Earthport has announced that it has been appointed by SECB Swiss Euro Clearing Bank, a major euro payment clearing hub for Swiss banks, to provide SWIFT payment processing services. SECB is the group’s first client in Germany, marking an important step in Earthport’s European growth strategy. Today’s announcement follows on from last week’s provisional share placing to raise £25.0m in order to leverage opportunities from its existing customer base, expand its market presence and establish a footprint in new geographies. We believe the investment will place the group on an enhanced growth trajectory, causing our intrinsic value calculation to increase c.94% to 68p (from 35p).
