Launching Equals Solutions is accelerating growth at foreign exchange and financial services provider Equals Group (LON: EQLS) and this is part of the increasing focus on B2B business with larger companies.
Equals Solutions is a multi-currency collection account that is connected to SWIFT and other UK networks. This is a B2B-focused service. One company can have multiple accounts for a single log-in.
The interims included £300,000 of revenues from Equals Solutions, which was launched in June, and during the third quarter they have already reached £1.2m.
Costs have been reduced and combined with the increasing revenues this is leading to a much improved profit for a full year. Staff costs have been reduced, although IT costs have risen as more is invested in systems.