Just read an article that explained, among other things, just how slow they were to build initially and how the growth is now coming more quickly. It took OFX 15 years to record monthly turnover of $1b (turnover, not revenue). It then took them another 5 years to build monthly turnover from $1b to $2b and then, only a further 3 years to hit a monthly turnover of $3b.
The article supported your points but further explained:
The significant investment they've made in core infrastructure (read IT) which enabled them to create "prudent risk management protocols" which has resulted in more competitive pricing. This had taken longer than expected and was almost fully expensed which is why the bottom line hasn't moved much in recent years.
Their concentration on Corporate and High Value customers has resulted in them believing that around 77% of their revenue is recurring in nature.
I notice from their Investor presentation that I haven't read fully that they've guided for growth for 2023. This would make them one of the few companies providing guidance for next year at this stage.
I'd better have a closer look huh.
OFX Price at posting:
$2.75 Sentiment: Hold Disclosure: Not Held
(20min delay)