MEF’s Riccardo Amati explores how examines how Boku beat expectations reporting a 34% increase in revenue and a 50% rise in adjusted EBITDA, following strong merchant uptake of Local Payment Methods (LPMs), which now account for over a third of total revenue. Upgraded full-year guidance reflects a broader shift in global commerce away from traditional card-based systems toward mobile-first payment infrastructure.
Shares of Boku are up about 10% from a month ago. The company delivered record preliminary H1 2025 results, powered by booming demand for Local Payment Methods (LPMs), and upgraded full year outlook. The performance was driven by accelerating global adoption of digital wallets and account-to-account payments. The upward guidance adjustment signals growing momentum for Boku’s platform as mobile commerce shifts away from traditional card-based systems. Boku’s stock has climbed roughly 28% since August 2024.
Local Payments Boost Revenue and Profit
The global payments firm’s adjusted EBITDA rose 50% to at least $21 million, delivering a margin of 33%—or 35.6% when excluding $1.4 million in FX-related costs—well ahead of analyst expectations. Revenue climbed 34% to $63 million, exceeding forecasts of $57 million, while monthly active users grew 20% year-on-year to 95 million. Total Payment Volume (TPV) also expanded 27% to $7 billion, underscoring the growing utility of Boku’s platform among merchants and end-users alike.
Alongside revenue strength, Boku’s balance sheet remains solid. Group cash rose 29% to $192 million, with $87 million of Boku’s own cash, up 16% even after a $12 million share buyback executed in the period. “
Fueling sales and profits was the continued surge in LPMs, with revenue from digital wallets and account-to-account schemes jumping 90% year-on-year to more than $22 million. Meanwhile, Direct Carrier Billing (DCB) also posted solid growth of 16%, showing resilience in more mature segments. LPMs now account for more than 35% of Boku’s total revenue, displaying merchants’ desire for broader reach and consumers’ preference for mobile-first, bank-independent payment options.
“This reflects strong strategic execution, supported by the rapid market transition from traditional card payments to Local Payment Methods”, CEO Stuart Neal said. “We remain focused on driving growth through deepening relationships with existing global merchants by increasing their connections to our LPMs network and offering new capabilities in key markets. We are also laying the groundwork to attract new merchants through a combination of direct sales and strategic channel partnerships.”
Solid Financials Fuel Ambitions
Alongside revenue strength, Boku’s balance sheet remains solid. Group cash rose 29% to $192 million, with $87 million of Boku’s own cash, up 16% even after a $12 million share buyback executed in the period. This financial flexibility will support ongoing platform investment and expansion, according to the company.
Looking ahead, the San Francisco, California-based mobile payments platform raised full-year guidance, now expecting revenue to grow in line with H1 on an underlying basis—translating to $126–127 million for FY 2025. The company also reaffirmed medium-term targets of 20%+ annual organic growth, signaling confidence in continued LPM demand and merchant onboarding.
“We enter the second half with strong momentum, a clear vision, and upgraded ambitions for global growth.”, Neal stated.
Supporting this next phase, Boku announced a board leadership change: Richard Pennycook CBE will become Non-Executive Chair on August 1, succeeding Dr. Richard Hargreaves after nine years. Pennycook brings seasoned executive and governance experience, having served as CEO of The Co-operative Group and Chair of On The Beach Group.
What This Means for the Mobile Ecosystem
Boku’s trajectory mirrors a larger realignment in the mobile ecosystem, where traditional credit and debit cards are losing ground to local and mobile-first methods. For mobile network operators, digital wallets, and global merchants, this represents a paradigm shift—and Boku’s infrastructure is increasingly central to enabling it.
The company’s continued investment in identity services and LPM rails enhances both convenience and security, opening the door to frictionless payments and verified access for users across varied markets. LPMs,
Mobile Payment Platforms (MPLs) enable broad adoption and seamless transactions by integrating local payment methods—systems that are deeply embedded in regional consumer behavior, tied to local banks or wallets, and often exclusive to residents—making them essential for effective, localized financial services.
As mobile commerce becomes the norm, Boku’s role as a trusted payments partner appears to be deepening—not just in processing transactions, but in shaping the future of global digital access. Boku is a member of the Mobile Ecosystem Forum (MEF).
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