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 A2A methods expected to drive 51% of e-commerce by 2028 and LPMs projected to 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 12.1% CAGR and LPMs representing a quarter of all global cross-border transactions by 2032.

• Growth strategy focuses on expanding with existing tech giants, onboarding high-growth merchants, and broadening the product suite to address evolving merchant needs, including new verticals like digital subscriptions, advertising, and online travel.

• Committed to organic revenue growth exceeding 20% CAGR and adjusted EBITDA margins above 30% from 2026.

Product innovation and technology platform

• Unified platform integrates Direct Carrier Billing, digital wallets, and A2A payments, offering seamless access for merchants via a single API and supporting over 100 million monthly users.

• Advanced features include tokenization, recurring payments, payment marketing, and bundling, driving customer retention, new acquisition channels, and 16 million new subscribers from 63 bundles launched in the past year.

• Money movement platform provides direct, automated, and compliant cross-border settlement, FX, and liquidity solutions, with modular offerings for collections, refunds, and payouts.

• Platform is built for scale, reliability (99.99% uptime), and security (ISO/IEC 27001:2022 certified), with 95% of payments automatic and 55% requiring zero user action.

• Ongoing investment in automation, AI, and data analytics to optimize operations, reduce manual workflows, and deliver real-time insights to merchants.

Financial performance and guidance

• Achieving 20%+ organic revenue growth and 30%+ adjusted EBITDA margins, with revenues expected to double from 2022 to 2025 and strong free cash flow generation.

• 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.

• Revenue mix is diversifying from DCB to include digital wallets, A2A, and new value-added products, supporting long-term margin expansion.

• Take rates are expected to decline as volumes rise and A2A grows, but offset by higher-margin new products and services.

• All growth is self-funded, with no debt and disciplined capital allocation, including share buybacks and potential acquisitions.