Boku Reflects on 2025 success

Boku, the global network for localised payment solutions has published an end of year business update celebrating 34% revenue growth in H1. It’s share price has also climbed by over 11% over the last year to 207, though well below its peak of 249 (Oct 9^th). The company is also edging ever close to the landmark of 100 million active monthly users. It currently stands at 95 million. There has also been a 28% increase in Total Payment Volume to $7.4 billion.

The reason behind the growth? Stuart Neal, CEO, Boku said, “The 53% jump in our EBITDA is the clearest signal yet that the ‘one-size-fits-all’ card model is failing global commerce. Merchants like Canva and our other partners aren’t just choosing Boku for payments; they are choosing us for growth.

“Competition for subscribers is fiercer than ever, and our bundling platform, now powering 48 million subscribers, has become an essential antidote for acquisition and retention. By combining this with network expansions like Rakuten Pay and direct licenses in Brazil, we are building the only infrastructure capable of powering the post-card economy.”

Boku is capturing an increasing share of that market globally, through initiatives and partnerships that are fuelling both current and future growth. While the financial figures were published in its interim H1 accounts, some of the successes have come more recently, and it also took a more holistic look across the year to date.

Asia growth key

In November, it opened an innovation hub in Singapore with the aim of building new payment capabilities to solve merchants’ cross-border money movement challenges across APAC. The Singapore Economic Development Board will support the operation as it looks to work with local and regional companies.

The hub is now operational, and it will be interesting to see what innovations emerge in 2026. It is already looking at next-gen real-time FX & stablecoin, with its investment in Ubyx, the stablecoin clearing system.

Boku has strengthened its Network across Asia, adding Rakuten Pay in Japan. It has already rolled out its first gaming merchant. The firm is also looking to hire a Commercial Director in Japan to lead its growing presence there. Rakuten Pay adds to Merpay, one of the leading Japanese payment platforms with over 19 million active users.

In Korea it added Naver Pay, a widely used mobile payment service, part of the Naver ecosystem, allows users to register bank accounts or credit cards to make online and offline purchases, transfer money, and earn reward points. Naver Pay adds to the existing relationship with KakaoPay, which it forged in 2020.

In the Philippines, Boku enabled QRPH on its network in H1. The Network also extends to GCash and Maya. It can now reach millions of bank app users and e-wallet customers through a government-backed QRPH network designed to drive digital financial inclusion.

Its new partnership with Canva has also accelerated subscriber growth across APAC. Launched initially in Vietnam with MoMo, it is enabling Canva to expand rapidly in countries with low credit card penetration. The intent is to expand the relationship across both Asian and European markets.

Rest of the world isn’t lagging either

In July, Boku was granted a Payment Institution license by the Central Bank of Brazil (BCB). The license means that Boku has direct access to the Pix ecosystem, launched by the Brazilian Central Bank in 2020, is now the most popular payment method in Brazil with over 15 million businesses. The payment system is used by more than 76% of adults and is especially favoured by younger consumers banking with digital-first platforms like Nubank.

The license will enable merchants on the Boku network to access Brazil’s local payment solution, such as the recently launched Pix Automático, which supports recurring payments and enables merchants to offer subscription services.

Over the last year, Boku has added 18 bunding partners across a variety of industries, including telecommunications, banking, and digital commerce. Uptake has been strongest in APAC and the US. The subscription bundling service now powers 48.2 million active subscribers globally, generating $2.6 billion in total payment volume for clients in 2025 (as of November).

Boku now connects global merchants to over 200 local payment methods across over 60 countries. It achieves this through a single integration, making it simpler for merchants to facillitate international payments in the payment option of choice for consumers.

Enterprise Times: What does this mean

Boku appears to be in the right place at the right time. Local Payment options are rapidly overtaking credit card payments, especially online. According to the Boku Global Ecommerce Report, local Payment Methods (LPMs) are projected to capture 59% of all global transaction value by 2028 (up from 49% in 2023).

Emerging markets such as India, parts of Africa, the Balkans and the Baltics have gradually become a stronghold for eCommerce businesses, and local payment methods are playing a crucial part. Boku is poised to expand in LATAM with the license in Brazil, and with Pix possibly expanding beyond Brazil’s border, it is well placed to see further expansion in the region.

There has been little said by Boku about expansion in Europe or, indeed, Africa this year. For Boku, Europe is a mature market where it has strong relationships. Will 2026 be the year that it looks to enter the African market? Or will it continue to focus on the Americas and APAC?

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