In 2021, Conotoxia Holding once again substantially increased the transaction and revenue volume compared to the previous year. The companies belonging to the Holding achieved 7.46 billion USD (33 billion PLN) turnover on foreign exchange transactions and the services noted even four-digit increases. The record results refer to all fintech services, including the newest ones, such as multi-currency lending service.
In 2021, Conotoxia users carried out 24% more currency exchange transactions than during the previous year. The fintech's turnover in this segment, in turn, increased by 36% compared to 2020, reaching a value of 7.46 billion USD.
In the money transfer category, revenue increased by 80% and the number of orders and their value doubled, compared to 2020. Turnover has more than doubled.
The number of multi-currency cards issued by the fintech increased 4 times in 2021 compared to 2020 when the product was launched. The number of card transactions jumped by more than 16 times, and the value of transactions increased by as much as 23 times.
The value of granted multi-currency loans increased by up to 6247% in 2021, and the number of loans increased by 4410%, compared to 2020 when the fintech released the product to its users.
The business sector also experienced very dynamic growth last year. Business customers are increasingly willing to use fintech's in-house payment system for e-commerce - Conotoxia Pay. In 2021, the turnover increased by 780%, the number of transactions grew more than 4 times, and revenue increased by 4272%, compared to 2020. Moreover, the number of active e-commerce companies using Conotoxia Pay jumped by more than 700%.
Trading in the Forex market has also played a prominent role in the group's performance. Conotoxia Ltd. - the company providing this service to Conotoxia users, recorded a turnover in 2021 that increased by almost 70%, with 64% more transactions and over 3 times more revenue compared to the previous year. The number of active customer accounts reached a record level, increasing by over 50%.
"We strive to continuously develop in every area, both in the retail and business lines, aiming to build a holistic financial offering for our users. We consistently implement plans and announcements but also surprise customers with novelties and innovations. However, we have an appetite for even more, especially as the number of our at home and abroad customers is growing steadily. We are intensively working on new projects in Poland and abroad. We are planning the further international expansion of our products and services and expect further significant increases in turnover and revenue in all segments," says Marcin Pioro, CEO of Conotoxia Holding.
Advancing technological development
Fintech places constant emphasis on the development and implementation of innovative technologies. The spread of remote working in 2020 and 2021 caused by the pandemic has confirmed the effectiveness of the cloud-based work model, thanks to which Conotoxia employees have the comfort of operating from anywhere in the world. Cloud applications, Atlassian and Google Workspace, allow for a fast and simple exchange of information, cooperation in developing documentation or sharing disk resources.
Conotoxia moved the products to the Google Cloud Platform from its own server rooms and other hostings. It was helped by using cloud-native solutions, including Google Kubernetes Engine, Cloud DNS, Cloud VPN, Cloud SQL, Cloud Storage, Memorystore and many more. The fintech's software development department continuously improves its competencies, which is confirmed by Google Cloud certificates obtained by Conotoxia employees. In 2021, they dealt with approximately 450 technological projects, and the work intensity is proven by more than 19 thousand unique implementations (nearly 100 per day). The catalyst for these achievements is the fully automated deployment process, which allows developers to focus on creative work even more.
Conotoxia has placed more than 170 applications on the Google Kubernetes Engine platform. The fintech introduced an innovative approach using Infrastructure as Code technology, enabling building identical network and server structures in any location provided by the cloud operator. The popularity of the Conotoxia web portal is evidenced by the almost 2-fold increase in traffic generated by users, which in 2021 reached more than 2.5 TB per month. More than 2.5 million downloads of the Conotoxia mobile app confirms customers' trust.
New products on offer
In 2021, Conotoxia made available many products and services that are important for users. The most important of them are:
- Introducing the possibility of ordering multi-currency cards with the option of sending them not only by post but also by courier and parcel lockers. Fintech was the first on the Polish market to enable the delivery of cards to parcel lockers.
- Making cards available to residents of almost all European Union countries.
- Enabling payment with cards using Google Pay, Fitbit Pay, Garmin Pay, as well as Apple Pay (in 2022).
- Making available a multi-currency super-app called Conotoxia, integrating financial services of several apps to date. It allows users to track exchange and cryptocurrency rates, exchange currencies, send money transfers, use multi-currency cards and accept BLIK payments on a smartphone in one place.
- Enabling users to make payments through their bank account, using a money transfer service from the US to Europe.
- Expanding the portfolio of payment methods available on the web portal with Skrill and Rapid Transfer.
- Enabling more payment methods - Apple Pay, PayPal and Skrill - within the Conotoxia Pay payment system.
- Launch of the "payment-by-link" service for online stores, thanks to which they gain the possibility to generate and send links to online payment.
- Access to Polish-speaking representatives in the Warsaw branch of Conotoxia Ltd. for investors who wish to open investment accounts through the web portal found at forex.cinkciarz.pl and forex.conotoxia.com.
- Developing eStore by expanding the offer and enabling shopping without registration. The Conotoxia marketplace offers digital products such as games, music, audiobooks, e-books, access to VOD, gift cards, activation codes, vouchers and software.
- Launching a currency lottery for individual and business customers. Conotoxia users can win cash prizes every month with a total prize pool of 190 prizes amounting to 500,000 PLN by making currency transactions.
The companies belonging to Conotoxia Holding promise to introduce other significant new products and services shortly, including withdrawal of multi-currency loans to the multi-currency card.
Services offered at conotoxia.com are provided by companies belonging to Conotoxia Holding. The multi-currency lending service is provided by Currency Lending Sp. z o.o.