£65 million into over £1 billion in just 7 years

This stock has potential to become our largest position...

This stock has potential to become our largest position.

Someone found a way to turn £65 million into over £1 billion in just 7 years.

That's a 48% compound annual growth rate.

They took zero debt along the way.

They're generating 80% gross margins in an industry where 30% is considered exceptional.

A business that's been compounding revenue at 54.75% CAGR since going public.

This is the story of how a small team spotted an inefficiency in the world's largest financial market and built a money-printing machine that the big banks can't touch.

In 2024, this company processed over £25 billion in transactions.

Their clients include over 1,200 corporates and institutions across 50+ countries.

Yet they control less than 0.1% of their addressable market.

The founder still runs the company and owns over 13% of the shares. He's been at it for 15 years and shows no signs of slowing down.

But there's one more wrinkle that makes this opportunity particularly interesting.

The company generates substantial income from customer float - think Berkshire Hathaway's insurance float, but in a different wrapper.

They're sitting on £217.5 million in net cash. No debt. And they just announced their second £20 million share buyback program.

Pretty impressive for a business that was entirely self-funded until its IPO.

So, what's the deal?

Is this sustainable?

Can a company really maintain 40%+ returns on invested capital while growing at these rates?

Let's have a look at the numbers.