Plus500 customer deposits more than double to record $3.1bn
Plus500 has seen its customer deposits more than double to a record $3.1bn (£2.3bn) as wealthy investors piled in to its share trading app.
The London fintech said the average deposit held by an active customer stood at $17,250 by the end of the first half of the year, a jump of 105 per cent compared to 2024 in signs the company’s strategy to attract higher value investors was paying off.
“The strength of Plus500’s globally diversified multi-asset offering was again evidenced by our accelerated operational, financial and strategic results,” said chief executive David Zruia.
In a sign of its success Plus500 issued a $40m special dividend on top of its $35m interim dividend, while launching a new $90m share buyback programme, bringing its total share buybacks for the year to $200m.
Plus500 global expansion gathers pace
Plus500 posted a 4 per cent rise in revenues to $415m over the period as it accelerated its global expansion plans.
That has included new regulatory licences in the UAE, from the Securities and Commodities Authority and in Canada, from the Canadian Investment Regulatory Organization, bringing the group’s total regulatory licences held globally to 15.
The FTSE 250 firm also secured a new commodities licence in Japan, added a new clearing membership to its US futures business and acquired Indian trading business Mehta Equities in March in a $20m deal.
Profit for the period nudged up around one per cent to just under $150m. The total number of active customers for the period rose two per cent to 180,000.
Plus500 said it was “confident” about the company’s prospects and confirmed that it expected its full year results to be in line with market expectations. The stock has jumped by a third since the start of the year.