TAP Tap Global Group Plc

 
TIDMTAP 
 
20 April 2023 
 
                             Tap Global Group Plc 
 
                           ("Tap" or the "Company") 
 
                                Trading Update 
 
 Tap reports significant financial and operational progress in 100 days since 
                                    listing 
 
Tap Global Group Plc (AQSE: TAP), the regulated crypto app bridging the gap 
between traditional finance and blockchain technology, is pleased to provide an 
update on its performance since listing on the AQSE Growth Market on 10 January 
2023 ("Listing"). 
 
Highlights 
 
  * Revenue: £1.16m in Q1 2023 (Q1 2022: £0.25m) 
  * Average monthly revenue up 347.5% in Q1 2023 to £385,000 (Q4 2022: £86,000) 
  * Registered users up 30% since Listing to 144,305 
  * 12 new cryptocurrencies listed on platform since Listing taking total to 39 
 
Financial Performance 
 
Since Listing, Tap has seen a material increase in revenue delivered through 
its platform and is pleased to report revenue of £1.16m in Q1 2023. Revenue 
delivered in Q1 is over four times the same period last year and is more than 
that delivered by the operating business throughout the whole of 2022 (£1.1m). 
 
As previously announced, Tap intends to commission analyst research in the near 
future which will establish revenue and profitability forecasts. 
 
Platform Growth 
 
Following the addition of over 30,000 users since Listing, there are now 
144,305 registered users on the platform with customers increasingly seeking 
the security of a regulated, insured, and low-fee provider. This growth has 
been delivered against a challenging backdrop for cryptocurrency users with a 
number of high-profile exchange crises taking place throughout 2022. To support 
its continued growth since Listing, the Company has increased user capture 
through marketing initiatives, social media campaigns, referral programs and 
collaboration with cryptocurrency influencers. 
 
The Company continues to plan for international expansion with Foreign Money 
Services Business registration secured in Canada and entities incorporated in 
the United States and Australia. While Tap intends to launch in these markets 
at the optimal time, management is adopting a necessarily prudent approach, 
particularly given the emergent hostile regulatory environment in the United 
States and the increasing legal complexities of launching in that jurisdiction. 
This shift in the opportunity-to-threat balance is also set in the context of 
Tap's significant growth in its core markets in Europe. Management is 
constantly evaluating the best time to execute on the Company's extensive 
expansion plans and will update shareholders in due course. 
 
Tap maintains its focus on expanding its user offering with 39 cryptocurrencies 
now listed on its platform, including 12 added since Listing. This improved 
offering combined with continuous user experience upgrades, should help 
maintain user growth momentum alongside the retention of existing Tap users. 
 
Operational Growth 
 
Beyond its core platform, Tap continues to grow its B2B offering including 
cryptocurrency business accounts, Crypto-as-a-Service, and the Company's 
Cards-as-a-Service solution, for which leading global cryptocurrency exchange 
Bitfinex was announced as the first client in January 2023. These additional 
B2B revenue streams position the Company as a full-service cryptocurrency 
business and lay the foundation for the launch of further B2B solutions. 
 
Tap's continued financial growth and the additional funds raised through the 
Listing have allowed the Company to increase its headcount across marketing, 
sales and compliance, providing the Company with the resources to continue on 
its expansion trajectory. 
 
David Carr, Chief Executive Officer of Tap Global, commented: 
 
"We are delighted with Tap's progress since Listing, particularly given the 
headwinds that cryptocurrency businesses have faced over the last 18 months or 
so. The decision to become a regulated entity and place a strong emphasis on 
user protection from Tap's inception is working strongly in our favour and is 
reflected in the impressive user growth and retention on our platform. 
 
While we will continue to pursue global expansion, the sustained growth we are 
experiencing in our existing markets affords us the benefit of being able to 
time our new market entries wisely in order to secure the best outcomes for 
both customers and shareholders. 
 
We look forward to providing further updates in the coming months as we build 
our capabilities and welcome more users to Tap's unique platform." 
 
The Directors of the Company accept responsibility for the contents of this 
announcement. 
 
Enquiries: 
 
Tap Global Group Plc                                  Via Vigo Consulting 
David Carr, Chief Executive Officer 
 
Peterhouse Capital Limited (AQSE Growth Market        +44 (0)20 220 9795 
Corporate Advisor) 
Guy Miller/Narisha Ragoonanthun 
 
Vigo Consulting (Investor Relations)                  +44 (0)20 7390 0230 
Ben Simons / Charlie Neish                            tapglobal@vigoconsulting.com 
 
About Tap Global 
 
Tap is a fully regulated cryptocurrency app bridging the gap between 
traditional finance and blockchain technology. 
 
Through a single app, Tap's over 140,000 users can access several major 
cryptocurrency exchanges and, utilising Tap's proprietary Artificial 
Intelligence middleware, customers benefit from best-execution and pricing in 
real time. Through the Tap card, users can also convert their cryptocurrencies 
to fiat to spend at more than 37 million merchant locations worldwide. 
 
Tap is one of only a handful of unified solutions operators fully regulated to 
provide distributed ledger technology services and was the first cryptocurrency 
FinTech company approved by Mastercard in Europe. 
 
Learn more: www.withtap.com 
 
 
 
END 
 
 

(END) Dow Jones Newswires

April 20, 2023 02:00 ET (06:00 GMT)

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