Equals Group (EQLS) said it has sustained good progress throughout the remainder of the 3Q21 period, with the SME-focused fintech payments group generating revenues of £11.7m.

Last month, Equals said it had made a ‘record start’ after the Company reported fast growing revenues amounting to £9.2m in the period from 1 July to 10 September in its 1H21 results.

Today, the Group said this continued progress had marked a continued acceleration in trading and that it was representative of a 33% run-rate increase on the prior quarter (2Q21: £8.8m); a 62% increase on the 3Q20 period (£7.2m); and a 47% rise on the £8m recorded in 3Q19.

Revenue growth across all products has largely been augmented by the strong demand for its 'Equals Solutions' proposition, the new multi currency product aimed at larger businesses. 

The Company highlighted that this performance further underpins the Board's confidence in accelerating momentum and maintaining growth moving into the final quarter of the year.

In its recently published half-year results for the six months to 30 June 2021, Equals said revenue had increased by 23% to £16.9m, up from £13.8m reported in the 1H20 period. B2B revenue rose year-on-year by 25% to £11.6m as Equals continued its focus on SMEs.

Commenting on the results, Ian Strafford-Taylor, CEO of Equals Group said: "The planned pivoting away from retail and travel towards B2B has paid-off spectacularly in 1H21.”

In particular, 1H21 showed strong B2B growth in transaction volumes and revenues across all product lines of International Payments, the Corporate Spend platform and Banking Services. 

The Company said this growth has accelerated in July, August and September 2021 as the benefits of the own-name IBAN capabilities are feeding through to Equals Solutions.

At the time, Equals said 2H21 is anticipated to continue in the same strategic direction as 1H21 ‘with continued investments, (albeit at much lower levels than the peak in 2019), in the technology platform and connectivity to payments networks focussed on the B2B customer.’

The Company highlighted that this growth will also be augmented by ‘increased resources applied to sales and marketing to drive new customers on to the platform and products.’

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