Fintech firm Plus500 said its expansion plans were paying off after reporting an increase in client numbers and higher revenue.
Revenue increased by 11 per cent to $187.3m (£144.5m) in the three months to September, as the trading platform’s push into new markets helped bring in more cash.
The number of new customers rose by 21 per cent year-on-year, it said. Plus500 said its continued push into the US market was progressing well on both the institutional and retail side.
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The firm also said it will look to expand its presence in the UAE, where it obtained a regulatory licence in early 2023, while expanding its offering in Japan.
The London-Israeli fintech also said it has had success in attracting higher-value customers, with the average deposit increasing by 17 per cent in the quarter to $6,150.
However, its earnings before interest, taxes, depreciation and amortisation (EBITDA) margin fell due to the higher costs associated with its push into new markets. EBITDA increased by only two per cent in the period to $82.2m (£63.4m).
The firm aims to establish its position as a “global multi-asset fintech group” by developing and expanding its presence in more than 60 countries worldwide, specifically in the US market.
“Over the medium to long-term, the opportunity to drive growth, geographic scale and significant, compounding value creation is substantial,” it said.
It expects its performance to be in-line with market expectations, which were recently upgraded.
“The group remains strategically well positioned to capture both short-term market dynamics, as well as the longer-term structural growth trends in its end markets, as evidenced by the strong momentum seen during 2024 to date,” David Zruia, chief executive at Plus500 said.