Boku (BOKU) Investor Day 2025 summary

Strategic vision and market opportunity

• Positioned to enable global merchants to access over 200 local payment methods (LPMs) across 60+ countries, targeting a $1 trillion+ serviceable market and supporting digital-first, mobile-native, and subscription-driven enterprises.

• LPMs have overtaken cards for online payments, now accounting for over half of global e-commerce, with digital wallets and account-to-account (A2A) methods projected to drive 51% of e-commerce by 2028 and reach 60% share as the market exceeds $10 trillion.

• Global e-commerce transaction value is forecast to grow at a 12% CAGR from 2023 to 2028, with cross-border e-commerce growing at a 12.1% CAGR and LPMs projected to represent a quarter of all global cross-border transactions by 2032.

• Growth strategy focuses on expanding value for existing merchants, onboarding high-growth tech companies, and layering value-added services like money movement, payment marketing, and currency conversion.

• Operational excellence, compliance, and scalable technology are core to supporting rapid, sustainable expansion and maintaining merchant trust.

Product innovation and technology

• The platform aggregates LPMs such as DCB, digital wallets, and A2A, offering seamless integration, recurring payment capabilities, and access to over 100 million monthly users.

• Bundling and payment marketing products enable merchants to grow subscribers and leverage super apps for customer acquisition, with 16 million new subscribers from 63 bundles launched in the past year.

• Modular, scalable architecture supports rapid onboarding, reverse integrations, and co-creation with merchants, enabling fast adaptation to new use cases.

• Investments in automation, AI, and data analytics drive operational efficiency, optimize payment flows, and enhance fraud detection.

• Platform reliability (99.99% uptime), security (ISO/IEC 27001:2022 certified), and support for 5x volume growth out of the box underpin merchant trust.

Financial performance and guidance

• Achieving 20%+ organic revenue growth and 30%+ adjusted EBITDA margins, with revenues expected to double from 2022 to 2025 and further margin expansion anticipated from 2026.

• H1 2025 delivered ahead of guidance: 95.5M MAUs, $7.4B TPV, 85bp take rate, $63.3M revenue, $21.8M adj. EBITDA, $87.3M own cash, and debt free.

• Take rates are expected to decline as volumes rise and A2A grows, but new products like FX, money movement, and accelerated settlement will help offset margin pressure.

• All growth has been self-funded, with strong cash generation, no debt, and disciplined capital allocation, including share buybacks and potential acquisitions.

• Revenue model is diversifying beyond DCB, with digital wallets, A2A, FX, and bundling now comprising over 30% of group revenues.