In the first quarter of 2021, Conotoxia Holding can boast about a significant increase in transaction volume and revenue compared to the corresponding period of 2020. The Group even recorded four-digit increases and as much as 2.035 billion USD (7.8 billion PLN) of turnover on foreign exchange transactions.
Highlights of key achievements
Currency exchange continues to be one of the essential elements of Conotoxia's offer. In Q1 2021, the turnover on these transactions increased by almost 40% compared to the same period last year, reaching 2.035 billion USD (7.8 billion PLN).
Giving the money transfers category, the value of transactions in Q1 2021 increased by 232%, the number of transactions jumped by 166%, and revenue more than doubled compared to Q1 2020.
In October 2020, Conotoxia extended its offer with multi-currency cards. The new product immediately attracted attention. The number of transactions almost tripled, and turnover soared by 222% compared to the previous quarter.
The B2B sector also evolved very rapidly. Customers are more and more willing to use our payment system for e-commerce - Conotoxia Pay. In Q1 2021, turnover increased more than 3 times, and revenue grew by as much as 2493%, compared to Q1 2020.
Forex trading also plays an important role. Conotoxia Ltd. - the company which provides the service to Conotoxia.com web portal users - recorded in Q1 2021 an increase of almost 2-fold in the number of new customers, a 2-fold increase in the value of deposits paid, a more than 6-fold increase in the number of transactions concluded, a more than 7-fold increase in the value of transactions, as well as a 75% increase in the number of active customers compared to Q1 2020. As a result, Conotoxia Ltd. produced a 354% rise in total revenue and 2 times higher revenue per customer.
"Our ambition is to be a leading non-bank provider of multi-currency services in Europe and, in the long run, additionally across the pond. We consistently strive to achieve this, developing both in the retail and business segments. Our Group's operating model is to set new trends and look for our own niche. Our customers' trust and our financial results show that we are keeping the right rhythm and heading in the right direction. We are not slowing down, and we are planning further important innovations and improvements," says Marcin Pioro, CEO of Conotoxia Holding.
What is new?
Since Q1 2021, one of the most popular payment methods available at Conotoxia Pay - online transfers - can already be used by customers of another 15 banks. Conotoxia's in-house payment system has expanded the scope of Pay-By-Link.
Additionally, Conotoxia users may order multi-currency cards with delivery options that include not only postal delivery but also FedEx courier services and the use of InPost parcel lockers (in Poland). Fintech was first on the Polish market to enable the delivery of cards to parcel service points. Internationally, the cards may be ordered via courier (FedEx and DPD) and postal services.
In 2021, Conotoxia also strongly developed, among other things, its marketplace, launched a currency podcast and introduced artificial intelligence into its marketing activities.
Plans for an even brighter future
Conotoxia Holding promises to introduce further key new products and innovations in the coming months of 2021. The core development is expected to be a super-app, integrating the financial services of several existing apps.
Conotoxia also wants to make available the possibility of attaching cards to phones and watches and the option of withdrawing money from a loan to a multi-currency card.
The money transfer segment plans to launch the most popular payment method in the US - payments by bank account, which will increase the accessibility and convenience of the service.
Fintech also intends to offer payments via PayPal and Apple Pay in Conotoxia Pay, among others. On top of this, it plans to introduce a PRO version of its currency audit subscription service.
Services offered on the Conotoxia.com web portal are provided by companies belonging to Conotoxia Holding. The service of multi-currency loans is provided by Currency Lending Sp. z o.o.