
Against this backdrop, MiFinity’s performance and market position gives customers, merchants and investors confidence in the company’s ongoing strength and resilience.
Since the MBO in 2017MiFinity has built the scale necessary to generate sustainable growth. Since 2021 transaction volumes have surged by over 130%, and in 2022 the company integrated over 500 merchant brands. 2023 will see the company strengthen its market share and build on its impressive performance.
Paul Kavanagh added: “We have ambitious growth plans for 2023 and beyond, supported by a host of new products and services. Most recently, we launched MiFinity Instant Bank Transfer, our real-time account-to-account payment solution. Last month we launched MiFinity Bonus, which showcases exclusive deals and offers from MiFinity's partners across multiple industries, including travel, Forex, and iGaming. More innovations are in the pipeline including a new native and desktop experience for the MiFinity eWallet app and new iFrame.”