Revenues grew at the rate of 47% between the end of the third and fourth quarter of the year. Opening of new e-wallets accelerated by 75% in Q4 compared to the previous quarter, says the vendor.

In a statement released to the Stock Exchange this afternoon, earthport says: "While the company is not yet cashflow positive, that goal is now clearly in our sights."

The company says it has completed delivery of its e-wallet 'Stored Value' version 1.2 product to an international ISP customer and is expected to go live with three other customers in October. The vendor has also expanded its range of payment products and can now offer ACH online cheque, credit cards, e-wallet pre- and post-pay and pre-pay ATM.

The company has additionally secured a further £950,000 in funding and reached agreement to sell a minority interest in its ensurePay Ltd gaming payments subsidiary for up to £1.5m.

In banking, the company says it is working on the delivery to a client of a retail virtual banking service to support private client debit, credit and current account services.

Progress on development of corporate intranet services with a European and US bank to support cash transfer, treasury management, netting, letters of credit and escrow and forex services continues with the appointment of John Hart as head of business development banking.

Hart was previously in sales management at the Citigroup subsidiary Orbian Corporation delivering global payment and cash management technologies and solutions and prior to that with GE (USA) Information Services as senior relationship and business development manager.