At a time when most fintechs are chasing growth at the cost of huge losses, there is one exceptional case. It's growing at double digits, generating hundreds of millions in free cash flow, maintaining an EBITDA margin of over 30% - and yet it remains off the radar of most investors.

While competitors are burning capital and betting on "scale first, profit later", this company is going the other way. It has grown consistently since its 2021 listing, sticking to a disciplined allocation while scaling its own infrastructure across continents. It does not operate like a bank, it does not lend money, it does not rely on speculation. And yet (or perhaps because of it) its return on capital is exceptional.

✅ Top points of analysis

• Free cash flow of over £330m per annum And FCF margins >25% - in a sector where most competitors are burning cash.
• Revenue growth of +24% per annum, number of active users +21% - without the need for expensive acquisitions.
• EBITDA margin of 34% - Higher than most banks,…