The company has created a central online marketplace that for a fee matches buyers and sellers of foreign currency at the midpoint of the relevant currency pair interbank rate.
Sales rose to C$66,000 (C$39,000) in the quarter taking the Total for the half year to C$123,000, a near 80% improvement on the same period a year earlier.
Total transaction volume increased 19% and the number of trades increased by 11%. The number of repeat users also rose to 88% from 50% with an average transaction size now of C$31,000.
The average transaction size is $31,000 and the average client has transacted over $85,000
Higher transaction costs meant losses for the quarter were little changed at C$264,000 and rose slightly to C$592,000 over the six months, though Midpoint is still essentially in start-up mode as it develops its website and administrative platform.