BPS Technology Ltd expands U.S. network by 50% in one month
Date
9/26/2016 2:25:28 AM
(MENAFN- ProactiveInvestors - Australia)
BPS Technology Ltd (ASX:BPS) continues to execute its Bartercard growth strategy in North America, opening six new franchises across the U.S. in a record-breaking month.
The company";s U.S. business network has now grown to 18 franchises, with a presence in eight states which represent 25% of U.S. economic output.
Bartercard is a B2B digital currency tool that allows business owners to barter or trade their goods and services between one another without the use of cash.
Bartercard";s U.S. franchise growth rate remains on track with forecasts, and BPS expects growth in merchant membership and trade volume to follow.
The company achieved record levels of new monthly membership sales in August 2016, and the dollar volume of trade facilitated exceeded monthly targets.
BPS reported $50.2 million in revenue for the year ended 30 June 2016, with an EBITDA of $9.5 million.
Importantly, the company projects FY17 revenue growth of 118% to $109 million, driving projected EBITDA growth of 49% to $14.2 million.
BPS recently executed an agreement with fintech lender Get Capital Pty, to offer finance products worth $100 million to BPS"; 36,000 merchants.
Earlier this month, BPS successfully completed a $27.5 million capital raising to institutional investors. <
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