Banxa has positive cash flow from ops in February
2024-04-09 12:16 ET - News Release
Mr. Holger Arians reports
BANXA ACHIEVES POSITIVE OPERATING CASHFLOW IN FEBRUARY AND LEADERSHIP EXECUTES ON-MARKET BUY
Banxa Holdings Inc. has achieving sustainable positive operating cash flow in February, 2024.
Holger Arians, chairman and chief executive officer, said: "This is yet another major milestone for Banxa and its shareholders. Under the new leadership, the business is moving from strength to strength. We have achieved strong February results with our focus on disciplined operations and investing in our platform -- improving pricing, payment conversions and removing friction in the user journey. It's encouraging to see that March and April are looking even better. As I look forward, I believe Banxa is well positioned to scale profitably via our 300-plus strong partner base, sales pipeline and evolution of our embedded crypto offering."
Zafer Qureshi, executive director and head of corporate affairs, said: "I am very pleased to see Banxa executing on all fronts and achieving positive operating cash flow in February is another step in the right direction. We have continued to make tremendous progress on many fronts -- reducing our cost of capital to below 20 per cent, sourcing scaleable trade financing, such as the recently announced DeFi lending pool on the Clearpool platform, and instilling a disciplined operating culture. In addition to strengthening the business, we are actively exploring various avenues to unlock shareholder value and expand our shareholder base to new investors."
On-market buy
The company is announcing that members of the leadership team, including Holger Arians (chairman and chief executive officer) and Zafer Qureshi (executive director and head of corporate affairs) have purchased shares on the open market. Kaushik Sthankiya (non-executive director) plans to purchase Banxa shares on the open market. These purchases are made in adherence with Banxa's share trading policies, and have been preapproved by the chairman of the board of directors. Participating team members will file reports with Sedi in a timely manner.
About Banxa Holdings Inc.
Banxa is the leading infrastructure provider for enabling embedded crypto -- empowering businesses to take control of their crypto journey. Through an extensive and growing network of global and local payment solutions and regulatory licences, Banxa helps businesses provide seamless integration of crypto and fiat for global audiences with lower fees and higher conversion rates. Headquartered in the United States, Europe and Asia-Pacific, the Banxa team is building for a world where global commerce is run on digital assets.
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