Earthport has announced that it has signed an agreement with Axis Bank, India’s third largest private sector bank, to enable outbound cross-border payments. This agreement follows swiftly on from the Reserve Bank of India (RBI) approval which was granted earlier this month. The speed at which Earthport has managed to sign this agreement gives us confidence in the level of demand for the service. Increasing the group’s presence in Asia was a key objective of the additional funds Earthport invested in FY’16, the results of which are now starting to come through. With the group showing strong momentum across a number of geographies, and on track to return to break-even in Q4’17, we believe the shares are highly attractive. There are a number of catalysts on the horizon and we continue to believe that the group is very well-placed to gain a significant share of the vast cross-border payments market.
