Boku

What Boku does

Boku is a publicly-traded (AIM: BOKU) global mobile payments network founded in 2008 and headquartered in San Francisco, connecting major digital merchants to 200+ local payment methods across 70+ countries. Its platform aggregates Direct Carrier Billing, mobile wallets, real-time account-to-account payment schemes, and FCA-regulated e-money services into a single API, enabling global enterprises such as Netflix, Spotify, Meta, Microsoft, Google, Sony, Tencent, Epic Games, and DAZN to accept locally preferred payment methods in markets where credit card penetration is limited. The company operates regulated entities in the UK (FCA e-money authorization, register 900030), Brazil (Payment Institution license from the Central Bank, awarded April 2025), Ireland, Australia, and the US, with an Innovation Hub opened in Singapore in November 2025 for cross-border payments R&D.

The core technology is a cloud-native payment network that reengineers local payment methods for automatic, repeatable, and subscription-friendly charges, with multi-factor authentication for chargeback prevention. Products span Direct Carrier Billing (flagship), the Local Payment Methods Network, digital wallet services, account-to-account payments, and the Boku e-Money Payment Service. Distribution is primarily direct enterprise field sales to large merchants, supplemented by an API-first developer integration model at developer.boku.com and a merchant-led network coverage approach where new payment methods are added based on merchant demand. Pricing is bespoke, transaction-based, and not publicly disclosed.

The business model is transaction-fee revenue on payment volume processed. In FY2025, Boku reported revenue of $128.8 million (30% year-over-year growth), a profit of $19.6 million (216% increase), adjusted EBITDA of approximately $41 million (32% margin), total payment volume of $15.5 billion (25% growth), 115 million monthly active users (32% growth), and a debt-free balance sheet with $102.9 million in net cash. The company went public on London's AIM market in 2017, operates with 251–500 employees, and is led by CEO Stuart Neal (since 2023) with Chair Dr. Richard Hargreaves.

Name

Boku

Legal name

Boku, Inc.

Website

https://boku.com

Company type

Public

Founded year

2008

Operating status

Operating

Headcount range

251–500 employees

Ownership category

akta.pro rank

Product category

Payment Processing & Mobile Payment Network

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232)

SIC

Finance Services (6199)

akta.pro primary industry

Carrier Billing & Telco Mobile Money (FSAMAEAD)

akta.pro secondary industries

Bank-to-Bank Transfers & Pay-by-Bank (Consumer & Merchant) (FSAMAFAC), A2A Checkout & Merchant Acceptance Solutions (FSAMAFAF), Multi-Currency Accounts, Wallets & IBAN Services (FSAMAIAG), Embedded Payments (Pay-ins, Pay-outs, Wallets) (FSAGALAB)

Keywords

• Mobile payment network
• Local payment methods
• Direct carrier billing
• Payment processing platform
• Cross-border payments

Headquarters

HQ city

San Francisco

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

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

Revenue model

1. Payment Processing and Transaction Fees: Boku generates revenue through transaction fees on payments processed through its network. The company processes over $15.5 billion in total payment volume annually, charging merchants a percentage or fixed fee per transaction for access to local payment methods and carrier billing services.
2. Direct Carrier Billing Services: Revenue from Direct Carrier Billing services allowing mobile subscribers to charge purchases to their phone bills. The company reported 16% increase in DCB business in FY2025.
3. Digital Wallet and Account-to-Account Payments: Growing revenue stream from digital wallet integrations and real-time account-to-account payment schemes, with strong growth reported across these services in FY2025.
4. Bundling Services: Revenue from bundling products that combine multiple payment methods and services for merchants seeking comprehensive payment solutions.

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels6 records

Core offering

Boku operates a global mobile payments network that enables large enterprise merchants to accept over 200 local payment methods across 70+ countries through a single API integration. Its core offerings include Direct Carrier Billing (charging purchases to mobile phone bills), digital wallet integrations, real-time account-to-account payments, and regulated payment institution services. The platform processed over $15.5 billion in Total Payment Volume in FY2025, serving brands including Netflix, Spotify, Google, Meta, Microsoft, Sony, Epic Games, Tencent, and DAZN.

Product overview

Boku operates a unified payment platform providing global merchants access to local payment methods. The core offering consists of Direct Carrier Billing for SMS-based mobile payments, supplemented by a network of 200+ local payment methods including digital wallets and account-to-account payment schemes. The platform is enhanced by FCA-regulated e-money services for EEA users, with a recent expansion into Brazil's Pix payment infrastructure. Boku's services are built for large enterprises requiring custom implementations, merchant-led network coverage, and individualized performance strategies.

Differentiator

Problem solved

Functional benefit

Products and services

• Direct Carrier Billing (DCB) Boku's flagship payment service that allows merchants to charge purchases directly to users' mobile phone bills or prepaid balances, enabling seamless cardless payments for digital content and services. Particularly valuable for monetizing unbanked consumers in emerging markets.
• Local Payment Methods Network A global payment network connecting merchants to over 200 local payment methods across 70+ countries, including digital wallets, real-time bank transfers, and alternative payment options tailored to regional consumer preferences. The network reengineers payment methods for automatic, repeatable charges.
• Digital Wallet Services Payment services enabling users to pay using digital wallet solutions, supporting transaction processing and wallet interoperability across different platforms and regions.
• Account-to-Account Payments Payment scheme services facilitating direct bank account transfers, enabling real-time payment transactions between accounts without card intermediation.
• Boku e-Money Payment Service An electronic money service regulated by the FCA (register number 900030) for EEA users, enabling SMS-based e-money transactions with limits of €150 maximum balance and €2,500 annual transaction cap for basic service, with higher limits available upon identity verification.
• Pix Payment Integration in Brazil Live Pix payment processing in Brazil following Payment Institution license from the Central Bank of Brazil, enabling regulated gateway access to 150 million Brazilian consumers with real-time transactions.

Quantifiable outcome

• Merchants see subscriber signups via alternative payment methods triple after adding new payment partners
• +2 more outcomes

Named customers9 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Five partnerships are on record, tiered core and minor.

• Telecom OperatorscoreTechnology or Integration · 3 April 2026Boku partners with mobile network operators globally to provide Direct Carrier Billing services, enabling subscribers to charge purchases to their phone bills for digital content, gaming, and other purchases.
• Juniper ResearchminorStrategic or Co-development Partner · 27 January 2026Boku collaborated with Juniper Research to project that local payment methods will overtake cards as the leading online payment method globally by 2028, accounting for 59% of eCommerce transaction value.
• Singapore Fintech EcosystemcoreStrategic or Co-development Partner · 1 November 2025Boku opened Innovation Hub in Singapore to develop cross-border payment solutions focusing on real-time FX, payout capabilities, AI, and blockchain within financial services. Singapore was chosen for its role as a fintech hub with supportive regulatory environment and access to Asia-Pacific payment ecosystems.
• Central Bank of BrazilcoreOthers · 1 April 2025Awarded Payment Institution license by the Central Bank of Brazil, enabling Boku to operate as a regulated gateway for Pix payments and other local payment methods in Brazil, accessing 150 million Brazilian consumers.
• Riot GamescoreStrategic or Co-development Partner · 10 February 2025Boku launched direct carrier billing payment services for Riot Games in Bahrain, Egypt, Jordan, and Kuwait, enabling mobile subscribers in these four Middle Eastern markets to make seamless cardless payments for League of Legends. The partnership unlocks local currency payment options for players in these countries for the first time, removing payment friction and expanding accessibility to gaming content.

Scale indicators15 records

Recent moves9 records

Broad incumbents

• Stripe: Global payment processor with broad local payment method coverage and developer-first API platform. Competes with Boku for global merchants seeking payment method aggregation, though with a much broader suite of services.
• Worldpay: One of the largest global merchant acquirers offering payment processing and local payment methods at scale. Established incumbent with broader acquiring capabilities than Boku's narrower network focus.
• Adyen: Large global payments platform offering unified acquiring, local payment methods, and processing for enterprise merchants including Spotify and Meta. Broader platform than Boku but serves many of the same enterprise customers with local method coverage.

Regional players

• PagSeguro: Leading Brazilian payment processor with strong Pix integration and LatAm footprint. Regional peer relevant to Boku's Brazil expansion and Pix strategy.
• Network International: Middle East and Africa-focused payment processor offering acquiring and local payment method services. Comparable to Boku in markets like UAE, Bahrain, Egypt where Boku is expanding via carrier billing partnerships.

Direct peers

• PayU: Prosus-owned global payment processor with strong emerging-market presence, particularly in LatAm, India, and Africa. Provides local payment method acceptance solutions directly competitive with Boku's network.
• Rapyd: Global Fintech-as-a-Service platform offering payment acceptance, local payment methods, and disbursements across 100+ countries. Competes with Boku's local payment method network and cross-border capabilities.
• dLocal: dLocal is a public payments processor focused on enabling global merchants to accept local payment methods across emerging markets (LatAm, Africa, Asia). Closest direct comparable to Boku given similar emerging-market payment aggregation model and merchant base overlap.
• PPRO: Payment method aggregator providing access to 200+ local payment methods globally to payment service providers and merchants. Overlapping product offering and similar aggregator-only business model as Boku.
• Checkout.com: Global payments processor offering unified acquiring plus local payment method support across 150+ currencies. Direct competitor to Boku for enterprise merchants seeking single-integration local payment coverage.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries7 records

Funding overview

Funding rounds10 records

Investors15 records

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

M&A7 records

Investments1 record

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

Frequently asked questions about Boku