The finance boss of Plus500 has said a US listing is “always on the table” as the fintech firm turns to North America for its next phase of growth.
Elad Even-Chen, chief financial officer at Plus500, told City AM: “We always keep assessing all the opportunities. It’s our duty as a public company.”
“It’s something that is always on the table, but in order for us to say it’s the right thing… it needs to come also with substance of a bit more and greater kind of level of performance,” he said.
Even-Chen tied the listing considerations to the group’s medium-term targets around revenue for the US. He said in the next three to four years the US will “be at least the level of 30 to 35 per cent” of the group total.
The fintech boss said it would be able to “consider” a US listing “properly” when a “considerable” amount of revenue and profit was driven from the region.
“It may be applicable in the future, we’ll continue to assess it. But for the time being, we’re very much focused on the UK.”
The London market has faced criticism over a lack of investor appetite for high-growth technology companies. Money transfer firm Wise ditched its primary listing last year in favour of New York citing deeper liquidity and London-based AI infrastructure firm Nscale confirmed last month it would look to list on the US market.
“I think that it goes without saying that yes, indeed, there is a gap within certain kinds of verticals to fully understand areas of technology that may be associated with different businesses,” Even-Chen said.
But he added the firm had done a “good job” to educate the market and was seeing “very established blue-chip parties within our register”.
Plus500 gears up for US super-app launch
The remarks follow Plus500 upgrading its full-year guidance targets to “ahead of current market expectations”.
The FTSE 250 firm’s revenue rose 11 per cent in the third-quarter to $203.2m after new customer sign-ups surged by over a quarter.
US expansion continued to play a dominant role with its non-OTC business, which includes futures and physical share dealing, accounting for 16 per cent of group revenue and 31 per cent of new customers.
Earlier this month, the group confirmed it had begun development of a super-app that will offer “sophisticated trading capabilities” and new features for US users.
It followed its acquisition of retail investor platform Hedge, which holds a US broker-dealer registration with the Securities and Exchange Commission (SEC).
“From a strategic first kind of leg avenue, we said that yes, the US would be the first kind of location,” Even-Chen said.
“However, we also identified Europe and the UK more specifically to be the second kind of leg of the issuance of that super-app.”
Plus500 began operations in the UK shortly after it was founded in 2008. It expanded into the US nearly fifteen years later following the acquisition of Cunningham Commodities in 2021.