Payments made through the Portuguese Ifthenpay grew 49% in the first quarter

Financing of the Portuguese fintech increased 27%. It is the first national company to exceed the 1000 million euros in the cumulative total of payments.

The volume of payments made through the Portuguese fintech Ifthenpay grew 49% in the first quarter of the year, when compared to the same period of 2017, to 95.8 million euros, announced the company in a statement.

In the same period, revenue increased 27% to 436 thousand euros.

Ifthenpay is a Portuguese fintech company specialized in the emission and management of the shared multibanco references for companies, from Santa Maria da Feira, in the district of Aveiro.

The company has more than 11 adherent entities in the whole national territory, but also abroad, and had an invoice of 1.4 million euros in 2017.

Ifthenpay became the first Portuguese fintech to reach 1000 million euros of a total accumulated payments and announced, on april 9, that, in order to mark the date, it will donate 1000 euros to the Firemen of Santa Maria da Feira, their first client.

The company believes that these numbers are due to the success that the multibanco references have in Portugal – most of the Portuguese people (more than 80%) regularly make payments using the multibanco reference system, either in the automatic boxes (ATM – 36%) or in homebanking (more than 60%).

Filipe Moura, co-CEO and co-Founder of the company from Santa Maria da Feira, in the district of Aveiro, states that the "technological integration within the e-commerce platforms and other platforms that Ifthenpay has developed, has democratized the multibanco references and brought them with a great success to the technological platforms”. 

As partner of SIBS, as business is anchored in the national method of the multibanco references, Ifthenpay grew 45% last year, compared to 2016, having reached a volume of payments of over 317 million euros. The value compares with nearly six million euros of ten years ago.