CAB Payments
CAB Payments is a London-listed B2B financial services firm providing cross-border payments, FX, and trade finance solutions for banks, non-bank financial institutions, humanitarian organisations, and corporates operating in emerging markets.
- Company typePublic
- Founded2023
- HeadquartersSutton, United Kingdom
- Headcount251–500
- GTM typeB2B
- OfferingServices
What CAB Payments does
CAB Payments Holdings plc is a London-listed B2B financial services firm specialising in cross-border payments, foreign exchange, and trade finance focused on emerging and frontier markets. The company operates through its core subsidiary Crown Agents Bank Limited, which traces its institutional heritage to 1833, and serves four institutional client segments: commercial and investment banks, non-bank financial institutions such as microfinance and insurance firms, humanitarian and development organisations, and multinational corporates. Its core proposition addresses correspondent banking gaps, limited access to emerging market currencies, and FX risk management in regions where traditional banking infrastructure has retrenched.
The platform combines cross-border payment processing with FX trading, trade finance solutions, guaranteed deposit products, FX derivatives, and structured solutions, with foreign exchange generating approximately 70% of revenue. CAB Payments maintains a multi-jurisdictional regulatory footprint: FCA and Prudential Regulation Authority authorisation in the United Kingdom, Dutch Central Bank registration through CAB Europe B.V., Financial Services Regulatory Authority licensing within the Abu Dhabi Global Market via Crown Agents Global Markets Ltd (FSRA Permission No. 250078), and a New York representative office opened in December 2025. The company plans to launch a stablecoin proposition in 2026 to extend its payment rail capabilities into digital settlement.
Revenue is generated on a transaction-based model combining FX spread and payment processing fees, with bespoke quote-based pricing for institutional clients and annual contracts typical. The company listed on the London Stock Exchange in July 2023 at an £851 million valuation, but its market capitalisation subsequently declined to approximately £210 million by March 2026. FY25 total income of £119m grew 12% year-on-year, ahead of consensus, with adjusted EBITDA margins expanding from 25% to 33%. The company is currently subject to competing takeover offers from the Helios Consortium ($1.15/share, ~$297 million valuation) and StoneX Group Inc. (110p/share, £241 million), both rejected by the independent board as undervaluing the business.
CAB Payments firmographics
Firmographics- Name
- CAB Payments
- Legal name
- CAB Payments Holdings plc
- Website
- https://cabpayments.com
- Company type
- Public
- Founded year
- 2023
- Operating status
- Operating
- Headcount range
- 251–500 employees
- Short description
- CAB Payments is a London-listed B2B financial services firm providing cross-border payments, FX, and trade finance solutions for banks, non-bank financial institutions, humanitarian organisations, and corporates operating in emerging markets.
- Ownership category
- akta.pro rank
CAB Payments industry classification
Industry- Product category
- Cross-Border Payments & Emerging Markets Banking
- NAICS
- Commercial Banking (522110), Depository Credit Intermediation (5221)
- SIC
- Finance Services (6199), Functions Related To Depository Banking, Nec (6099)
- akta.pro primary industry
- Merchant Cross-Border Collections (Pay-ins) & Local Payment Methods (FSAGAKAD)
- akta.pro secondary industries
- Cross-Border Payouts & Mass Disbursements (Pay-outs) (FSAMAIAJ), Cross-Border Collections & Local Receiving (Pay-ins) (FSAMAIAI), Cross-Border & FX Payments Platforms (BPAMAFAK), Cross-Border Payments Clearing (International Wires & FX Settlement) (FSABAJAC)
Keywords
Where CAB Payments is headquartered
LocationHeadquarters
- HQ city
- Sutton
- HQ country
- United Kingdom
- HQ region
- Europe
Offices4 records
Markets served
CAB Payments business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales, Others
Revenue model
- FX and Payments Income: Core revenue from foreign exchange services and cross-border payment processing. FX income represents approximately 70% of total revenue at £83.3m. Transaction-based revenue model driven by volume of payments processed across emerging markets.
- Trade Finance: Revenue from structured trade finance solutions for clients operating in emerging markets
- Guaranteed Deposits: Interest income from guaranteed deposit products for institutional clients
- Derivatives (FX): Revenue from FX derivative products for hedging and risk management
- Structured Solutions: Customised financial solutions for institutional clients including structured products
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Annual | Institutional client pricing - bespoke quote-based model |
Go-to-market motion1 record
Distribution channels1 record
Marketing channels4 records
CAB Payments product offering
Product offeringCore offering
CAB Payments provides institutional cross-border payment and foreign exchange services focused on emerging markets. Its core offering centres on enabling banks, non-bank financial institutions, humanitarian organisations, and corporates to move money and execute FX transactions into and out of emerging market currencies. The company complements payments and FX with trade finance, structured solutions, guaranteed deposits, and FX derivatives, operating under FCA/PRA, Dutch Central Bank, and ADGM FSRA regulation.
Product overview
CAB Payments operates as a unified financial services platform offering cross-border payments, FX, trade finance, structured solutions, guaranteed deposits, and FX derivatives. The company serves emerging markets through three regional operations: CAB Global Markets (Abu Dhabi), CAB Europe, and CAB Americas (New York). The core offering centres on enabling banks, non-bank financial institutions, humanitarian and development organisations, and corporates to move money across borders, particularly into and out of emerging markets. The portfolio includes both the Crown Agents Bank brand and the CAB Payments Holdings plc public entity, with the company planning to expand into stablecoin offerings in 2026.
Differentiator
Problem solved
Functional benefit
Products and services
- Cross-Border Payments Cross-border payment services enabling banks, non-bank financial institutions, humanitarian organisations, and corporates to move money into and out of emerging markets with global clearing capabilities. Underpins approximately 70% of total revenue alongside FX.
- Foreign Exchange (FX) FX services providing currency exchange and risk management solutions for clients transacting across borders, including hard-to-access emerging market currencies. Generated £83.3 million in FY25 with 15% year-on-year growth.
- Trade Finance Structured trade finance solutions supporting international trade transactions for banks, corporates, and humanitarian organisations operating in or with emerging markets.
- Structured Solutions Customised structured financial solutions designed to meet specific client needs in emerging markets, often tailored around unique currency, regulatory, or transaction requirements.
- Guaranteed Deposits Deposit products providing guaranteed returns for institutional clients seeking safe storage of funds, including in emerging market currencies, generating interest income for the bank.
- FX Derivatives FX derivative products enabling institutional clients to hedge currency risk associated with emerging market transactions and exposures.
Quantifiable outcome
- 12% year-over-year revenue growth to £119m in FY25
- +3 more outcomes
Companies that use CAB Payments
Customer profileNamed customers4 records
Segments4 records
Ideal customer profiles4 records
CAB Payments technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
CAB Payments partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered core.
- Global Clearing PartnershipcoreCAB Payments obtained a license from Abu Dhabi Global Market (ADGM) and formed a global clearing partnership. This expands the company's capabilities for clearing and settlement across multiple markets, strengthening its emerging markets payments infrastructure.
- Abu Dhabi Global Market (ADGM)coreRegulatory licensing partnership enabling CAB Payments to operate in Abu Dhabi Global Market. ADGM is an international financial centre with FSRA regulation. License in principle secured October 2024, full license obtained and global clearing partnership formed.
Scale indicators10 records
Recent moves9 records
Expansion highlights5 records
CAB Payments competitors and assessment
Company assessmentDirect peers
- OFX: Cross-border payments and FX provider serving individuals, SMEs, and enterprises with international transfers and currency risk management. Comparable mid-sized B2B/B2B2C cross-border FX-and-payments proposition.
- Payoneer: Cross-border B2B payments platform serving SMBs, marketplaces, and freelancers with multi-currency accounts and FX. Comparable to CAB's corporate and NBFI-facing B2B cross-border payments franchise.
- dLocal: Public emerging-markets payments processor enabling global merchants to collect, settle, and pay out in 40+ emerging markets. Directly comparable to CAB on the cross-border pay-in/pay-out and FX infrastructure layer for frontier and emerging markets.
Broad incumbents
- MoneyGram: Public cross-border P2P and B2B payments operator with strong emerging-market footprint post-Madison Dearborn take-private. Comparable emerging-markets remittance and FX operations, though distribution-led rather than bank-led.
- Wise: Public, large-scale cross-border payments and multi-currency account provider. While more SMB/consumer-skewed than CAB, both operate transaction-based cross-border payment rails with FX as a core monetisation lever.
- Western Union: Global incumbent in cross-border money movement with deep emerging-market distribution. Overlaps CAB on emerging-markets FX and payout infrastructure, but at vastly greater scale and with a retail-tilted mix.
- StoneX Group: Nasdaq-listed global financial services network with FX, payments, and emerging-markets exposure. Already a public bidder for CAB, indicating explicit strategic overlap; comparable institutional FX and cross-border payments offering.
Others
- Currencycloud (Visa): Visa-owned cross-border payments infrastructure provider offering FX and multi-currency APIs to banks and fintechs. Comparable underlying cross-border payments infrastructure layer, though embedded as a B2B2C platform rather than a regulated bank.
Emerging players
- WorldRemit: Digital remittance platform focused on mobile-first transfers to emerging markets. Overlaps CAB on emerging-markets payout rails and FX, though primarily retail rather than institutional.
- Remitly Global: Digital remittance platform focused on corridors from developed markets into emerging markets. Comparable emerging-markets corridor focus and FX-led economics, although skewed toward consumer/retail rather than institutional clients.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
CAB Payments social profiles
Digital presenceCAB Payments compliance and trust
Trust signalCompliance3 records
CAB Payments financial estimates
Financial estimateRevenue estimate
Valuation estimate
CAB Payments leadership team
Management profileNumber of profiles
Profiles3 records
CAB Payments subsidiaries and ownership
Company hierarchySubsidiaries4 records
CAB Payments funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
CAB Payments M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about CAB Payments
What does CAB Payments do?
CAB Payments provides institutional cross-border payment and foreign exchange services focused on emerging markets. Its core offering centres on enabling banks, non-bank financial institutions, humanitarian organisations, and corporates to move money and execute FX transactions into and out of emerging market currencies. The company complements payments and FX with trade finance, structured solutions, guaranteed deposits, and FX derivatives, operating under FCA/PRA, Dutch Central Bank, and ADGM FSRA regulation.
Is CAB Payments a public or private company?
CAB Payments is a public company. It is classified as public and is currently operating.
When was CAB Payments founded?
CAB Payments was founded in 2023. It employs 251 to 500 people.
Where is CAB Payments based?
CAB Payments is headquartered in Sutton, United Kingdom, in the Europe region.
How does CAB Payments make money?
Five revenue lines are on record. FX and Payments Income is the primary driver. The others are trade Finance, guaranteed Deposits, derivatives (FX) and structured Solutions.
Who are CAB Payments's main competitors?
Direct peers on record are OFX, Payoneer and dLocal. Broad incumbents are MoneyGram, Wise, Western Union and StoneX Group. Currencycloud (Visa) is listed as an others. Emerging players are WorldRemit and Remitly Global.
Does CAB Payments have an API?
No public API is recorded for CAB Payments.
What industry is CAB Payments in?
CAB Payments's product category is Cross-Border Payments & Emerging Markets Banking. Its primary akta.pro industry code is FSAGAKAD, Merchant Cross-Border Collections (Pay-ins) & Local Payment Methods, with a secondary code of FSAMAIAJ, Cross-Border Payouts & Mass Disbursements (Pay-outs). Its NAICS code is 522110 and its SIC code is 6199.