Which cross-border payments companies have hit $1bn in revenue?

Several cross-border payments companies have recently surpassed $1bn in revenue – a major milestone for the industry. We compare these companies to identify shared factors and highlight current industry trends.

Abstract graphic showing data points increasing left to right, used to illustrate concept of cross-border payments companies' revenue increasing to $1bn.

In recent years, multiple cross-border payments companies have surpassed $1bn in yearly revenue for the first time. This not only highlights the continued strength of the industry and the speed at which disruptors are growing, but also shows the impact of macroeconomic trends on some segments of the cross-border payments space.

Understanding how these businesses generate such high revenue every year provides useful insights to the space – both as case studies for industry peers and as a reflection of how wider factors, such as the pandemic and inflation, affect companies’ bottom lines. With this in mind, in this report we analyse companies that recently passed $1bn in yearly revenue to determine key trends, focusing on factors such as their age, focus and how they have managed to pass this milestone.

Several companies that operate in cross-border payments have been delivering more than $1bn in revenue for a long time. Western Union, Fiserv and PayPal delivered annual revenues of $4.4bn, $19.1bn and $29.8bn respectively in 2023, while MoneyGram achieved a total revenue of $1.3bn in 2022, the last year it reported earnings before going private. However, this report focuses on cross-border companies that have publicly reported revenues of over $1bn recently; are projected to surpass this figure soon; or are set to do so if they continue on their current growth trajectory.

In some cases where appropriate, we’ve broken out the specific revenues for certain companies that are relevant to cross-border payments. For example, in the case of Corpay, figures are related to its Corporate Payments segment, while for Euronet we have identified revenues specifically for its consumer money transfers segment (Ria, Xe).

by  Joe Baker