Tap Global Group Reports Record Q1 Revenue Nearing £1 Million with 40% YoY Growth

Tap Global Group reports record Q1 revenue of £991k, up 40% YoY, driven by crypto app and new Bitcoin Treasury service.

11 November 2025by Joshua Thompson4 min read34 views

This article covers information on Tap Global Group PLC.

Tap Global Group’s Q1 FY26: Record revenue near £1 million and 40.3% YoY growth

Tap Global Group has kicked off its new financial year with a clean beat: record unaudited Q1 revenue of £991,000, up 40.3% year-on-year. That’s not just a solid annual comparison – the business also delivered approximately 30% sequential growth versus the previous quarter, signalling clear momentum through the summer months (July to September 2025).

The engine remains Tap’s B2C retail app – crypto trading, money account management, and a spending card in one – now serving a registered user base of over 390,000. On top, Tap’s new B2B product, Bitcoin Treasury as a Service (BTaaS), made a first contribution during the quarter following its pilot, with a formal launch in October 2025.

Key numbers from Tap Global’s trading update

Metric	Q1 FY26
Revenue (unaudited)	£991,000
Year-on-year growth (YoY)	40.3%
Prior-year Q1 revenue (Q1 FY25)	£706,194
Sequential growth vs Q4 FY25	Approximately 30%
Registered users	Over 390,000
Quarter covered	July – September 2025
BTaaS status	Piloted in Q1, launched October 2025

What’s driving the growth: resilient B2C and a new B2B lever

Tap’s core consumer business continues to do the heavy lifting. The app consolidates crypto trading, fiat account functionality, and card payments into a single user-friendly interface. For users, it removes friction: trade over 50 cryptocurrencies, hold them in a customer wallet, and spend via the Tap card at more than 37 million merchant locations worldwide.

The interesting twist this quarter is the first contribution from BTaaS – Tap’s institutional-grade platform for companies adopting Bitcoin as a primary treasury reserve asset. In plain English: it helps listed companies buy, hold, convert, and account for Bitcoin with proper liquidity and reporting. Early traction during the pilot phase suggests an additional, potentially higher-value revenue stream sitting alongside the retail base.

Why BTaaS could be strategically important

BTaaS offers three things institutions care about: global liquidity, seamless fiat-to-crypto conversion, and comprehensive reporting. Crypto treasury management is complex – from execution quality to audit trails – and listed companies in particular need robust infrastructure. By building a service aimed squarely at that pain point, Tap is positioning itself to benefit if corporate adoption of Bitcoin widens.

Crucially, this B2B arm diversifies Tap beyond consumer activity cycles. If BTaaS scales, it could smooth revenue seasonality and lift average revenue per client. It’s early days – contribution is noted but not broken out – yet the formal launch in October sets up Q2 FY26 as the first full quarter to watch for impact.

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Regulatory footprint and partnerships add credibility

Tap stresses its regulated and partnered approach:

Tap Global Limited (Europe) is registered in Gibraltar and licensed by the Gibraltar Financial Services Commission (DLT licence No. 25532).
It was the first cryptocurrency FinTech to be approved by Mastercard in Europe, enabling the Tap card for spending crypto-converted fiat at millions of merchants.
The Bulgarian subsidiary has a VASP registration to qualify for EU MiCA grandfathering provisions – useful as EU crypto rules formalise.
In the US, services are provided through Tap Americas LLC, with cryptocurrency services delivered by Zero Hash.

For a sector where compliance and banking access can be headaches, this footprint matters. It should help with onboarding, card reliability, and institutional confidence, particularly for BTaaS.

Reading the tea leaves: momentum into FY26

The combination of 40.3% YoY revenue growth and approximately 30% sequential growth is a clear positive. It implies Q4 wasn’t a one-off and that user engagement – or transaction intensity – improved in Q1. With BTaaS now fully launched, Tap has a second lever entering Q2 FY26.

Management tone is confident, framing it as a strong start to its first financial year since listing on AIM. If BTaaS bookings build and the consumer base remains resilient, the blend could support further revenue gains.

What’s not disclosed – and why it matters

This is a top-line trading update. Important details are not disclosed, including:

Profitability or margins.
Cash position and runway.
Breakdown of revenue between B2C and B2B.
Geographic mix, user activity levels, or average revenue per user.

In crypto-adjacent models, revenue can be sensitive to market volatility and trading activity. Regulatory changes across the EU, UK, and US also bear watching, even with Tap’s licences and partnerships in place.

Opportunities and risks for investors

Upside drivers

Record Q1 revenue at £991,000 provides evidence of demand and operating momentum.
BTaaS creates a new monetisation layer with institutional-grade features.
Regulatory status and the Mastercard relationship underpin product credibility.

Watch-outs

Key financial metrics beyond revenue growth are not disclosed.
Early-stage BTaaS contribution isn’t quantified, so near-term impact is uncertain.
Sector exposure to crypto market cycles remains an ever-present factor.

My take: a strong start with a promising new pillar

This is an upbeat print. The headline numbers – £991,000 revenue, 40.3% YoY, and approximately 30% QoQ – show both breadth and acceleration. The consumer “super app” continues to do its job, and BTaaS opens a door to institutional revenue at a time when corporate Bitcoin strategies are back in the conversation.

To move from promising to compelling, I’d like to see BTaaS traction quantified, plus disclosure on margins and cash. For now, Tap has posted a clear early win in FY26, with sensible positioning across regulation and partnerships. If execution holds and BTaaS builds, there’s a credible path to scale from here.

Further information

Company investor site: investor.tap.global