NETeller to take on Western Union
Alternative payment firm NETeller has announced plans to take on Western Union as the world’s de facto money transfer service on the back of hugely impressive end of year results where profits soared to US$48.5m.
NETeller continued to benefit from difficulties in processing US credit card transactions, with the firm rapidly becoming the US-facing industry’s payment method of choice.
Headline figures for the year saw revenues of US$82.6m with an EBITDA profit of US$48.5m, and the firm said it now had 1.25 million members.
“Our current momentum and outlook for 2005 are very positive,” Gord Herman, president and chief executive of NETeller, said.
And he said it was pushing ahead with geographical expansion into Asia and Europe to make it the world’s leading money transfer system.
During 2004 NETeller launched the first phase of its global expansion programme, with merchants able to transact in sterling, euros and the Canadian dollar.
NETeller has already made significant strides towards this position with 2004 seeing it raise its profile significantly in Europe.
It has also recently purchased Macau-based payment processing firm Quick Access, which has given it an instant market share in the notoriously tough Chinese payments market.
The Financial Times also reported the firm was hoping to set up a joint venture with a bank by the end of this year.
NETeller insisted it would continue to pursue its previously stated ambition to become the world’s leading money service.
“2004 was a year of transition which set the solid foundation for our continued growth,” Herman said.
www.egrmagazine.com/cgi-bin/articles.pl?action=display&id=685§ion=3&keyword= |