Trading Update

14 August 2023

Tap Global Group Plc

(“Tap” or the “Company”)

Trading Update

 Record annual revenue underpinned by significant growth in user numbers

Tap Global Group Plc (AQSE: TAP), the regulated crypto app bridging the gap between traditional finance and blockchain technology, is pleased to provide a trading update for the twelve months ended 30 June 2023 (“FY23”).

Highlights:

• FY23 Revenue: £2.52m* (FY 2022: £0.90m) up 179%
• Registered users up 28% since April trading update, taking total to 185,000
• 5 new cryptocurrencies listed on platform since April trading update, taking total to 44

*FY23 and FY22 revenue figures are both for Tap and Tap’s wholly-owned subsidiary, Tap Global Limited ("TGL"). Tap acquired 100% of TGL on 10 January 2023.

Financial Performance

FY23 has been a record year for revenue with the operating company, TGL reporting significant growth since Tap listed on the AQSE Growth Market (“Listing”). Following the Listing and a particularly strong trading period in the first half of the calendar year, TGL generated revenues of over £2.5m in FY23, a near threefold increase on FY22.

As previously announced, Tap intends to commission analyst research which will establish financial forecasts, including revenue and profitability in the near future. The Company expects this research to be available shortly after the publication of its Full Year Results.

User Growth and International Expansion

Since Listing, Tap has continued to rapidly expand its user base, passing the 150,000-user mark in May 2023. Tap is pleased to report that it now has over 185,000 registered users on its platform and the Company expects to continue growing its user base through application upgrades, increased marketing spend and by launching in new markets.

As previously announced, the Company continues to plan for international expansion with Canada, the United States and Australia among its target markets. As stated in April’s Trading Update, management continues to take a prudent approach to this expansion to ensure that new markets are entered in an optimal fashion, taking into account the increasingly robust regulatory environment for cryptocurrency-related businesses.

Tap’s management welcomes increased regulatory oversight, as the Company has taken a regulation-first approach since inception. Management believes that Tap’s emphasis on regulation may be particularly beneficial as the Company looks to enter the US cryptocurrency market, which is not only the largest in the world, but also in need of responsible operators which prioritise safeguarding user assets. Entry into the US market remains a key strategic priority for the Company, within the context of the increasingly active approach the SEC is taking in regards to the promotion of trading crypto assets which it may view as securities. 

Appointment of Chairman and CEO

In May, Tap announced the appointment of Kriya Patel as CEO of TGL, and David Hunter as the Company Chairman. The appointment of these two highly experienced financial technology and payments executives has further strengthened the Company’s management team and laid the foundation for accelerated operational and financial growth.

David Carr, Chief Executive Officer of Tap Global, commented:

“2023 has been a pivotal year for Tap. To have successfully listed on Aquis and to have delivered a record year for revenue, despite the sectoral headwind, demonstrates that we have a product with broad appeal in the fintech space. With Kriya and David in place, I believe we now have the optimal team to drive Tap quickly towards sustained growth and into new markets.”

“Whilst we are proud of what we have accomplished this year, we know that Tap has by no means reached its full potential and I look forward to updating our users and shareholders on further exciting developments in the coming weeks and months.”

The Directors of the Company accept responsibility for the contents of this announcement.

Enquiries:

Tap Global Group Plc  David Carr, Chief Executive Officer	Via Vigo Consulting
Peterhouse Capital Limited (AQSE Growth Market Corporate Advisor) Guy Miller/Narisha Ragoonanthun	[phone]
Vigo Consulting (Investor Relations)Ben Simons / Charlie Neish	[phone]

About Tap Global

Tap is a fully regulated cryptocurrency app bridging the gap between traditional finance and blockchain technology.

Through a single app, Tap’s over 185,000 users can access several major cryptocurrency exchanges simultaneously, benefiting from best-execution and pricing in real time though Tap’s proprietary Artificial Intelligence middleware. Through the Tap card, users can also convert their cryptocurrencies to fiat to spend at more than 37 million merchant locations worldwide.

Tap is one of only a handful of unified solutions operators fully regulated to provide distributed ledger technology services and was the first cryptocurrency FinTech company approved by Mastercard in Europe. 

Learn more: www.withtap.com

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