We are currently covering First Global Data a Toronto based technology company which is making huge waves as they set about disrupting the fintech sector with their well executed and globally prepared mobile payment technology! In fact one of the slogans from their website is:
“Make fast, easy mobile payments a reality for your customers with the integrated mobile payments platform.”
Andre Itwaru is a Toronto business man who grew up in Guyana and this set of
circumstances has proved to be a very fortunate for the mobile payment world.
On a trip back to Guyana several years ago he noticed people lining up to make
payments and realized here was a mainstream opportunity which was not being
addressed- apparently by anyone!
He set out to address this by creating First Global Data and creating an easy to
use globally compliant mobile payment system.
Fast forward 6 years to 2017 and we see Andre travelling around the globe with a
fully functioning payment system complete with anti-fraud regulations demanded
by governments to fulfill money laundering issues and other stringent sets of
One of the things we really like about this product is that they partner with
financial institutions and gain access to their existing data base of customers.
This allows them to virtually skip the expensive marketing stage which can
literally cost millions of dollars on an ongoing basis. This approach is also
allowing Andre and his team to virtually sign up whole countries such as their
recent press release on Bangladesh illustrates.
As far as revenue – it is growing in leaps and bounds as the company signs on new
users. They reported revenue of $2.9 million in just one month, January of 2017.
This puts First Global on track to generate revenue of well over $30 Million and
as the user base keeps growing and revenue per user grows we would not be
surprised to see much higher numbers….
And as most software products can generate a high earnings percentage these
numbers will be interesting to follow also…
Andre Itwaru has been quoted as to revenue and EBITDA earnings and they are
exciting. When the user base reaches 1 million they expect revenues of $140
Million with an EBITDA of $90 Million. You can see why we say earnings by
software companies can be a large percentage of revenue.
Management is currently in China presenting their product to potential users. It
almost boggles the mind the number of users in that tech savvy country. With the
rest of the world as potential users this could get very big very fast.
Add existing customers to the soon to be customers in various western countries
and a proven software solution and you have one of our favourite recipes for
(Source FGD website)
“PayQwik Wins Best Initiative in Mobile Payment Award 2015 GMASA 2015 Chennai”
Stay tuned for further news from First Global!
Disclaimer: We are not being compensated by the company however the editor is a shareholder and may buy or sell in the market at any time. Please do your own due diligence.