CAB Payments Reports Record Q3 Total Income and £32.5B FX Volume Growth

CAB Payments Holdings plc has reported record third-quarter performance for 2026, driven by a 23% surge in Emerging Market FX volumes. For fintech professionals, these results highlight the increasing resilience of Global South trade corridors and the accelerating shift toward stablecoin-based cross-border settlement in markets where traditional correspondent banking remains under pressure.

What was announced

In the nine months ending 30 September 2026, CAB Payments saw its Total Income reach approximately £102 million, representing a 22% year-on-year increase. When excluding Deposit Net Interest Income, the growth was even more pronounced, rising 32% to approximately £79 million. The standalone Q3 performance set a new record for the company, with Total Income reaching £34 million, supported by volume growth in payments, Emerging Markets FX, and Trade Finance.

Operational scaling was evident in the Group’s volume data. Total FX and payment volumes reached £32.5 billion for the nine-month period, a 4% increase over the previous year. Within this, Emerging Markets volumes grew significantly faster, rising 23% to £12.1 billion. The company expanded its client base by adding 12 new active clients during the quarter, bringing the total count to 613. This expansion included 12 new respondent bank clients, following the earlier addition of Deutsche Bank as a global USD and EUR clearing partner.

Strategic developments in Q3 focused on digital asset integration and geographic expansion. The firm partnered with BVNK to develop stablecoin-based cross-border payment solutions and successfully executed its first stablecoin test trade. Additionally, CAB Payments submitted a license extension in Abu Dhabi for digital assets and onboarded three new central bank clients across Latin America and Africa.

"We are delighted with the continued strong performance of the Group in Q3 2026, having reported our best ever Q3 in terms of Total Income and FX volumes. Our Emerging Market volumes continue to grow strongly reflecting deeper client relationships in our core markets, a growing client book and a correspondent banking proposition that continues to scale. This growth has been achieved despite the ongoing conflict in the Middle East as we look to establish and grow our business in the region."

Neeraj Kapur, Group CEO

The companies involved

CAB Payments is a specialist provider of cross-border payments and foreign exchange, focusing primarily on connecting developed markets with the Global South. The company is the parent of Crown Agents Bank, a centuries-old institution that has pivoted to become a technology-led platform for emerging market liquidity. It operates in a highly specialized segment of the market, providing infrastructure for aid organizations, central banks, and commercial entities operating in complex regulatory environments.

BVNK, the partner for CAB’s new stablecoin initiative, is a global payments platform that bridges the gap between traditional fiat currencies and digital assets. Now a subsidiary of Mastercard, BVNK has rapidly scaled its infrastructure to support stablecoin interoperability. The company provides the technical layer that allows businesses to send and receive payments using digital currencies like USDT and USDC while maintaining compliance with traditional financial standards. Its integration into the Mastercard ecosystem has positioned it as a primary mover in the institutional adoption of stablecoins for global trade.

What FF News has reported before

FF News has closely tracked the evolution of the stablecoin market through BVNK’s rapid expansion. Following its acquisition by Mastercard, we reported that Mastercard and BVNK Launch Global Money Platform for Stablecoin and Fiat Interoperability, a move that signaled a major shift in institutional strategy. Further infrastructure developments were noted when BVNK Scales Mastercard-Backed Stablecoin Infrastructure with Stellar Integration. We also covered the firm's ecosystem growth as BVNK and Marqeta Launch Stablecoin-Backed Card Infrastructure Following Mastercard Acquisition. This trend was supported by market insights, as BVNK Data Reveals 263x Surge in Embedded Stablecoin Wallets as Fintechs Overtake Trading Firms, highlighting the massive demand for digital asset rails in the corporate sector.

What this means

The 23% growth in Emerging Markets FX suggests that the "Global South" is no longer a niche frontier but a primary growth engine for cross-border specialists. The partnership with BVNK is particularly telling. By integrating stablecoins into a traditional correspondent banking model, CAB Payments is acknowledging that fiat-only rails may soon be insufficient for high-velocity trade in Africa and LATAM. This puts pressure on traditional tier-one banks that have historically de-risked from these regions. The move into Abu Dhabi further signals that the Middle East is becoming a critical regulatory and operational hub for this new hybrid of digital and traditional finance.