Boku - Wider payments reach drives underlying growth
Boku reported H122 revenue and adjusted EBITDA in line with its July trading update. During H122, payments made via local payment methods (LPMs) grew significantly y-o-y and, since the end of H1, the company has signed a multi-year contract with Amazon for its LPM services and rolled out eWallets in China for another major merchant. We maintain our forecasts and highlight that underlying growth for the business remains strong, despite currency headwinds.Boku is a holding company. Through its subsidiaries, Co. is engaged in the provision of mobile billing and payment solutions for mobile network operators and merchants. These solutions enable consumers to make online payments using their mobile devices. Co.'s offerings include: Boku Checkout, which is integrated into the billing system of operators allowing merchants to accept payments from mobile phone; Boku Account, which allows a phone number to be stored on file and for merchants to make charges without the consumer having to re-enter payment details on subsequent purchases; and Boku Acquire, which is a tool to support carrier bundling programs.
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