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Highlights

  • Berenberg has reaffirmed a “Buy” rating on Boku (AIM: BOKU) with a target price of AUD 6.21.

  • The rating reflects a potential upside of 34.5% from the company’s current trading levels.

  • Boku continues to expand its global footprint through strategic partnerships, including its recently announced collaboration with Canva.

Boku Inc. (AIM:BOKU), a leading provider of localised payment solutions, has received a “Buy” rating from investment bank Berenberg, with a target price of AUD 6.21. The rating was reaffirmed on 1 September 2025, indicating a potential upside of 34.5% compared to the company’s recent trading price. 

Strategic Partnership with Canva

Earlier in August, Boku announced a strategic partnership with Canva, the world’s leading all-in-one visual communication platform. The collaboration is designed to support Canva’s expansion into Asia and Europe, where the reliance on localised payment methods (LPMs) is high. Through Boku’s network of alternative payments solutions, millions of users will gain access to Canva’s subscription-based creative tools in regions where traditional card penetration remains limited.

The partnership has already seen initial success with the integration of MoMo, Vietnam’s leading digital wallet, and further integrations are scheduled for 2025. 

Industry Outlook

Market research from Juniper Research forecasts that localised payment methods will represent 59% of global ecommerce transaction value by 2028, up from 49% in 2023. This industry shift underscores Boku’s strategic role in facilitating non-card payments for some of the world’s largest digital platforms, including Meta, Amazon, Tencent, Spotify, Netflix, and Microsoft. 

Financial Performance Update

For the six months ended 30 June 2025 (H1 2025), Boku reported strong unaudited financial performance:

  • Group revenue is expected to exceed USD 63 million, representing growth of approximately 34% compared with H1 2024.

  • Digital Wallets and Account-to-Account schemes grew revenue by 90% year-on-year, while Direct Carrier Billing increased by 16%.

  • Adjusted EBITDA is anticipated at USD 21 million, up 50% from the prior period, representing a margin of around 33%.

  • Group cash increased 29% year-on-year to USD 192 million, while Boku’s own cash position grew 16% to USD 87 million, despite share buybacks totalling USD 12.3 million.

The company also noted that around USD 3 million of H1 2025 revenue was related to temporary launch pricing, which has since normalised. 

Outlook

With its expanding global network of LPMs, financial performance, and growing list of high-profile merchant partners, Boku is positioned to benefit from the accelerating transition towards alternative payment methods.