GSTechnologies

What GSTechnologies does

GSTechnologies Limited (LON:GST) is a London Stock Exchange Main Market-listed fintech group incorporated in England and Wales with operations across the UK, Lithuania, Canada, Singapore, Australia, and Poland through six subsidiaries (GS Fintech Ltd, Angra Limited, GS Fintech UAB, Angra Global Ltd, Semnet Pte Ltd, and the recently added Angra Limited sp. z o.o. / Finferno in Poland). The group operates three integrated divisions: stablecoin-based cross-border payments on the proprietary Coalculus blockchain (GS Money, featuring four enterprise chains pegged to USD, GBP, EUR and CNY), foreign exchange and payment services (AngraFX UK, Angra Global Canada, and Polish SPI), and cryptoasset exchange and wealth management (the GS20 Exchange and the Bake retail platform operated by GS Fintech UAB in Lithuania). The group also holds a 66.67% stake in Singapore-licensed cybersecurity firm Semnet Pte Ltd, which provides in-house security and compliance infrastructure.

The core technology stack centres on the Coalculus ledger with four enterprise-level stablecoin chains and 100 million COAL tokens securing the network via four proof-of-stake nodes; on top of it, the Angra e-wallet supports IBAN-issued accounts in 10 EU currencies with cross-border transfers in Sterling, Euro, USD, CAD, CNY and USDT. The cryptoasset platforms (Bake and GS20) list 140+ digital assets with spot trading, OTC desk, staking, lending, savings, and fiat on/off-ramp services, and serve 800,000+ registered users via bake.io web and iOS/Android apps (~100,000 funded; ~50,000 holding approximately US$80 million in digital assets as of November 2024). Revenue is generated transactionally through FX spreads and commissions, crypto trading commissions, payment-processing fees, IBAN issuance fees, and digital asset platform fees.

The go-to-market is bifurcated: a self-serve/PLG motion for retail crypto users via the Bake/GS20 platform combined with enterprise direct-sales targeting more than 2,000 UK-based Small Payment Institutions and corporate clients for Angra's B2B neobank offering, plus an OTC desk for institutional and high-net-worth participants. Disclosed regulatory licences include FCA Authorized Payment Institution status (UK), Crypto Currency Exchange Licence (Lithuania), Canadian MSB licence, Polish SPI/VASP registrations, and Singapore CRSO cybersecurity authorisation, with a MiCA CASP application pending resubmission to the Bank of Lithuania in Q1 2026. H1 2026 (six months ended 30 September 2025) revenue was US$1.40 million, down from US$2.23 million in H1 2025, with US$10.13 million of net assets and US$3.91 million of cash (including approximately US$1.01 million of Bitcoin holdings) as at 30 September 2025.

Name

GSTechnologies

Legal name

GSTechnologies Limited

Website

https://gstechnologies.co.uk

Company type

Public

Founded year

2021

Operating status

Operating

Headcount range

51–100 employees

Short description

GSTechnologies is a London Stock Exchange-listed fintech operating stablecoin cross-border payments (GS Money on Coalculus), FX (Angra), and a 800,000-user crypto exchange (Bake/GS20) under multi-jurisdictional licences in the UK, Lithuania, Canada, Singapore, Australia and Poland.

Ownership category

akta.pro rank

Product category

Cryptocurrency Exchange & Blockchain Payments

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Depository Credit Intermediation (5221)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Finance Services (6199)

akta.pro primary industry

On-Chain Payments & Stablecoin Infrastructure (Issuance, Rails, Treasury) (FSAGAMAD)

akta.pro secondary industries

Enterprise Payments & Tokenized Money (stablecoins, tokenized deposits, CBDC rails) (FSAPAIAJ), Crypto Payments & Stablecoin Settlement Platforms (BPAMAFAL), Cross-Border & FX Payments Platforms (BPAMAFAK), Compliance, Risk & RegTech for Tokenized Assets (KYC/AML, sanctions, travel rule, reporting) (FSAPAIAH)

Keywords

• Cryptocurrency exchange
• Blockchain payments
• Stablecoin neobanking
• Cross-border FX
• Digital asset platform

Headquarters

HQ city

Perth

HQ country

Australia

HQ region

Oceania

Offices5 records

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

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

Revenue model

1. FX Trading Commissions: Foreign exchange services generating revenue through currency exchange spreads and transaction fees. AngraFX offers competitive exchange rates for cross-border payments to over 140 countries, serving corporate and individual clients.
2. Cryptoasset Exchange Trading: GS20 Exchange generates revenue via trading commissions at varying levels depending on transaction type and size. Revenue generated from spot trading, OTC desk operations, and cryptocurrency transactions.
3. Digital Asset Platform Services: Bake platform provides staking, lending, and savings products generating fees from cryptocurrency investment services. Users can earn rewards through the platform's savings product launched during H1 2025.
4. Payment Services: Multi-currency e-wallet and payment services generating fees from fund transfers, IBAN issuance, and cross-border payment processing through Angra Global's FCA-authorized API and Canadian MSB licence.

Go-to-market motion3 records

Distribution channels5 records

Marketing channels6 records

Core offering

GSTechnologies operates an integrated fintech platform spanning three divisions: blockchain-based stablecoin payment and neobanking services (GS Money protocol on the Coalculus blockchain), foreign exchange and cross-border payment solutions (AngraFX, Angra Global), and cryptoasset exchange and digital asset wealth management (GS20 Exchange, Bake platform). The group delivers regulated multi-currency e-wallets, FX trading, spot/OTC crypto trading, staking, lending, savings products, and cybersecurity services to corporate clients, financial institutions, retail crypto investors and high-net-worth individuals across the UK, EU, Canada, Singapore, Australia and Poland.

Differentiator

Problem solved

Functional benefit

Brands

• GS Money: Blockchain-driven neobanking platform providing stablecoin-based payments and financial services
• AngraFX
• Bake
• GS20
• Angra Global

Products and services

• GS Money Protocol Blockchain-driven neobanking platform offering stablecoin-based cross-border payments and multicurrency transactions for B2B neobanking and remittance clients.
• GS20 Exchange Regulated cryptocurrency exchange offering spot trading, OTC desk services, staking, lending, and fiat on/off-ramp solutions supporting 140+ digital assets for retail, institutional and high-net-worth clients.
• Bake Cryptocurrency Platform Retail-first digital asset investment platform providing staking, swaps, savings and on/off-ramp solutions for individual crypto investors, with iOS and Android mobile applications and a web interface.
• Bake Savings Product Crypto savings product on the Bake platform that lets users earn real-time rewards on their digital asset balances, generating fees from cryptocurrency investment services.
• AngraFX

Quantifiable outcome

• Near doubling of H2 2025 revenue to US$0.73 million following integration of Bake platform
• +2 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Feature5 records

Partnerships

Four partnerships are on record, tiered minor and core.

• Response LegalminorImplementation/ SI/ Consulting Partner · 1 January 2025Legal firm appointed to assist in securing MiCA licence for GS Fintech UAB's crypto operations.
• Trident Global Capital Pte LtdcoreStrategic or Co-development Partner · 15 October 2024MOU signed for Trident Global Capital to guide Semnet through strategic preparations for potential NASDAQ listing, establishing a Cayman Islands holding company and raising up to US$15 million. Led by Soon Huat Lim, CEO of Nasdaq-listed Trident Digital Tech Holdings Ltd.
• Noewe UABminorImplementation/ SI/ Consulting Partner · 1 January 2024Lithuania-based professional services firm engaged to align GS Fintech UAB's financial year-end reporting with Group's 31 March year-end and provide regulatory compliance guidance.
• Wise MPay Pte LtdcoreTechnology or Integration · 28 May 2021Strategic collaboration agreement with Singaporean blockchain payment solutions provider Wise MPay for software and services to develop the GS Money neobanking platform. Wise MPay provides Coalculus blockchain technology and 100 million COAL tokens. Jack Bai and Shayne Tan are co-founders of the Coalculus blockchain platform.

Scale indicators9 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Bitstamp: Bitstamp is a regulated cryptoasset exchange offering spot trading and OTC services with European licensing — comparable to GS20 Exchange's spot trading and institutional OTC desk model.
• MoonPay: MoonPay provides fiat-to-crypto on/off-ramp infrastructure and consumer crypto wallet services. Comparable to Bake platform's on-ramp and self-serve crypto investment experience.
• Ripple: Ripple operates enterprise blockchain payment rails (XRP Ledger) for cross-border settlement and stablecoin (RLUSD) issuance. Highly comparable to GS Money Protocol's enterprise stablecoin cross-border payment focus.
• Circle: Circle issues USDC and EURC stablecoins and provides related payments and treasury infrastructure — directly comparable to GST's GS Money stablecoin rails. Circle Alliance partnership adds operational overlap.
• Wirex: Wirex is a crypto/Web3 neobank offering multi-currency accounts, crypto cards, and on-chain payments with multi-jurisdictional licensing — closely aligned with GST's GS Money and Angra e-wallet offering.
• Wise (TransferWise): Wise is a leading cross-border payments and multi-currency account provider with FCA regulation. Directly comparable to Angra Limited/Angra Global's FX and international money transfer services.
• Remitly: Remitly is a digital remittance and cross-border payments platform serving consumers and small businesses — comparable to AngraFX's remittance and cross-border payment services targeting SPIs.

Broad incumbents

• Revolut: Revolut is a global neobank offering multi-currency accounts, FX, and crypto trading with multi-jurisdictional licensing — a scaled incumbent operating across many of the same product lines as GST's combined businesses.
• Crypto.com: Crypto.com is a large crypto exchange and payments platform offering spot trading, staking, lending, and Visa cards. Comparable to GS20/Bake across exchange, staking, lending, and savings products.

Regional players

• Starling Bank: Starling Bank is a UK FCA-regulated challenger bank offering business and personal accounts. Comparable as a regulated UK neobanking reference point for GST's Angra Limited neobank strategy.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/LSE_GST
• YouTubeyoutube.com/channel/UC6vJ5V1QNQtG973HAp1Q2Uw
• LinkedInlinkedin.com/company/lse-gst

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries7 records

Funding overview

Funding rounds4 records

Investors2 records

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

M&A4 records

Investments

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

Frequently asked questions about GSTechnologies