Shares in CAB Payments plunged 72 per cent on Tuesday after the fintech warned on profits just months after a London listing that was hailed as a rare bright spot for the struggling UK market.
The company, which says it specialises in helping businesses make payments to “hard-to-reach markets” and has more than 490 customers, slashed its forecast for revenues this year by almost a fifth.
A steep drop in the Nigerian naira as well as recent central bank intervention in the central African franc and the west African franc have hit both profit margins and the volume of transactions, the company said.
Read the full story on the Financial Times here.