2023 Wrapped – navigating challenging waters


It is no secret that 2023 was a challenging year for the fintech scene. International media was full of stories about extensive lay-offs, dropping revenues and – above all – widespread difficulties in raising capital. In spite of these troubles within the sector, Bankish navigated uncertain waters rather well.

While many had to tighten belts, Bankish continued to grow and expand. Comparing annual results of 2023 with the year before, Bankish revenues grew by 27%. That coupled with an even sharper 42% increase in MRR is a telltale sign of a continuous need for the financial sector to invest in modern technical solutions and, in hand, partner with fintechs. Furthermore, our revenue growth exceeded rises in main costs, incl labor costs, and what’s most important – we did not have to resort to lay-offs to do that. As a result, our EBITDA improved by 15 times in 2023.

Despite many positive developments 2023 has not been “rosy” by any means. We felt the effects of the challenging venture capital environment and we had to rely on increased debt to finance our journey. Coming from that, we were not able to invest as heavily into product and markets, limiting our growth aspirations ahead of the year. That being said, we are satisfied that we were able to reach our key goal for 2023 – becoming cash flow positive.

We are incredibly happy to continuously be the trusted core software partner for our clients in different markets. Testament to our commitment to make modern banking technology available across the world, we are very proud that last year we were able to extend our service to a new continent by launching our first customer in Kenya on Bankish!

Looking into the future, we look forward to continuously developing key partnerships, enhance the product and empower even more financial institutions with Bankish software across the world. To give you a sneak peek into 2024, we have already signed our first customer in Finland, expanding our presence in the Nordics!