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CAB Payments

Moving money where it’s needed

Our solutions

FX and cross-border payments are often complex and expensive, especially when operating in hard-to-reach markets. CAB Payments uses its strength of network, technology, and expertise to seamlessly move money to, from, and across hard-to-reach markets.

CAB Payments is the holding company for Crown Agents Bank, the main operating company that is a trusted payments processing and FX brand.

CAB Payments is a market leader in business-to-business cross-border payments and foreign exchange, specialising in hard-to-reach markets.

  • We have built a differentiated, extensive and deep global payments network to support our well-invested, scalable and compliance-led tech platform. Our platform and network have been purpose-built for sophisticated customers working with hard-to-reach markets.
  • We operate in a large, fast-growing market undergoing favourable structural shifts. Our experienced management team has set a clear strategy to deliver sustainable growth.
  • Crown Agents Bank has a UK banking licence, making it a preferred provider to banks, governments and aid organisations thanks to its bank-grade compliance, and providing it with flexibility in product delivery.
  • CAB Payments shareholder value proposition is built on foundations of a dynamic top-line growth profile and well invested technology platform through which we can drive margin growth and profits. We are cash generative, capex light and benefit from strong unit economics.

B Corp Impact report 2023

We are committed to continuous improvement in our journey as a B Corp. Read about our progress in our 2023 Impact Report. 

Impact Report

Strong record of financial growth, uniquely placed to capture share of a large addressable market.

Source: Commercial VDD.
Note: Figures converted on a constant currency rate basis at GBP / USD rate of 1.38 (September 2021).(1) Three-year cumulative contribution margin generated by annual cohort / cost of acquisition.



3-year client retention

Solve client needs


6-year revenue growth

Track record


Adjusted EBITDA margin 2022

Profitable & scalable


FX and payments



Liquidity providers

Extensive network


Non white

Employee ethnicity



Employee gender




Quote from CEO

Neeraj Kapur, Chief Executive Officer of CAB Payments:

I strongly believe in the purpose of the Group and its long-term future especially in delivering international aid throughout hard-to-reach markets. Its structural importance in global payments is built on facilitating c.£14 billion of wholesale flows into emerging markets. The success of the business to date has been impressive and I am now looking forward to working with my executive team to ensure CAB Payments takes advantage of the unique growth opportunity ahead of it, executing our strategy and delivering our purpose to parts of the world where it is much needed.

CAB Payments extensive experience in payments across multiple markets.

Ann Cairns

Chair and Independent Non-Executive Director

Neeraj Kapur

CEO & Director

David Bee

Head of Client Coverage & Markets

Charlie Bronks

Head of ESG

Chris Green


Michael Goldfarb

Chief of Staff

Richard Hallett

CFO & Director

Shaughnessy Hawkins

Head of Legal

Venetia Herriott

Head of Marketing

Marcia Jones

Group Head of HR

David Mountain


David Parker


Richo Strydom

Chief Technology Officer

Corporate Governance: Board of Directors

Ann Cairns

Chair and Independent Non-Executive Director

Neeraj Kapur

CEO & Director

Noel Harwerth

Senior Independent Director

Simon Poole

Non-Executive Director

Jennifer Johnson-Calari

Independent Non-Executive Director

Karen Jordan

Independent Non-Executive Director

Susanne Chishti

Independent Non-Executive Director

Caroline Brown

Independent Non-Executive Director

Mario Shiliashki

Independent Non-Executive Director

Richard Hallett

CFO & Director

Four key areas:

We are transforming the way payments and FX move to and from hard-to-reach markets, connecting traditionally hard-to-reach regions to global financial infrastructure

  • We use our network, technology and expertise to support our clients move money where it is needed most
  • Our clients are high quality and diverse, spanning global major market banking groups, local emerging markets banks and financial institutions, non-banking financial institutions, fintechs and international development organisations.
  • Crown Agents Bank has a UK banking licence, making it a preferred provider to banks, governments and aid organisations thanks to its bank-grade compliance, and providing it with flexibility in product delivery.

We have built a differentiated, extensive and deep global payments network to support our well-invested, scalable and compliance-led tech platform. Our platform and network have been purpose-built for sophisticated customers working with hard-to-reach markets

  • The Company’s underlying network and infrastructure allows faster, more reliable, transparent and competitively priced FX and payments services.
  • The proprietary platform is a real differentiator and is difficult to replicate. Customers choose CAB Payments for its expansive geographical footprint, faster transaction speeds and competitive pricing.
  • The platform has bank-grade KYC / AML compliance processes, and ML-based transaction screening & monitoring - meaning CAB Payments is subject to developed market risk standards, while delivering hard-to-reach market growth.
  • The network we have built is essential to our ability to move money, and is based on 135 geographically diverse local bank accounts, which allow CAB Payments to send funds in a single step, 218 trading and liquidity partners, and commercial relationships with 25 central banks in the company’s most critical markets.

CAB Payments has a strong financial profile, driven by growth and profitability. We are cash generative, capital light and benefit from strong unit economics

  • The track record has been built on growing volumes in FX and payments, driven by an expanding customer base of sticky customers. CAB Payments has delivered Net Revenue Retention of more than 150 per cent for the five years ended 31 December 2022.
  • The business benefits from a capital-light, scalable business model, based off a well-invested technology platform that drives strong margins and operational leverage.
  • Investment to automate and digitise back end processes means the business has a strong balance sheet and capital position.
  • The next phase of strategy for the Company is to expand its sales and delivery capacity to take advantage of its market leading product and service offering.
  • Plans for growth include expanding the geographical presence of its sales team as well as developing the major market bank customer segment.

We operate in a large, fast-growing market undergoing favourable structural shifts. Our experienced management team has set a clear strategy to deliver sustainable growth

  • We are growing market share in a fast-growing market. There are currently  $2.3 trillion in emerging market flows, which is expected to grow at a CAGR of 4.2%. We execute less than 1% of this.
  • There is a structural shift underway from regional and domestic banks to specialists, such as CAB Payments, as banks seek to exit a subscale business line which is subscale
  • There are high barriers to entry, with the unique network underpinning the strength of the technology offering.
  • CAB Payments sits within a unique space within this market, combining the trust and compliance of the larger banks with the specialist know-how of the independent specialists, enabling it to capitalise on favourable structural shifts.

EMpower FX

Access to extensive liquidity and competitive real-time pricing across hard-to-reach markets and G10 market currencies.

A market-leading digital platform for day-to-day exposures in FX, with executable prices in 100 currencies across over 550+ currency pairs.

Streams executable pricing in over 550+ currency pairs with instant execution via web applet GUI or FIX API.

Access to over 100 markets with over 100 currencies in seconds.

Access to a dynamic trading solution underpinned by cutting edge technology and data to realise a smooth execution experience.

EMpower Payments

Unlocks more currencies and markets, through a single, API-enabled, connection.

An end-to-end automated payments gateway for cross-border payments to banks and mobile wallets in hard-to-reach markets.

Transacts more than 100 currencies, all from a single platform.

Benefits from reliable, market-leading, deferred settlement services and optimised liquidity underpinned by a unique, differentiated network, and industry-leading technology.

Automates reconciliation with rich, real-time data via API on all accounts and activity.

EMpower Connect

Pays in local currencies efficiently from a single base currency account.

A single account that supports cross-border and FX payment needs across hundreds of currencies.

Access to a global payments network including correspondents in more than 100 markets, all from a single UK regulated bank account.

Enables clients to transact with their suppliers in a chosen local currency while generating new revenue streams.

EMpower Pensions

International pension payroll and enhanced proof of life.

Our pensions expertise allows fund managers to leverage a combination of tech and specialist banking experience for the reliable, holistic delivery of pension payroll.

Adjacent opportunities

The Product, Technology and Commercial teams conduct customer and market research on an ongoing basis to identify adjacent areas of client need which we could seek to address with an expanded product set. Ideation is in train for a number of new products which could be complementary to our core offering:

  • Forward, swaps and derivatives: Additional FX products that will complement our current offering.
  • Receive market capabilities: The ability to collect and repatriate funds in emerging markets – typically contingent on appropriate licencing capability.
  • Additional payment modalities: Settling payments through a wider range of channels – via direct integration with local clearing systems; through expanded mobile connections; through selected Alternative Payment Mechanisms.
  • Digital currency settlement: Using stablecoins and CBDCs to reduce settlement time.
  • Corporate proposition: Expanding beyond our current B2B2X business model to serve global corporates with sophisticated FX and payments needs.

Our clients

We help move money where it’s needed for 490+ customers.

The group services the FX and payment demands of customers in a wide range of industries globally. From NGOs to fintechs, we help our clients access hard-to-reach markets using our extensive network of local partner banks.

Investor relations

Access up to date shareholder information alongside a range of investor tools:

Investor Tools

ESG standards:

Our ESG standards have been recognised with an Ecovadis gold rating

At CAB Payments we integrate Environmental, Social, and Governance (ESG) standards into everything we do. This is demonstrated from how we evaluate new opportunities, to how we work with our staff and clients, and the appointment of our Head of ESG as a member of the board of the United Nations Global Compact Network UK (UN GCN UK).

We understand the importance of financial stability in the markets where we work and how financial access is crucial in times of crisis. This deep sector knowledge we bring is why our work is vital to the international development community to ensure timely and efficient relief efforts.

Crown Agents Bank has been awarded the Gold Sustainability Rating by EcoVadis, the largest and most recognised Sustainability and CSR rating agency in the world.

EcoVadis is a trusted provider of business sustainability ratings, intelligence, and collaborative performance improvement tools for global supply chains. Backed by a powerful technology platform and a global team of domain experts, EcoVadis’ easy-to-use and actionable sustainability scorecards provide detailed insight into environmental, social, and ethical risks across 200 purchasing categories and 160 countries. CAB’s Gold Sustainability Rating, ranks Crown Agents Bank within the top 94th percentile of 90,000+ companies assessed by EcoVadis across 160 countries and over 200+ industries.

The Group endeavours to invest dedicated resources (supported by full executive sponsorship) into its ESG initiatives. This investment has enabled the Group to build a comprehensive ESG strategy – with three defined pillars – aligned with the UN Sustainable Development Goals ("SDGs"):

In our organisation:
We champion equal rights, diversity, and inclusion. SDG 5, Gender Equality and SDG 10, Reduced Inequalities

In our work:
We provide access to financial markets to benefit the underserved and hard-to-reach. SDG 1 No Poverty

In our world:
We contribute to a thriving and resilient planet to support future generations. SDG 13, Climate Action

Our governance and culture are our delivery mechanism; we ensure accountability and transparency are embedded in our internal and external systems and behaviour.

We have aligned our ESG Strategy to UN SDGS 1, 5, 10, and 13;and created a steering group with board representation and quarterly status updates to the executive committee:

  • SDG 8: Promote inclusive and sustainable economic growth, employment, and decent work for all.
  • SDG 12: Responsible Production and Consumption.
  • SDG 16: Peace, Justice, and Strong Institutions.

We are currently certified carbon neutral plus for 2019-2021 (2022 is being calculated by end of Jan 23) this means in addition to ensuring we are a responsible business that we offset 10% more than our footprint, we have also set carbon emission reduction targets and continue to re-evaluate, enhance, and strengthen our sustainability credentials whilst maintaining significant growth as a business.

At CAB Payments we are committed to building a strategy to achieve Net Zero in line with the UK Government commitment and will be developing our strategy to achieve Net Zero in 2023 and 2024.