Fintech

Goldmoney Inc. Reports Financial Results for Third Quarter 2023

Published

2 years ago

February 7, 2023

Toronto, Ontario–(Newsfile Corp. – February 7, 2023) – Goldmoney Inc. (TSX: XAU) (US: XAUMF) (“Goldmoney” or the “Company”), a precious metal financial service and technology company, today announced financial results for the third quarter ended December 31, 2022. All amounts are expressed in Canadian dollars unless otherwise noted.

Financial Highlights

Group Tangible Capital of $143.1 million, an increase of $15.7 million, or 12% Year-over-Year (“YoY”) and $9.8 million, or 7% Quarter-over-Quarter (“QoQ”).
Tangible Capital per Share of $1.93, an increase of 15% YoY.
Group Precious Metal Position consisting of Coins, Bullion, and Bullion Denominated Loan of $71.3 million, an increase of $13.3 million, or 23% YoY.
Gold-Adjusted Tangible Capital per 100 Goldmoney Inc. shares of 2.47 grams, an increase of 9% YoY.
Repurchased a total of 417,200 shares at an average purchase price of $1.75 during the quarter, reducing the share count by 0.6%.
Record Operating Income of $15.1 million, an increase of 161% YoY and 124% QoQ.
Net Income of $10.5 million, an increase of 300% YoY and 161% QoQ.
Basic and Diluted Earnings per Share of $0.14, an increase of 300% YoY and 161% QoQ.
Goldmoney.com Group Client Assets of $2.2 billion, an increase of 12% QoQ.
Menē Inc. reported strong results for the quarter ended September 30, 2022, generating $5 million in Revenue, $1.1 million in Gross Profit, and Total Comprehensive Income of $1 million.

IFRS Consolidated Income
Statement Data

($000s, except earnings per share)	FY 2023			FY 2022				FY 2021
	Q3	Q2	Q1	Q4	Q3	Q2	Q1	Q4
Trading Revenue	56,531	60,645	73,460	119,456	67,071	69,013	94,706	139,709
Fee revenue	3,911	4,492	4,471	3,826	1,544	1,585	1,412	1,844
Interest income	553	369	164	99	85	100	103	211
Total revenue	60,995	65,505	78,095	123,381	68,700	70,698	96,221	141,764
Gross margin	6,821	7,485	7,609	7,815	4,107	4,530	5,492	4,508
Operating income	15,058	6,728	2,103	10,277	5,763	1,661	6,167	2,146
Net income (loss)	10,475	4,015	(4,394)	(6,350)	2,620	(3,284)	951	(5,947)
Basic earnings (loss) per share	0.14	0.05	(0.06)	(0.08)	0.03	(0.04)	0.01	(0.08)

Refer to “Use of Non-IFRS Financial Measures” and “Reconciliation of Non-IFRS Financial Measures” in the MD&A

Statement from Roy Sebag, Chairman and Chief Executive Officer:

We continue to deliver consistent returns on capital to our shareholders. This quarter saw Goldmoney Inc. set new records in IFRS operating income. Importantly, our growth in tangible capital is outperforming the rise in gold, meaning that our primary objective of gaining leverage to a rising precious metal environment is being met. We repurchased 417,200 shares in the quarter reducing the share count to 74,304,288. We intend to repurchase our shares whenever possible at or near current market levels. As our balance sheet and net worth continue to grow, we will be looking for new opportunities to deploy our growing capital position. Further information about our long-term strategy and vision will be provided in the 2023 Annual Shareholder Letter in June.

I continue to believe that the macroeconomic environment is deteriorating and that a global economic recession is now upon us. In my view, the effects of higher rates along with persistent asset deflation have not been priced in by market participants. The Minsky moment has not yet arrived, but the table is set, and it is now only a matter of time. We are positioned accordingly with a pristine balance sheet, no debt, and minimal counterparty risk. In closing, I would like to thank all our clients, shareholders, and colleagues for their continued trust and support.

Financial Information and IFRS Standards

The selected financial information included in this release is qualified in its entirety by, and should be read together with, the Company’s condensed consolidated interim financial statements for the quarter ended December 31, 2022 and prepared in accordance with International Financial Reporting Standards (“IFRS”) and the corresponding management’s discussion and analysis, which are available under the Company’s profile on SEDAR at www.sedar.com.

Non-IFRS Measures

This news release contains non-IFRS financial measures; the Company believes that these measures provide investors with useful supplemental information about the financial performance of its business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating its business. Although management believes these financial measures are important in evaluating the Company’s performance, they are not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with IFRS. These non-IFRS financial measures do not have any standardized meaning and may not be comparable with similar measures used by other companies. For certain non-IFRS financial measures, there are no directly comparable amounts under IFRS. These non-IFRS financial measures should not be viewed as alternatives to measures of financial performance determined in accordance with IFRS. Moreover, presentation of certain of these measures is provided for year-over-year comparison purposes, and investors should be cautioned that the effect of the adjustments thereto provided herein have an actual effect on the Company’s operating results.

Tangible Capital is a non-IFRS measure. This figure excludes from total shareholder equity (i) intangibles, and (ii) goodwill, and is useful to demonstrate the tangible capital employed by the business.

For a full reconciliation of non-IFRS financial measures used herein to their nearest IFRS equivalents, please see the section entitled “Reconciliation of Non-IFRS Financial Measures” in the Company’s MD&A for the quarter ended December 31, 2022.

About Goldmoney Inc.

Goldmoney Inc. (TSX: XAU) is a precious metal-focused global business. Through its ownership of various operating subsidiaries, the Company is engaged in precious metal sales to its clients, including arranging delivery and storage of precious metals for its clients and coin retailing. Goldmoney clients located in over 100 countries hold over $2.1 billion in precious metal and fiat currency assets. The Company’s operating subsidiaries include: Goldmoney.com, SchiffGold.com and Totenpass. In addition to the Company’s principal business segments, the Company holds a significant interest in Menē Inc., which crafts pure 24-karat gold and platinum investment jewelry that is sold by gram weight. Through these businesses and other investment activities, Goldmoney gains long-term exposure to precious metals. For more information about Goldmoney, visit goldmoney.com.

Media and Investor Relations inquiries:

Renee Wei
Director of Global Communications
Goldmoney Inc.
[email protected]

Mark Olson
Chief Financial Officer
Goldmoney Inc.
+1 647 250 7098

Forward-Looking Statements

This news release contains or refers to certain forward-looking information. Forward-looking information can often be identified by forward-looking words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “estimate”, “may”, “potential” and “will” or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. All information other than information regarding historical fact, which addresses activities, events or developments that the Goldmoney Inc. believes, expects or anticipates will or may occur in the future, is forward-looking information. Forward-looking information does not constitute historical fact but reflects the current expectations the Company regarding future results or events based on information that is currently available. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking information will not occur. Such forward-looking information in this release speak only as of the date hereof.

Forward-looking information in this release includes, but is not limited to, statements with respect to: service times for transactions on the Goldmoney network, growth of the Company’s business, expected results of operations, and the market for the Company’s products and services and competitive conditions. This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time it was made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others: the Company’s operating history; history of operating losses; future capital needs and uncertainty of additional financing; fluctuations in the market price of the Company’s common shares; the effect of government regulation and compliance on the Company and the industry; legal and regulatory change and uncertainty; jurisdictional factors associated with international operations; foreign restrictions on the Company’s operations; product development and rapid technological change; dependence on technical infrastructure; protection of intellectual property; use and storage of personal information and compliance with privacy laws; network security risks; risk of system failure or inadequacy; the Company’s ability to manage rapid growth; competition; the ability to identify opportunities for growth internally and through acquisitions and strategic relationships on terms which are economic or at all; effectiveness of the Company’s risk management and internal controls; use of the Company’s services for improper or illegal purposes; uninsured and underinsured losses; theft & risk of physical harm to personnel; precious metal trading risks; and volatility of precious metals prices & public interest in precious metals investment; and those risks set out in the Company’s most recently filed annual information form, available on SEDAR. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to update or revise any forward-looking information, except as required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/153827

Fintech

Fintech Pulse: Daily Industry Brief – A Dive into Today’s Emerging Trends and Innovations

Published

3 days ago

November 21, 2024

Peter Tolan

fintech-pulse:-daily-industry-brief-–-a-dive-into-today’s-emerging-trends-and-innovations

The fintech landscape continues to redefine itself, driven by innovation, partnerships, and groundbreaking strategies. Today’s roundup focuses on the latest digital wallet offerings, evolving payment trends, strategic collaborations, and notable funding achievements. This editorial explores the broader implications of these developments, casting light on how they shape the future of fintech and beyond.

Beacon’s Digital Wallet for Immigrants: A Gateway to Financial Inclusion

Beacon Financial, a leading player in financial technology, recently launched a digital wallet tailored to meet the unique needs of immigrants moving to Canada. This offering bridges a critical gap, enabling seamless financial integration for newcomers navigating a foreign system.

By combining intuitive technology with user-centric features, Beacon aims to empower immigrants with tools for payments, savings, and remittances. This aligns with the growing demand for tailored financial products that resonate with specific demographics.

Op-Ed Insight:
Financial inclusion is more than just a buzzword; it’s a moral imperative in the fintech space. Products like Beacon’s digital wallet highlight the industry’s potential to create tangible change. As global migration trends increase, such offerings could inspire similar initiatives worldwide.

Source: Fintech Futures.

Juniper Research Highlights 2025’s Payment Trends

Juniper Research’s latest report unveils pivotal payment trends poised to dominate in 2025. Central themes include the adoption of instant payment networks, a surge in embedded finance solutions, and the rise of crypto-backed financial products.

The research underscores the rapid adoption of real-time payment systems, fueled by increasing consumer demand for speed and efficiency. Meanwhile, embedded finance promises to blur the lines between traditional banking and non-financial services, delivering personalized and context-specific solutions.

Op-Ed Insight:
As the lines between financial services and technology continue to blur, these trends emphasize the industry’s shift toward convenience and personalization. The growing role of crypto-based solutions reflects an evolving consumer mindset, where decentralization and digital-first experiences gain precedence.

Source: Juniper Research.

MeaWallet and Integrated Finance Partner to Revolutionize Digital Wallets

MeaWallet, a prominent fintech solutions provider, has partnered with Integrated Finance to advance digital wallet capabilities and secure card data access for fintech companies. This collaboration focuses on empowering fintechs to deliver better, safer digital payment experiences.

MeaWallet’s role as a technology enabler aligns seamlessly with Integrated Finance’s goal of simplifying complex financial infrastructures. Together, they aim to create scalable, robust platforms for secure payment solutions.

Op-Ed Insight:
Partnerships like this underscore the importance of collaboration in driving innovation. As security concerns grow in tandem with digital payment adoption, solutions addressing these challenges are essential for maintaining consumer trust. The fintech ecosystem thrives when synergy and innovation coalesce.

Source: MeaWallet News.

Nucleus Security Among Deloitte’s Fastest-Growing Companies

Nucleus Security has achieved a remarkable milestone, ranking 85th on Deloitte’s 2024 Technology Fast 500 list. This achievement is attributed to its robust cybersecurity solutions, which cater to the increasingly digital fintech environment.

With cyberattacks becoming more sophisticated, fintech companies are under immense pressure to safeguard their platforms. Nucleus Security’s growth reflects the rising demand for comprehensive, scalable security solutions that protect sensitive financial data.

Op-Ed Insight:
In a digital-first world, robust cybersecurity isn’t optional—it’s fundamental. The recognition of companies like Nucleus Security signals the growing importance of protecting fintech infrastructure as the industry scales globally.

Source: PR Newswire.

OpenYield Secures Funding to Transform the Bond Market

OpenYield has announced a successful funding round, aiming to revolutionize the bond market through innovative technology. The platform promises greater transparency, efficiency, and accessibility in fixed-income investments.

This funding underscores the growing appetite for digitizing traditionally opaque financial markets. By leveraging cutting-edge technology, OpenYield seeks to democratize bond investments, making them accessible to a broader audience.

Op-Ed Insight:
The bond market, long viewed as complex and inaccessible, is ripe for disruption. OpenYield’s efforts to modernize this space highlight fintech’s transformative potential to democratize finance and empower individual investors.

Source: PR Newswire.

Key Takeaways: Shaping the Future of Fintech

Today’s developments underscore several critical themes in the fintech landscape:

Personalization and Inclusion: Products like Beacon’s wallet highlight the importance of understanding and addressing specific user needs.
Collaborative Ecosystems: Partnerships, like that of MeaWallet and Integrated Finance, emphasize the power of collaboration in solving industry challenges.
Emerging Technologies: Juniper Research’s predictions affirm the continued influence of blockchain, embedded finance, and instant payment networks.
Security at the Core: The recognition of Nucleus Security underscores the essential role of cybersecurity in fintech.
Market Transformation: OpenYield’s funding signifies the ongoing disruption of traditional financial markets, paving the way for broader accessibility.

The post Fintech Pulse: Daily Industry Brief – A Dive into Today’s Emerging Trends and Innovations appeared first on News, Events, Advertising Options.

Fintech

Fintech Pulse: Industry Updates, Innovations, and Strategic Moves

Published

4 days ago

November 20, 2024

Peter Tolan

fintech-pulse:-industry-updates,-innovations,-and-strategic-moves

As fintech continues to reshape the global financial landscape, today’s briefing highlights pivotal developments, strategic expansions, and innovative launches across the industry. This op-ed explores the latest advancements with commentary on their potential impacts and challenges.

Finastra Data Breach: A Wake-Up Call for Fintech Security

Source: KrebsOnSecurity

The cybersecurity landscape is buzzing after Finastra, one of the largest financial technology providers globally, confirmed an investigation into a potential data breach. Reports suggest unauthorized access to its systems, raising concerns about data security across its client base, which includes thousands of banks and financial institutions worldwide.

Implications and Challenges

While the details of the breach remain sparse, this incident underscores a glaring vulnerability in the fintech sector—cybersecurity. As financial services increasingly rely on interconnected ecosystems, breaches like these threaten not only individual institutions but also the trust customers place in fintech platforms.

The key takeaway for the fintech industry is clear: proactive cybersecurity strategies must go beyond compliance. Real-time threat detection, robust encryption standards, and regular audits are no longer optional but essential for maintaining operational integrity.

Future Considerations

This breach could trigger a domino effect, prompting regulators to tighten security standards and requiring fintech companies to double down on investments in data protection. Startups and mid-tier players, often lacking extensive cybersecurity budgets, may face significant pressure to keep pace.

PayPal Resurrects Money Pooling Feature

Source: TechCrunch

In a bid to stay ahead of the competition, PayPal is reintroducing its Money Pooling feature, a popular tool that was discontinued in 2021. The feature allows users to pool funds collectively, catering to families, small businesses, and social groups.

Strategic Revival

This move reflects PayPal’s commitment to customer-centric innovation. By reinstating a feature beloved by its user base, the company seeks to reclaim market share lost to emerging competitors offering similar functionalities.

Broader Industry Impacts

Money pooling represents a broader trend in fintech—customized solutions that cater to niche needs. This reintroduction may inspire competitors like Venmo and CashApp to refine their collaborative payment offerings.

While this move strengthens PayPal’s ecosystem, its success will depend on seamless integration with existing services and robust fraud prevention mechanisms to avoid abuse of the feature.

Santander Expands Fintech Reach in Mexico

Source: Yahoo Finance

Santander is making waves in the Latin American fintech space with the launch of a dedicated fintech unit in Mexico. The initiative aims to capitalize on Mexico’s growing fintech adoption and digital payments market, valued at billions of dollars annually.

Strategic Significance

Santander’s expansion into Mexico highlights the region’s untapped potential. Latin America is a burgeoning market for fintech, driven by increasing smartphone penetration, a youthful demographic, and demand for accessible financial services.

Challenges on the Horizon

While Mexico offers immense opportunities, regulatory complexities and market competition from local players like Clip and Konfío pose significant challenges. Santander will need to blend its global expertise with local adaptability to succeed in this dynamic market.

2024 Global Fintech Awards: Spotlighting Excellence

Source: PRNewswire

Benzinga has announced the winners of the 2024 Global Fintech Awards, honoring companies and individuals driving innovation in financial technology. This year’s winners spanned categories like blockchain, artificial intelligence, and payment solutions.

Recognizing Industry Leaders

Awards like these highlight the collaborative spirit and entrepreneurial drive fueling fintech growth. Recognizing trailblazers not only motivates incumbents but also inspires startups to push the boundaries of innovation.

What It Means for the Ecosystem

The awards also bring attention to emerging technologies. Categories such as blockchain and AI signal the industry’s continued focus on leveraging cutting-edge tech for efficiency and scalability.

Commonwealth Central Credit Union Partners with Jack Henry

Source: FinTech Futures

Commonwealth Central Credit Union (CCCU) has announced a partnership with Jack Henry, a leading financial technology provider, for a comprehensive tech upgrade. The collaboration focuses on enhancing member experience through improved digital services.

Modernizing Member Experiences

Credit unions have often lagged behind major banks in adopting advanced digital solutions. By partnering with Jack Henry, CCCU aims to bridge this gap, offering members streamlined services such as mobile banking, automated lending, and personalized financial tools.

A Growing Trend

This partnership reflects a broader trend in the financial industry—credit unions and smaller banks embracing fintech to remain competitive. As customer expectations evolve, partnerships like this may become the norm rather than the exception.

Key Takeaways for the Fintech Industry

Cybersecurity is Critical: The Finastra breach underscores the need for robust security measures.
Innovation Drives Loyalty: PayPal’s revival of its Money Pooling feature highlights the importance of listening to customers.
Regional Opportunities: Santander’s expansion into Mexico showcases the untapped potential of emerging markets.
Recognition Matters: Awards like Benzinga’s provide valuable visibility for companies and individuals shaping the industry.
Partnerships Foster Growth: Collaborations between credit unions and fintech companies signify a trend towards modernized financial solutions.

The post Fintech Pulse: Industry Updates, Innovations, and Strategic Moves appeared first on News, Events, Advertising Options.

Fintech

Fintech Pulse: Milestones, Partnerships, and Transformations in Fintech

Published

5 days ago

November 19, 2024

Peter Tolan

fintech-pulse:-milestones,-partnerships,-and-transformations-in-fintech

The fintech sector continues its relentless drive toward innovation and market dominance. Today’s highlights include a record-breaking customer milestone for Revolut, groundbreaking fintech solutions for women in the EU, open entries for the PayTech Awards 2025, implications of political shifts on funding, and notable recognition at the US FinTech Awards.

Revolut Hits 50 Million Customers: A Global Fintech Giant’s Milestone

Source: Revolut

Revolut, the UK-based financial super app, has achieved a monumental feat: surpassing 50 million customers worldwide. This milestone underscores its position as a leader in the global fintech landscape, furthering its ambition to create the world’s first truly global bank.

Key to this success has been Revolut’s strategy of expanding its offerings, from banking to travel and crypto services, all within a seamless user experience. The company’s recent ventures into emerging markets such as Latin America and Asia demonstrate its intent to bridge financial services gaps while retaining competitive differentiation through technology.

This milestone is not just a triumph for Revolut but a signal of fintech’s capacity to redefine traditional banking. It reinforces the narrative that digital-first strategies, customer-centric innovation, and international scalability can challenge long-standing financial institutions.

PayTech Awards 2025: Celebrating Excellence in Innovation

Source: FinTech Futures

The PayTech Awards 2025 are officially open for entries, promising to spotlight the brightest minds and most innovative projects in the payment technology sector. These awards are a testament to the industry’s commitment to advancing secure, seamless, and scalable payment systems.

This year, the focus is on emerging technologies that redefine how businesses and consumers interact financially. Categories will recognize achievements across multiple domains, including sustainability in payments, AI-driven solutions, and partnerships that push boundaries.

As fintech companies prepare their entries, the awards provide a timely reminder of the sector’s ongoing evolution and the collaborative efforts required to achieve meaningful breakthroughs.

U.S. Politics and the Fintech Sector: A New Era of Funding?

Source: American Banker

The U.S. fintech sector might witness an infusion of optimism as speculation about a second Trump presidency gains momentum. The Trump-era policies of deregulation and venture capital encouragement are remembered as catalysts for unprecedented fintech growth during his first term.

While it remains uncertain how regulatory landscapes will shift, the possibility of a more relaxed approach toward fintech compliance could rejuvenate funding inflows. Investors and startups alike are watching closely, weighing the potential benefits against long-term risks tied to reduced oversight.

A politically charged backdrop often spells volatility, but for fintech, it may also spell opportunity. Preparing to adapt quickly will be crucial for startups and established players in the face of any regulatory pivot.

Klara AI and Unlimit: Addressing the €1.3 Trillion Female Economy

Source: FF News

Klara AI has teamed up with Unlimit to launch a fintech solution aimed at empowering women across the EU. This collaboration targets the €1.3 trillion female economy by addressing the unique financial needs of women entrepreneurs and consumers.

The solution promises to integrate AI-powered tools with streamlined financial management services, enabling users to access credit, manage investments, and scale businesses effectively. By tailoring services to the underserved female demographic, the partnership hopes to drive financial inclusion and support economic growth.

This initiative stands as a blueprint for fintechs exploring niche markets, proving that innovation tailored to specific segments can yield transformative results.

Autire: Accounting Tech of the Year at US FinTech Awards

Source: Business Wire

Autire, a rising star in financial technology, has been crowned ‘Accounting Tech of the Year’ at the US FinTech Awards 2024. The award recognizes Autire’s ability to blend cutting-edge AI with intuitive user interfaces, delivering unparalleled accounting solutions for businesses of all sizes.

Autire’s platform has gained traction for automating complex accounting tasks, ensuring compliance, and delivering actionable insights through real-time analytics. Its emphasis on reducing administrative burdens for SMEs has been particularly impactful, enabling entrepreneurs to focus on growth rather than bookkeeping.

The recognition not only cements Autire’s reputation but also highlights the role of AI-driven accounting solutions in reshaping business operations globally.

Final Thoughts: A Fintech Revolution in Full Swing

From customer milestones to policy-driven opportunities, the fintech ecosystem is in constant evolution. Revolut’s ascent to 50 million users signals growing consumer trust in digital platforms. The PayTech Awards continue to inspire innovation, while political shifts could redefine the regulatory landscape. Initiatives like Klara AI and Unlimit emphasize the power of targeted solutions, and companies like Autire show how niche technologies can achieve broad impact.

The next phase of fintech growth will likely hinge on inclusivity, adaptability, and innovation—pillars that today’s news stories exemplify.

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