Finsetareported revenue of £12.4 million for the year ended December 31, 2025, markinga 9% increase from the prior year's £11.4 million. The growth rate represents asignificant deceleration from the 26% expansion the company achieved in2024, when underlying revenue climbed to £11.3 million.TheLondon-listed (LSE: FIN)forex and payments provider ended the year with 1,101 active customers, up from1,059 in 2024. The companyhad already reached that customer count by mid-year, suggesting customer acquisition stalled inthe second half.Finseta Corporate BusinessSurges While Individual Clients Pull BackCorporateclient revenue jumped 54% compared with 2024 and accounted for 57% of totalrevenue, reversing the prior year's mix when corporate accounts contributedjust 41%. The shift came as high-net-worth individual clients, who typicallygenerate higher margins, reduced activity amid global economic uncertaintylinked to tariff developments."Whileour revenue growth was constrained by macroeconomic factors, the strategicprogress and investments we made during the year position us to broaden ouroffering, accelerate sales growth and increase profitability in the mediumterm," CEO James Hickman said.Thecompany's gross margin compressedto approximately 61% from 65.7% in 2024, reflecting the heavier weightingtoward corporate clients who transact at lower margins but with greaterfrequency. Adjusted EBITDA dropped to £0.1 million from £2.0 million in theprior year as planned investments in sales teams, compliance functions, andoverhead ate into profits.Dubai Operation Ramps UpFaster Than AnticipatedFinsetareceived regulatory approval in March 2025 to provide payment services in theUnited Arab Emirates through a Category 3D license from the Dubai FinancialServices Authority. The Dubai operation grew faster than the board initiallyexpected, prompting additional investment in the sales team to supportaccelerated expansion in the region.The companyestablished a new office in the Dubai International Financial Centre and beganhiring for sales and compliance roles to onboard corporate and professionalclients while building its partner network. Managementexpects the expanded UAE business to contribute positively to groupprofitability starting in 2026.During2025, Finseta also established a full-service office in Canada, launched itscorporate card scheme, formed new counterparty partnerships, and implemented UKagency banking in the third quarter. The agency banking capability allowsFinseta to issue its own account numbers and connect indirectly to the FasterPayments System.Cash Position Weakens asInvestment Cycle ContinuesCash andcash equivalents stood at £1.5 million at year-end, down from £2.6 milliontwelve months earlier. The company reported net debt of £0.3 million comparedwith net cash of £0.6 million at the end of 2024.Thedeterioration primarily reflects reduced operating cash flow in 2025 andapproximately £1.1 million in cash outflows from investing activities tied tothe company's strategic growth initiatives. Total operating costs for the yearcame in line with board expectations disclosed at the interim results inSeptember 2025.Managementexpects to return to cash flow generation in the second half of 2026 as theinvestments in Dubai, Canada, and new product offerings begin to drive revenuegrowth.This article was written by Damian Chmiel at www.financemagnates.com.