CAB Payments

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.

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

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

• Cross-border payments
• Foreign exchange services
• Emerging markets banking
• Trade finance solutions
• Institutional FX hedging

Headquarters

HQ city

Sutton

HQ country

United Kingdom

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales, Others

Revenue model

1. 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.
2. Trade Finance: Revenue from structured trade finance solutions for clients operating in emerging markets
3. Guaranteed Deposits: Interest income from guaranteed deposit products for institutional clients
4. Derivatives (FX): Revenue from FX derivative products for hedging and risk management
5. Structured Solutions: Customised financial solutions for institutional clients including structured products

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core 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

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Two partnerships are on record, tiered core.

• Global Clearing PartnershipcoreTechnology or IntegrationCAB 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)coreTechnology or IntegrationRegulatory 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

Direct 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

• Xx.com/CABPayments
• LinkedInlinkedin.com/company/cab-payments

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CAB Payments