Finseta (LSE:FIN) — Interim results for the six months ended 30 June 2025

0:01 Good morning, ladies and gentlemen, and welcome to the FINSETA PLC Interim Results Investor Presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged. They can be submitted at any time via the Q and A tab that's just situated on the right hand corner of your screen. Please just simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company can review all questions submitted today and will publish those responses where it's appropriate to do so on the Investor Meet company platform. Before we begin, as usual, we would just like to submit the following poll. And if you give that your kind attention, I'm sure the company would be most grateful. And I would now like to hand you over to the executive management team from FINSETA PLC. James, good morning, sir. Good morning. Thank you. So I'll dig straight into it.

0:48 Just to remind people what FINSETA does and who we are, FINSETA provides multicurrency accounts and payment services to businesses and high net worth individual, and that's a very critical distinction.

1:01 We do this through our own proprietary platform that's connected to multiple counterparties and multiple payment rails. We're regulated in The UK as an EMI, electronic money institution, and also are regulated in Canada and have offices in both Canada and The UAE in Dubai. Nearly all of our customers come through a growing introducer network, and they often come to us to solve specific payment problems or currency challenges. As long as as well as an innovative payments platform, we we also offer a highly personalized service. Again, very critical with the types of clients we're dealing with.

1:49 We've we've invested heavily into our regulatory and compliance capabilities, which enables us to onboard customers with more complex and diverse needs and situations. And most of our come customers can typically be onboarded within a couple of hours. We are able to service over a 150 currencies and send funds in to over a 165 countries. So straight into h one, increase in revenue, which Judy will will touch on in the in the financials. We've been heavily and laser focused on the investment side of it, which I will come on to in terms of specific areas.

2:40 We've grown our sales team and continue to drive the introducer network expanding the introducer network. Importantly, we've very, very much focused on diversifying revenue streams and that you will see from from our expansion into Dubai and Canada. We launched a commercial card scheme with Mastercard. So all of that ultimately to create a long term sustainable business. One of the highlights for h one was our integration and launch of agency banking. This is critical for a growing payments business and really sets us apart from others.

3:28 What it allows us to do ultimately is it's our own sort code that allows just us to generate individual accounts under that sort code. We've been sponsored by a tier one bank that ultimately connects us in directly to the fast payments system. One of the key benefits to to the business is it allows us to acquire a wider variety of customers. Ultimately, we're masters of our own destiny in that case. And ultimately perceived very much as stronger a financial institution. And ultimately, it enables our customers to use us fully as a replacement for their bank for transactional banking.

4:21 And also another highlight for h one is our launch in Dubai. We received regulatory approval from the DFSA. Revenue is is growing very, very well there, and we've we've taken the decision to to invest further into into that jurisdiction. We really, really see big revenue opportunities. We're now nine strong office base. We're in terms of infrastructure and operations, we are we are there in terms of transactions. So, you know, we're we're very excited for the opportunities in in that region.

5:10 So just as a reminder on the strategy, it it three key pillars. Firstly, expanding our geographic and market footprint. Ultimately, together with enhancing our product capability, which creates a diversified long term long term diversified revenue stream. Thirdly, future proofing the business, which sort of loosely put is around people and making sure that we have the right people on board to deliver on the strategy. This is a a new slide that I've included, which I think gives a overview of what we have built and what we are looking to achieve in the medium term.

5:59 So, ultimately, it's around payment collections, and and and our business is around payments and and payment transactions. The multiple collection channels all underpinned with the FINSETA platform and then connecting into multiple payment processors. And this gives us the opportunity to acquire a wide variety of customers and service those customers in the most efficient manner. Unlike many sort of fintechs, financial services business, we are not online only. So whilst we have a very, very good platform, it is backed up by a very, very high level of service. And each and every customer, whether whether individual or business, gets a a dedicated account manager that they can speak to at at any time to to speak about their transactions.

7:02 What what ultimately the infrastructure that we've we've mostly built and are continuing to build, yeah, are very much focused on the verticals that we are trying to attract. And that is high net worth individuals, SME SMEs, underserved communities, and and ultimately large corporates. And the mass pay product that we that we launched really allows us to go into large corporates for things like payroll.

7:34 So progress around strategy for in in h one. As I mentioned, Dubai, critical area for us. The DFSA license was granted. We we have a new office there with with increased capacity. As I say, we've got nine people. We've got capacity for up to 17 people there, which will be critical for our growth. We've integrated with a banking partner that effectively allows us to replicate what we do in The UK. So the provision of individual virtual accounts and virtual multi currency I bands. In Canada, while smaller, we're we're we're very happy with the progress made to date.

8:23 Again, the the operational banking setup has been complete. We've added with the addition of a a one experienced salesperson, and we're continuing to recruit there as we go along. Revenue is now coming through and that introducer network that we're building in Canada is continuing to grow. So as I say, we're we're we're happy with progress in Canada, albeit it is on a smaller scale than Dubai. One of the things that that we have undertaken and and are progressing well with is a global compliance program, obviously, running multiple jurisdictions. We need to make sure that we have cost efficiencies, and running a global compliance program is is one of those.

9:15 And we're well set in terms of process documentation, etcetera, for that. We are reviewing options for the next jurisdiction. However, I would say, and recognizing that we're still relatively a small company, that we need to make sure that we cut cut our cloth accordingly and don't overcommit. So we are reviewing but with no firm decisions made as yet. In terms on the product capability side, agency banking, that that's a huge endorsement for us. It it's been a long process. It's a huge amount of due diligence undertaken by by our banking partner.

10:06 So and and very few payments businesses actually receive it. So it again, as I say, for the business, it's a huge endorsement. It will allow us to generate our own I bands. It will allow us to explore new customer opportunities and increase the number of the types and number of customers we can take on. It will also improve efficiencies internally and for the customer as well in terms of payment delivery. We continue to add new counterparties critically for the business ultimately to enable us to serve, you know, particularly underserved markets and and and various jurisdictions. We do need to continue to add counterparty capability, which we are doing.

10:54 This also improves our commercials. So so cost per payment goes down, enables us to pay make payments in more local markets, which which again is critical. And ultimately, all of this apart from the the the commercial piece obviously benefits the customer as well. They get a much more seamless experience if they're paying locally, and it's around instant payments. From a from a technical point of view, we've we've made some enhancements on the platform. Obviously, the team have been very, very busy doing the agency banking, and they've they've they've done a fantastic job on time, on budget. But alongside that, we've improved the onboarding process.

11:40 We've improved the user interface on the platform.

11:45 We've managed to improve the payment processing time. We've improved the client onboarding time, which which has now come down from three point six hours down to one point four hours. So so quite a significant decrease in in onboarding friction. And and the the new client interface, much more modern and and much more a much better user experience. So in terms of the the the label future proofing, we we've made a couple of, again, key hires, one around operational and one around sales. We've the this has enabled us to sort of diversify our revenue streams, diversify our client type.

12:38 We've got a couple of new brand partnerships where we're doing their payments for them. Again, a real endorsement to the business that they've chosen us to do that. And and, again, platform progress, the the mass payment is now our mass payments product is now a straight through process. So so cutting all friction and and making it far more efficient. We've done and continue to do vulnerability testing and all the the sort of technology piece to make sure that the platform is stable. We're able to automatically collect client fees rather than making sort of deducting manually, which again is is a time saved.

13:30 And finally, the the file upload capability enables customers to upload mass payment files simply easily, and it's a much more convenient tool for them. I'll hand over to Judy now for the financial summary. Perfect. Thanks, James. Good morning, everyone. So I'll I'll dive straight in to the numbers and kind of follows a a kind of income statement followed by cash flow flow. So starting with rep with revenue, we delivered a 16% year over year growth in the first half, taking our h one revenue to 5,900,000. That growth was largely well, was driven by the a commensurate increase in the active customers, so also up 16 to 1,101 active customers.

14:25 That led effectively generated by a further expansion of our introducer network, which as you recall is our is our primary route to market and effectively, again, driven by the increase in sales headcount that we've put in place. We did see a a kind of a a macro driven weakness, in the first half, you know, as a result of the kind of tariff led impact on FX rates, meaning that some of our transactions, particularly around, you know, in the high net worth individuals, area of our business were delayed. And and a lot of these, you know, when we're talking about ultra high net worth, they are, you know, a long term wealth transition strategy.

15:11 So they're not necessarily with a with a committed purchase. So we have seen a delay in some of those transactions, which, as I say, drove a weakness in in in that area underperforming, below expectations because, you know, I don't have a crystal ball. I couldn't foresee that, unfortunately. And, yeah, we as on the flip side of that, we have seen, you know, great performance in the corporate sector, which I I don't wanna overlook because we did generate 70% year over year growth in that. So, you know, a a real mix, you know, in terms of overall growth, but strong growth from the corporate sector. And in terms of the new investment areas, The UAE performing above expectations, in the first half, so giving us real confidence as we go into in into the second half. And importantly, so that, you know, we we can kind of absorb some of these things a little better in the future. Obviously, we're still a a relatively small company. We've position positioned ourselves really well in terms of revenue diversification going forward as a result of of of the kind of strategic initiatives we're undertaking.

16:28 In terms of costs, they increased to 3,400,000 in the second half in the first half, up 900 k year over year. The majority of that is already mentioned in headcount, sales headcount in The UK, Canada, and a little bit in Dubai in the first half, but more to come in the second. Further fixed cost additions in platform fees, particularly around the kind of the third party software that we utilize in our car program and in in terms of local payment rails in in in Canada in the first half. We are exercising that kind of strong cost discipline that we've, you know, that we've always maintained really, you know, that's throughout the organization, drilled down everything in terms of investment is on a long term business case basis, and and that's something we can we continue to to do going into into h two and and and in and beyond.

17:33 I have kind of hinted that that h two will see a step up. Again, predominantly in in sales headcount at in Dubai as we we're we're looking to capitalize on on the on the initial performance above expect expectations. And as we plug into local payment rails, which is coming on stream effectively at at the end of of q three. So really exciting times, but but continue to exercise that that strong cost control, in in our cost base. That that investment is having an impact on our in year profitability, though I will start with with gross margins just so I cover that off. So we haven't seen a three percentage point year over year decline in gross margins, 63% for the first half compared to 66 last year.

18:28 That really is a mix issue. You know, that that USD driven high net worth individual business is typically at a a higher margin than the rest of the business. So that being a lower overall proportion in h one has driven that decline. We are we've seen a contraction in in the EBITDA margin again

18:52 due to that investment. So EBITDA of 300,000 in the first half at a 5% margin. But really, you know, next year, we we continue to see to invest in in heads driving out the the the opportunity for to drive operating leverage from from the fixed cost base. And and that, you know, the operating leverage, I think, is evident as as we look towards future years and the expansion in the bottom line EBITDA margin. Cash flow, just briefly, you know, continuing that that cash flow conversion in terms of operating cash. So operating cash for h one, no point 4,000,000, which compares strongly with the EBITDA of of 300 k. Very little went out in terms of working capital, so just a 100 k cash outflow on that basis.

19:50 And then the rest of the cash flow statement, you know, effectively, we saw a 148 cash outflow. So the main investment areas have been around in h one, the capital capital expenditure to support the implementation of agency banking, which we're really excited about in terms of that, you know, that offering effectively, you know, giving us the ability to to be your primary payment provider to all our customers. And then, you know, continuing to support that with additional additions in the in the second half, You know, we will see CapEx overall for the year around 1,000,000, so around 600 k in the second half.

20:35 Further additions in the second half being addition integrating with additional payment rails to support our solutions offering, really kick starting that revenue stream, giving it the opportunity to fly it. And

20:49 then, again, we've already mentioned it, but the integration with our local payment partners in in Dubai. So we finished the h one with gross cash of 2,400,000 or 400 k on a net cash basis after the

21:07 deduction of a 2,000,000 loan notes. You know, the it's fair to say our cash generation has been curtailed slightly in the first half and in in the outlook due to this macro issue. And and, you know, thankfully, that that loan note is held by, you know, our our largest shareholder and chief commercial officer. So whilst, you know, it is due for repayment in August of next year, he has indicated a certain flexibility around payment terms, which we'll we'll we'll definitely look to formalize in the coming period and keep the market updated accordingly.

21:48 As we look ahead, so, you know, we we are seeing a return of that USD driven business. It's not, unfortunately, as returned as fast as we had had anticipated back in July. So therefore, we're taking a more cautious approach to to the full year guidance and now expecting that to be 11% year over year growth. We are as as as as I mentioned, we are really excited particularly about the prospects in in Dubai and solutions in addition to Canada and the car program going into next year, and we're being really conscious on on investing only in those areas where, you know, where we can see that that definitive return.

22:37 We are confident in our strategic initiatives positioning us well to return to, you know, what what the kind of growth levels that that that James and I aspire to and kind of to be considered that high growth company that we that we that we are. So sustainable revenue and accelerated and improved margins going into into future periods. And with that, I'll hand it back to James. Judy. So in summary, what we've what we have done very well is diversify revenue streams. So, ultimately, to to protect the business and making sure that, you know, we're not reliant on any one single area, expanding out our our regulated offices and and creating a strong multi jurisdictional business.

23:38 Ultimately, for a payments business, that's very, very important. It creates value. And as as we've touched on, you know, particularly Dubai is a very, very exciting area, which is why we continue to invest there. We've continued to expand our payments capabilities to enable us to offer services to more and more and different types of clients. Particularly with agency banking, we have a very, very robust banking platform, ultimately, that will enable customers to to choose FINSETA for to replace their bank as a as a trans a transactional payments platform.

24:26 I believe we have the experienced team to execute, and I believe the strategy is extremely clear. We are making progress against that strategy, and I think we're very, very well positioned for long term sustainable growth.

24:47 With that, I think we'll do q and a. Perfect. Perfect. James, Judy, if I may just jump back in there. Thank you very much indeed for your presentation this morning. Ladies and gentlemen, please do continue to submit your questions just by using the q and a tab that's situated on the right hand corner of your screen. But just while the team take a few moments to review those questions that have been submitted already, just like to remind you that a recording of this presentation along with a copy of the slides and the published q and a can all be accessed via your investor dashboards. Guys, as you can see there, we have received a number of questions throughout your presentation this morning. Thank you to all of those on the call for taking the time to submit their questions. But James, Judy, this point, if I may your responses where it's appropriate to do so.

25:32 And if I pick up from you at the end, that'd be great. Thank you. Thank you.

25:38 Thanks. Shall I do the the normal curating, James? Yep. Absolutely. Sure. So it appears that the growth during the last latest six months has slowed significantly. How does FINSETA propose to address this slowdown? So I'll take it initially. Yeah. We we we really have seen it in kind of one concentrated area of our business

26:01 and, you know, unfortunately, a macro driven impact. So still remain really confident in in the in the the growth prospects of the business. Kind of if you take that that that impact out, as I've already mentioned, you know, our corporate corporate area grew 70% year over year, and Dubai is is is really strong. So I think the the message is, you know, we're addressing it by by continuing to to focus on on on and execute on the strategy that we've outlined in in previous periods. Do have anything to add? Yeah. I mean, I I would just say in terms of mitigating slowdown, ultimately,

26:44 we did you know, there was revenue growth, which which again is testament to a to a diversified revenue stream strategy, but also investment in in areas that we know that are working. So So whilst the investment isn't immediate in terms of return, like like any investment, we know we're we're very confident that this investment will show a very, very good return. So that's how we're mitigating that.

27:13 Yeah. The next one, why does a weak dollar influence your business negatively if you have mainly UK clients? James, are you okay to Yes. To take So so client base is is international or have international requirements, and therefore, there isn't a one particular currency corridor.

27:39 Certain corridor or or currency corridors when a particular currency is is weak or strong will affect a proportion of our client base, which is, again, why it's important to have a very diversified customer base and requirement. It so happens that, historically, we've had, you know, a USD type

28:03 bias, which which is is being negated almost daily. But, ultimately, a a particular currency, weak or strong, does impact on customer's decision, particularly individuals where they're used to a certain rate and that if that races is then worse for them the next day, they tend to hold back. And ultimately, it takes time for them to get to to to become to realize there's a new normal. And that does take a little bit of time, which is why in July, we we we expected, you know, whilst the pipeline is very, very good, the effectively buying process is just taking longer.

28:50 In in July, we expected it to to sort of even itself out relatively quickly. That's not been the case, although it has started to come back, but but just not as fast as we'd expected. Yeah. If if Dubai is growing, UK must be almost flat. That's certainly not the case. You know, our UK business has been established for for a very long time, and and we are, as I mentioned, in the corporate area, in particular, we are seeing very strong growth. And, you know, Dubai or geographical split in general is not something that we we currently

29:29 split out. But but as we as we grow with with you know, with a and and those revenue lines mature, it may be something that that we that we add in future. But so UK certainly not flat with corporates showing extremely strong growth. In an increasingly competitive sector, what is FINSETA doing to maintain and grow market share? Good good question. Ultimately, we believe our strategy, particularly around the go to market, which is introducer led and therefore a trusted recommendation, but also backed up with the with the platform and service level differentiates us. Ultimately, most companies either have a plat are very are platform led or or service led. We believe we do both very, very well indeed and ultimately allow the customer to choose.

30:23 Yes. It is a very competitive sector and a very competitive market. Having said that, regulation is making it more difficult to enter the marketplace. Regulation is increased or the regulatory burden is increasing all the time. In In terms of getting an e money license now, it it's nearly probably around a two year process and very, very expensive. And that that reflects across the globe, actually. In Canada, they've got a new new regulatory regime there called RPAA, which is similar to to eMoney and and Dubai as well that the the regulatory regime there has timed up. So regulation definitely makes it more challenging for new entrants into the market.

31:13 But no doubt, it is a competitive market, and ultimately, we differentiate, as I say, with our go to market and and service led offering. Yep. Just picked out a question from from later, which is kind of relevant as a follow on here. How do your total charges compare with Wise, and why would customers use your service instead of Wise? So so, again, this sort of goes back to my point about platform led. Wise is very much platform led. And, ultimately, our transactions will be or tend to be a lot higher in terms of value. And therefore, many customers are not comfortable just entering a number on a platform and pressing send. They They they they want to speak to someone. They want to understand the process, etcetera. And that's exactly where we differentiate from the likes of Wise or indeed Revolut.

32:10 Yep. Thank you. I'm trying to look for something that I can take. FINSETA share price down 23% as at $9.48. How do you plan to reassure reassure investors and shareholders? I'll take that initially, and and, obviously, James, feel free to to add. So, you know, I I think it it is continue it is executing on the strategy. We I think it shouldn't be overlooked whilst James and I both share disappointment and and, you know, and responsibility for for for the unforeseen macro impact. I don't think it should be overlooked. The the qualitative progress that we've made in terms of delivering on our strategy and indeed growth in in in in in numerous areas across the business.

33:06 And I think it's really just continuing to execute on that and and ultimately, you know, proving proving out the the numbers that that we've kind of guided to in this year and next year, which hopefully, you know, with the exclusion of of some of those more macro vulnerable lines can can kind of yeah. We hope yeah. The the market will will regain trust in us. I would kind of further add and and as I say, James, please please feel free to add. We've always always maintained even before this downgrade, you know, that this downturn in our share price driven by our results today that the sum of our parts kind of, you know, is massively kind of outweighs the the the market cap of us. So, you know, regulatory approval in in the jurisdictions that we have our our own, you know, platform, which has been developed over a number of years, but over the net over the last few years in particular, massive investment in in future proofing that.

34:13 And I think some of the stats that that James gave throughout the call in addition to to adding further payment capabilities in the second half, you know, I think all of that points to to a value of of the parts far in excess of of our market valuation. James, anything to add? No. I think I think that's absolutely right. Ultimately, you know, whilst we can't control or we we have little control over sort of the share price short term. What we can do is long term execute on the strategy that will ultimately deliver long term value for shareholders. And and that's what you know, ultimately, ultimately, it's it's my my job job to make sure that that that shareholders receive long term value, and that's what we believe that this strategy will deliver.

35:06 Yeah. A question on the card scheme. What has held the corporate card screen the scheme back, and what improvements are needed to speed roll up as rollout up? So it the the card scheme has been held back by third party issues. We had a couple of sort of missteps along the on the journey, if you like, with with a third with one specific provider. The we've done most of the functionality now in terms of we've got cards out there. We have customers using them. But but ultimately, to to really deliver an exceptional product, which we're trying to do, and have it fully integrated into an account based digital plat digital account, there's a little bit of technical work to continue on with that. But ultimately, 80% of the work is done to to to get us to this point.

36:12 And then the the final mile, if you like, to deliver an exceptional product, which ultimately, we're not treating this card as a as a stand alone product. It is part of a digital account a digital account product. So, you know, it's just another payment route for our customers to pay with. So they may choose bank transfer. They may choose or they may decide they want to pay with card. We want to give them the option to do both. Yeah. I I think, you know, someone who's inside the business, it's it's I've you know, I I have the benefit of that. But for those external, I think that that that diagram that James showed at the top of the call is really helpful for for, to for articulating, you know, how we see that whole ecosystem and how cards contribute to that, particularly as you as you, you know, dovetail that with with now being a part of agency banking as well.

37:11 So, hopefully, that is is is addressed that during this call. What other jurisdictions could be of potential interest in FINSETA in the future? Perhaps I'll take that one. I mean, the the the an obvious one for us is Europe. Now, obviously, it's a longer process. And as as I said within within the presentation, you know, regulation is not getting easier. And therefore, it takes time, it takes money. And I'm I'm conscious as a business, we need to make sure that we we return on our invest our current investments before we start embarking on new ones. So whilst we are we are certainly doing the groundwork, we are not committing the business to any financial commitment in in the short term until our current investments start returning.

38:08 Thank you. Given your wide global exposure and expertise in cost jurisdiction transactions, how high is your confidence that FINSETA is protected from major organized financial crime and cyber attacks? Well yeah. James, are you okay to start? And I'll Yeah. Absolutely. I mean, ultimately, we we as a business take take this extremely seriously, both fraud and and cyber attacks. We are externally audited on a regular basis in terms of our infrastructure, our our cloud based solutions, etcetera, our or our cloud based platform. We we have something called pen testing, which is the penetration testing, which ultimately shows how easy or difficult it is to actually penetrate the system.

39:05 We we believe we do as much as we possibly can do to to, you know, put barriers up to to potential cyber attacks. That said, you know, tier one banks get cyber attacked. You know? We we believe we're doing as much as possible to to to try and stop that. Also, fraud is another, you know, topic as well that that keeps us up at night. And, again, processes, procedures within the platform, within the people, trying to eliminate as much as humanly possible any instance of fraud.

39:56 Yeah. I I laughed because not because we we take a flippantly at all. It's more because, you know, I I think, you know, we'd be absolutely mad if we if we said, oh, you know, everything we do is, you know, future proofs us against this just given, you know, if you look at The UK, some of the corporate, instances that we've seen in in 2025. But I think, you know, we are, as James said, externally audited on, for example, our AML practices. We we've had great results again this year and improvement year over year. We've invested in in in the the the the back end around, you know, our our kind of technology and both transaction monitoring and onboarding and that and, you know, we're we're doing as much as we can, but we can never take it for granted, I think, is is is the net the net message.

40:47 And and also, I would add to that as well. We've got a a highly experienced technical team, a a c CIO who's been with the business since pretty much inception. So knows and actually built the original architecture of the of the of of the platform. So know knows it inside out. And he is a specialist on IT security. Yep. This is a a good question. You've mentioned how critical your people are and how do you so how do you protect yourself from employee poaching by the competition? Another very good question. Ultimately, it's about working environment. It's about, obviously, rewarding success and rewarding the good people.

41:39 We we do invest in in individuals sort of career path. There's definitely a a clear path within FINSETA of promotion. There is there is investment in actually learning and and and sort of, if you like, the development of skills and and things that people need day to day. So, you know, we do send people on courses, etcetera, which which actually mow for for for most staff who who who are committed long term find that as a huge benefit. So for example, you know, the compliance team may well go on a an external compliance program that not only benefits their knowledge and gives them, you know, credentials, but also benefits us in terms of having more experienced people within the business.

42:42 Obviously, you can't protect, you know, you can't guarantee each and every person, but but what we do try and do, and I think we do very well because we have a a a low staff turnover, is look after people and and try and make it a a good place to work. Yeah. I was only I was only going to add to that that, you know, we do take culture extremely, know, extremely seriously and very keen to protect the kind of the the small big company ethos. So, you know, a lot of the people that come to us, from, you know, different places in the industry enjoy that kind of agile, approach where, you know, that we can take if, you know, if we see some something in terms of products that, you know, we want to execute on. We we're not talking, you know, a year of talking and it never happening.

43:41 You know, we we we are adaptive, agile as as you would expect a company with with with the kind of 50 to 60 heads. And we take hiring very seriously. You know, we we would make sure that that people are brought in to the vision, the long term vision, and they're here, you know, want to be part of that career growth and also growth of the company. So I think just a couple of points in addition for me there. I think also to add, given that we are a multi multinational company now, there are it's not just opportunities within The UK. You know? Ultimately, as the business grows, then there becomes opportunities in other geographic locations, which which for for many is a very exciting opportunity.

44:28 Yeah. K. Please, could you provide an example of complex needs of customers? And then if I can tag on another one around kind of offering, what can you explain what geographic footprint means? What does adding in Dubai mean? What countries can we transfer money to? Okay. So an idea, sort of an example of a complex customer, say and and I'll sort of do full end to end from from a go to market point of view. So a a an introducer, we'll call we'll call them a an accountant practice, introduce a trust company that has multiple beneficiaries of a trust, and therefore, typically, is very complicated to onboard.

45:19 And those trusts or those beneficiaries might be a multi in in different jurisdictions or or live in in different jurisdictions, and there might be multiple beneficiaries of that trust. And they may be corporate owned as well. So there can be, you know, several layers to this. What we do very, very well indeed is ultimately with the experience we have and with the with the with the platform we have, we're able to, from a in a regulatory compliant manner, make sure that we understand the structure. Able to identify the the ultimate beneficiary of the trust and therefore onboard the trust in a timely manner.

46:06 Typically, a traditional banking part a traditional traditional bank or whatever may take months to do this, if at all. So so, actually, in terms for the for the accountant to introduce that trust to FINSETA, only is is good for the customer or their their their their customer, but also reflects very well on them. So so so that is a an idea of a complex situation with with the type of introducer that we have. And and And then geographic. So, ultimately, we can send we can send money to most countries in the world. Obviously, there are there are sanctioned countries, and we can't deal with them.

46:59 But, ultimately, what we're trying to achieve is local payment rails to to in in as as many many jurisdictions as possible, which is why we're we're plugging into multiple counterparties. What does Dubai give us? Dubai specifically allows us to onboard customers in Dubai and operate in Dubai. And that's that's critical. Dubai is very much a a relationship driven area. Our go to market strategy of introducers is absolutely ideal for the region, particularly with property transactions, etcetera. And therefore, the the need for an office is that's why we need to have people based on the ground there with sales capability, etcetera.

47:45 So that's what Dubai actually gives us is the ability to onboard in Dubai rather than onboard from The UK and service from The UK. Perfect. Thanks, James. I think there's a couple of others which are really around the same theme of what, you know, driving future revenue growth, which I think we've we've done pretty pretty much nothing more to add there. And a couple of others were a complete trip up, so I can't answer, I'm afraid. So think with that, probably hand it back to to Jake. Perfect, guys. Thank you. And thank you very much indeed for being so generous of your time then addressing all of those questions that came in from investors this morning. And of course, if there are any further questions that come in, we'll make these available to you immediately after the presentation has ended. But James, perhaps before really now, just looking to redirect those on the call to provide you with their feedback, which I know is particularly important to yourself and the company. If I could please just ask you for a few closing comments just to wrap up with, that'd be great. Yeah. Absolutely.

48:43 Sort of going along the theme, we are creating a long term sustainable payments business. To do that, we've we we're needing to invest. We're investing in areas that we know that that will return give a return a good return on that investment. We're not investing in a speculative way. We we know, for example, Dubai is returning and will continue to return, which is why we're continue to invest there. Ultimately, in terms of progress even over the last couple of years, we've made huge strides in terms of creating a a multi jurisdictional payments business that ultimately is now recognized, you know, just to have agency banking is a is a huge endorsement, as I said.

49:41 So we've made huge strides in our strategy, and we continue to deliver on our strategy. And we're very, very confident that we can continue to deliver, and and this will bring the returns shareholders expect. That's great. James, Judy, thank you once again for updating investors this morning. Could I please ask investors not to close this session? You'll now be automatically redirected for the opportunity to provide your feedback in order the management team can really better understand your views and expectations. This will only take a few moments to complete, but I'm sure it'll be greatly valued by the company. On behalf of the management team of FINSETA PLC, we would like to thank you for attending today's presentation. That now concludes today's session, so good morning to you all.

50:29 Thank you.