Conotoxia Holding continues its expansions and notes next record-breaking results in 2020

Feb 18, 2021 9:20 AM|

Companies within Conotoxia Holding, to which and Conotoxia brands belong, recorded strong momentum for their products and services in the 2020 anniversary year. Both retail and business segments expanded. The portal started offering, among others, multi-currency cards, multi-currency online lending service or money transfers from the U.S. to Europe.

Conotoxia Holding continues its expansions and notes next record-breaking results in 2020

2020 is the round anniversary year of Ten years after its launch, Conotoxia Holding Group can still boast about another increase in transaction volume and growing revenue compared to 2019.

  • In 2020, turnover on currency exchange transactions increased by more than 30% compared to 2019, reaching 6.44 billion USD (24.5 billion PLN). On a two-year basis, turnover increased by approximately 54%.
  • The money transfer segment experienced 87% year-over-year growth in transaction value, 38% increase in the number of transactions, and 37% higher revenue. Compared to 2018, revenue grew by nearly 100%.
  • The dynamics of multi-currency card transactions growth is about 350% month-on-month on average.
  • Trading on the Forex market generated a 6-fold increase in turnover and revenue increased by 362% year-on-year. On a two-year basis, turnover rose more than 28 times and revenue nearly 21 times.
  • In 2020, the Conotoxia Pay online payment solution brought a 209% year-on-year increase in turnover, and it grew by as much as 40 times compared to 2018. Meanwhile, the revenue of the company's in-house online payment system for online stores increased by 231% year-on-year.
  • New products made available in 2020 include multi-currency cards, multi-currency lending service, money transfers from the U.S. to Europe, and currency audit. The Group also distinguished BigScreen Defense, a company responsible for planning and developing innovative regulatory technology services.
  • Conotoxia Holding strives for further growth in the retail and business customer sectors and announces a number of new products.

Dynamic progress and historical achievements of the services offered

Currency exchange continues to be an important part of's offer. Last year, the turnover on these transactions increased by about 30% year-on-year, reaching a value of 6.44 billion USD (24.5 billion PLN). On a two-year basis, the turnover increased by about 54%. Compared to 2019, the number of transactions rose by more than 30% in 2020.

As for the money transfer service, the total value of transactions in 2020 increased by 87%, with the number of transactions increasing by 38% and revenue rising by 37% year-on-year. Compared to 2018, revenue grew almost two times. The number of orders without currency exchange rose by 112% in 2020, and with the conversion by 254%.

The growth dynamic of transactions made with multi-currency cards is, on average, about 350% month-on-month. 63% of issued cards are physical cards, and 37% are virtual ones.

2020 is the Group's best year ever in terms of transactions on the Forex market. Conotoxia Ltd. — the company which provides this service to users, recorded a 6-fold increase in turnover and a 362% increase in revenue year-on-year. In contrast, from a two-year perspective, turnover increased over 28-fold and revenue nearly 21-fold. The number of transactions in 2020 increased nearly 6-fold year-on-year, the number of clients also grew 2-fold, and deposits increased nearly 8-fold.

"Our financial results clearly show that the path we started 10 years ago has led us in the right direction. We are progressing in every sector, and above all — which pleases me the most — users appreciate our products and services as well as innovativeness," says Marcin Pioro, CEO of Conotoxia Holding.

Even four-digit growths in the business segment

The cooperation with business customers developed very intensively in 2020. The company's original payment system for e-commerce — Conotoxia Pay — continued to gain in popularity. In 2020, the turnover increased by more than 3 times year-on-year and by 40 times on a two-year basis. Revenue, compared to 2019, increased by 231%. The share of orders with currency exchange accounted for 12% of all payment orders and increased compared to 2019 from 4.3%. The increase in the value of orders without exchange, on the other hand, increased by 1522%.

In 2020, BigScreen Defense was separated and is responsible for planning and developing technologically advanced solutions against financial crime. RegTech solutions focus on anti-money laundering and ensuring regulatory compliance of services.

Conotoxia also offers currency audit for companies. It is a unique tool for complex analysis of currency rates. The audit compares the exchange rate of a company's transaction in the past with the real exchange rate of the fintech at the same time. Apart from comparing historical rates, the audit presents currency charts and the author's review of the market with experts' analyses.

"We intend to focus even more strongly on business customers. This is a very important group for us. We are constantly expanding our portfolio of products and services, but also tools related to consulting for companies. We want not only to respond to their needs but also to set new trends", adds Marcin Pioro.

Key innovations

Remittance service from the U.S. to Europe began in 2020. Conotoxia, Inc. is steadily expanding its reach with this service. Residents of as many as 42 states can already order online money transfer in 28 currencies.

Last year, Conotoxia made available a free multi-currency card, which can be used to pay in 160 currencies. Users receive the product without fixed fees and other requirements, such as the required number of transactions. Free of charge are 20 currency accounts, card top-ups and transfer of funds to a currency wallet. Conotoxia offers two types of cards: physical and virtual.

Last year, a multi-currency lending service was also introduced for users, who define what amount they need and what currency. They then fill out an online application and wait for the money once they receive a positive credit decision.

Plans and visions

The Group announces a number of new features and innovations for its customers in 2021. The key project is the super-app, integrating financial services of several apps used so far.

Conotoxia plans to enable adding the card to Google Pay and Apple Pay so the clients could pay in traditional stores using a phone or a smartwatch. Also, there are steps to enable withdrawing funds from a given loan to a multi-currency card and the possibility of applying for debit on the card. Loans will also be incorporated into currency exchange and money transfers.

In the case of money transfers service, the Group plans to launch the most popular payment method in the U.S. — Online Banking, which will increase accessibility and convenience.

Among others, Fintech announces payments via PayPal and Apple Pay in Conotoxia Pay for business customers. It also plans to introduce a subscription-based currency audit service in the PRO version.

Conotoxia Holding considers various options for further development and expansion in 2021, including attracting a potential investor or a stock market debut.

Services offered on the 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.

Feb 18, 2021 9:20 AM|

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Attractive exchange rates of 27 currencies