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Boku grew its revenue 5% to $66.5 million in the first half of 2026. Strip out one-off launch pricing from the year before, and the real growth rate was 11%. That’s a pretty meaningful gap — and it tells a more honest story about where the business actually stands.
The payment infrastructure company had a busy six months. Total payment volume across its network jumped 16% to $8.6 billion. Boku added 10 local payment methods, forged 47 new payment connections for 14 merchants, and processed its first transactions on Brazil’s PIX and India’s UPI systems. Both PIX and UPI have become dominant domestic payment rails in their respective markets, so getting live on those networks isn’t trivial. And on top of all that, Boku closed its first channel partnership with Stripe, letting Stripe merchants tap into Boku’s local payment network directly.
Where the Money Actually Comes From
Revenue from digital wallets and account-to-account payments hit $22 million — up 15% on an underlying basis. Direct carrier billing, still the company’s biggest single revenue line, grew 3% to $35.3 million. That’s more than half of total revenue, and it’s holding up even as Boku pushes hard into newer payment formats.
Bundling is the fast mover here. Bundling revenue surged 39% to $9.2 million, with subscriber numbers climbing from 42 million to 51 million. That’s a lot of subscribers added in a short window, and the revenue growth tracks accordingly. Probably the most eye-catching line in the whole report.
There’s a catch, though. Volume grew faster than revenue, which pushed the blended take rate down to 77 basis points from 81 basis points the year before. Boku didn’t break out exactly why — it seems tied to mix shift and pricing dynamics as newer, lower-margin payment methods grow their share.
Adjusted EBITDA rose 7% to $19.6 million, though that’s actually down from the $21.8 million Boku posted for the same period in 2025. Profit before tax rose 20% to $12.8 million. So margins are kind of moving in two directions at once depending on which metric you look at.
Cash Position and Operational Headaches
Group cash fell from $245.6 million at the end of December to $186.8 million by the end of June. Three things drove that drop: seasonal balance adjustments, dual-sourcing on settlement volumes, and a share buyback program. Boku repurchased 9.5 million shares for $23.6 million during the period. The company’s own cash — stripping out merchant float and related balances — sat at $84.6 million.
Boku also ran into some operational friction. A key merchant delayed its market launches because of dual-sourcing policies, which probably cost the company some volume it was expecting. Worse, local authorities in an unnamed country suspended two of Boku’s direct carrier billing connections. Boku said it has mitigated its exposure in that market. No further details on which country or when — or if — those connections come back.
That kind of regulatory disruption isn’t new for companies operating carrier billing networks across dozens of markets. The business is inherently exposed to local telecom regulators making sudden moves. Boku’s response — saying it’s contained the damage — is the standard line, but the lack of specifics makes it hard to judge the real impact.
New CPO and Full-Year Targets
Leadership is shifting. Karim Ahmad joins as chief product officer on October 1, taking over from Adam Lee, who spent 15 years at the company. Lee moves into an advisory role. Ahmad comes with experience from Trustly and Paysafe — both serious names in the payments world — so the hire isn’t a random pick. Whether he can accelerate product velocity is unclear yet, but the background fits what Boku is trying to build.
For the full year, Boku is targeting revenue between $135 million and $142 million, with adjusted EBITDA projected at $38 million to $42 million. Those ranges assume the second half picks up meaningfully from H1’s $66.5 million pace. It’s doable if the Stripe partnership starts generating real merchant volume and if the suspended carrier billing markets either recover or get replaced.
Boku’s own cash at the end of June stood at $84.6 million after the buyback program.
Frequently Asked Questions
What was Boku’s revenue in the first half of 2026?
Boku reported revenue of $66.5 million in H1 2026, a 5% increase year-on-year, or 11% growth when excluding one-off launch pricing from the prior year.
Who is replacing Adam Lee as Boku’s chief product officer?
Karim Ahmad, who previously worked at Trustly and Paysafe, takes over as chief product officer on October 1, with Adam Lee moving to an advisory role after 15 years at the company.
Why It Matters
Boku's revenue growth and expanding payment network underscore the increasing demand for versatile payment solutions in the rapidly evolving digital economy. As businesses seek to optimize transaction methods for diverse consumer bases, Boku's strategic partnerships, such as the deal with Stripe, position it well to capitalize on market trends. This growth not only reflects Boku's operational resilience but also highlights the competitive landscape of payment infrastructure, where innovation and adaptability are crucial for sustained success.
