TL;DR
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- Boku’s DCB revenue increased 3% to $35.3m (H1 2025: $34.2m), reflecting steady demand from existing and new merchants
- Digital Wallets & A2A revenue grew 15% on an underlying basis to $22.0m (H1 2025: $19.1m underlying).
- Bundling revenue grew 39% to $9.2m (H1 2025: $6.6m), with the platform helping merchants serve 51mn subscribers
Global payments firm Boku, which operates a global network of local payment methods (LPMs), has seen a 3% rise in DCB revenues and a staggering 15% increase in those from wallets and A2A for the six months to June 2026.
Announcing its unaudited interim results for the H1 2026, the company has shown underlying revenue growth of 11% alongside strategic progress including its first channel partnership.
Group revenue increased to $66.5m (H1 2025: $63.3m), representing growth of 5%, or 4% on a constant exchange rate (CER) basis. Underlying revenue growth was 11% (10% on a CER basis) which excludes $3.4m of non-recurring launch-phase pricing recognised in H1 2025.
Digital Wallets & Account to Account (A2A) revenue grew 15% on an underlying basis to $22.0m (H1 2025: $19.1m underlying). Growth was impacted by delays to a key merchant’s launches in a number of markets. which had been expected to offset reduced volume due to that merchant’s dual sourcing in another market.
Direct Carrier Billing (DCB) revenue increased 3% to $35.3m (H1 2025: $34.2m), reflecting steady demand from existing and new merchants despite the suspension of two connections in a single country.
Bundling revenue grew 39% to $9.2m (H1 2025: $6.6m), with the platform helping our merchants serve 51 million subscribers during the period (H1 2025: 42 million).
The company says that its diversification of revenue continues with Digital Wallets & A2A and Bundling accounting for 47% of Group revenue, up from 43% a year ago on an underlying basis.
According to Boku’s revenue statement “[Boku’s] blended take rate was 77bps on an underlying basis (H1 2025 underlying: 81bps), with growth in the half weighted towards lower take-rate products including Bundling. With a number of our H2 launches now live in markets that combine large, fast-growing LPM volumes with currency conversion opportunities, we do not expect take rate to reduce further in the second half”.
Financial highlights
Operational highlights
Stuart Neal, Chief Executive Officer, comments: “The first half delivered significant strategic progress and a resilient financial performance. We signed our first channel partnership with Stripe, giving them access to our network of local payment methods, with the first merchants already live. We delivered 47 new payment connections for both new and existing merchants, went live on PIX (Brazil) and UPI (India) and saw positive underlying momentum in all three of our main product lines.
“As we said in July, our performance in H1 2026 was impacted by three factors. The first related to delayed launches for a key merchant. Under that merchant’s dual-sourcing policy we expected a reduction in share in an existing market to be more than offset by additional share across a number of new markets, the launches of which were delayed from H1 to H2. All of these markets are now live and contributing in the second half. Second, two direct carrier billing connections were suspended by local authorities in one country. We have no remaining exposure in this country. Finally, we experienced delays to a small number of other merchant launches.
We go into the second half confident in the strengths of our network, licences, partnerships and the scale of the growth opportunity ahead.”
