17 March 2018

Fundtech scales up to meet growth prospects

17 February 2004  |  2971 views  |  0 Fundtech scales up to meet growth prospects

US payments technology vendor Fundtech is to spend $1 million over the next six months in additional staffing costs in anticipation of an increase in customer demand.

The extra expense comes as Fundtech reports 20% growth in revenues over 2003 to $47.6 million from $39.8 million in 2002. Revenues for the fourth quarter of 2003 increased to $12.9 million as the company closed 33 new deals and added eight new bank customers. On a sequential basis, service revenues increased $600,000, and maintenance, license and hardware revenues grew by $100,000.

Net income for the fourth quarter was $675,000, compared with $247,000 for the third quarter of 2003 and a net loss of $4.1 million in the fourth quarter of 2002. Full year net income was $67,000 compared with 2002 net loss of $16.6 million.

Fundtech CEO Reuven Ben Menachem. "We enjoyed a strong year in 2003, highlighted by higher revenues, steadily increasing gross margins and improved operating efficiencies. We expect to capitalize on our market position to expand our business even further in 2004, with a focus on continuing to grow our recurring revenue base."

For the 12 months to end-2004, Fundtech expects revenues to be between $52.8 million to $54.3 million and operating profit of between $1.0 million and $2.2 million.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Banco Popular Español switches payments processing to Fundtech platform

Banco Popular Español switches payments processing to Fundtech platform

28 January 2004  |  3221 views  |  0 comments
BBVA licenses Fundtech CLS package

BBVA licenses Fundtech CLS package

06 January 2004  |  3630 views  |  0 comments
Fundtech moves into profit

Fundtech moves into profit

30 October 2003  |  3032 views  |  0 comments

Related company news


Related blogs

Create a blog about this story (membership required)
Visit http://info.nice.comVisit www.vasco.comvisit www.ebaday.com

Top topics

Most viewed Most shared
Augmentum Fintech raises £94m in IPOAugmentum Fintech raises £94m in IPO
11747 views comments | 25 tweets | 5 linkedin
Indian fintech sector needs regulatory support to flourishIndian fintech sector needs regulatory sup...
6742 views comments | 8 tweets | 7 linkedin
BIS warns central banks on digital currency issuanceBIS warns central banks on digital currenc...
6444 views comments | 18 tweets | 17 linkedin
Capital One virtual assistant can now issue virtual card numbersCapital One virtual assistant can now issu...
6202 views comments | 12 tweets | 11 linkedin
Starling and TrueLayer integrate for open bankingStarling and TrueLayer integrate for open...
6139 views comments | 13 tweets | 9 linkedin

Featured job

Find your next job