Strong Financials Coming Passcreator is used by some of the largest companies in the world and has customers in 42 countries around the world, including 3 of the 10 largest global car companies such as BMW and 3 of the largest insurance companies in the world. Passcreator has over 6,000 active campaigns and issued over 14 million Wallet passes in 2020. With numbers like these in Europe accounting for 80% of Passcreator’s global sales, Fobi is now ready to take over the North American Wallet pass market, with some significant business opportunities already having come through the Passcreator and Fobi websites. Fobi’s direct and indirect sales channels are now being briefed and Fobi expects significant North American sales success.
According to a recent report by Graphicalresearch.com, the European mobile wallet market was reported to be worth $17 billion in 2019, but will grow to a whopping $60 billion by the end of 2026 for a CAGR of 16%. The mobile wallet market size in North America is reported to grow from $23 billion in 2019 to exceed a staggering $80 billion by 2026. The Asia Pacific mobile wallet market size will grow from $60 billion to more than $200 billion by 2026. As Fobi looks to grow their business, these numbers will help drive the strategy for regional expansion.
PASSCREATOR ANTICIPATES RECORD GROWTH IN REVENUES IN Q3 & Q4
With a stacked pipeline Passcreator anticipates further growth in regards to contracts and expected revenues in Q3 and Q4 as Passcreator has now expanded and currently has customers in 42 countries around the world. There are additional large deals with these customers, as well as with 3 of the largest insurance companies in the world that are being negotiated right now for Q3 & Q4. The acquisition of Passcreator is already paying off with significant recurring revenue, as well as the commencement of negotiations with several of its largest Wallet pass customers and prospects to implement a fully integrated solution including Fobi’s proprietary IoT device.
Fobi CEO Rob Anson stated: “As a result of the final completion of the Passcreator acquisition and integration and with today’s launch of our new smart scan app, Fobi is now positioned as one of the leading edge global mobile wallet companies. We look forward to delivering a fully integrated product offering to new as well as existing clientele of both Passcreator and Fobi.”
This Press Release Is Available on the Fobi Website and the FOBI Verified Forum On AGORACOM For Shareholder Discussion And Management Engagement.