Currency Exchange International reports strong payments revenue growth offsetting weaker banknotes demand amid strategic shifts.
Currency Exchange International (TSE:CXI) reported a 13% year-over-year increase in second-quarter revenue to $18 million, driven by a 73% jump in payments revenue. The growth lifted payments to 27% of total revenue, up from 17% a year earlier.
EBITDA and net income declined slightly, while direct-to-consumer banknotes revenue faced pressure from lower demand for exotic currencies and branch disruptions. The company completed the wind-down of Exchange Bank of Canada, incurring $6.57 million in discontinued-operation losses.
Management emphasized investments in WireHub, SWIFT integration, and e-commerce as key growth drivers moving forward.