Vipps MobilePay reports on an annual income of NOK 1 566 millions in 2023, an increase of NOK 794 million compared to 2022. If we compare the full year for the new Vipps MobilePay the increase is NOK 292 million, a growth of 31 percent. 

 

- Despite a flat market development, merger activities and moving our technology to one platform, we delivered a 31 percent growth in total transaction income, and 36 percent growth from ecommerce. That is one impressive team effort, says CEO Vipps MobilePay, Rune Garborg.  

Reducing cost 

The report also shows a loss of NOK 1095 million. If you compare it with the total loss in Vipps and MobilePay from the financial year 2022, the increase is NOK 106 million. The increased costs are linked to investments in the consolidation of the two companies and high transactions costs in Finland. 

- Being on one platform has great synergies both in terms of cost and efficiency, and set us up for faster growth. 2023 was a year for merger. That costs both time and money. In 2024 we will be able to see the synergies both in the financials and in what we deliver to the market, promises Garborg.  

Vipps MobilePay aims to cut the losses in half during 2024 and turn to profit by 2026. The main cost cutting measures is to close down our office in Vilnius, together with a strong reduction in the use of consultants - especially in Norway, and by reducing transactions cost in Finland. The company expects continued strong growth in both present and new sources of income the coming year.  

- Closing an office and reducing our staff with 100 colleagues is demanding. At the same time, we have to adapt to a more competitive cost base, explains Garborg. 

Vipps MobilePay has 12 million users, and had 1,24 billion transactions in Norway, Denmark and Finland by the end of 2023.  

Major launches in 2024 

The migration to one tech platform in 2023/24 has opened up for a series of simplifications that will launch through 2024. First with cross border payments between Norway, Finland and Denmark, followed by launch in Sweden. Tap to pay with Vipps and MobilePay will also be launched during 2024. 

- This and much more will make us fit for competition with the world's biggest tech brands that all have moved into the payment sphere. 2023 laid the foundation for all the simplification and stronger results to come, concludes Garborg.