Blank-check company Northern Star Investment Corporation II (NYSE: NSTB) announced that Apex Fintech Solutions LLC, a business-to-business platform that powers innovation in fintech, investing and wealth management, reported its results for the first quarter of 2021.
What To Know: Founded in 2012, Apex offers a full suite of custody, clearing, and API solutions that enable financial services firms to quickly launch and scale.
In a move to disrupt banking, investing, lending and insurance, as well as financial management, Apex entered into a merger with Northern Star, to become a public company listed under ticker APX, at the New York Stock Exchange.
Since the announcement, the company reported its earnings results.
In short, Apex saw its total customer accounts grow by 85% to 14.4 million and customer trades increased 183% year-over-year to $235.5 million. Additionally, net revenue ended at $145.9 million while net income rose 414% o $36.3 million.
For adjusted figures, net revenue was $102.4 million and EBITDA rose 262% to $46.1 million.
Why It Matters: Over the years, Apex honed in on financial technology; the addition of tools like Apex Extend, allows fintech, RIA, broker-dealers, and non-financial organizations the ability to create, launch, and run investing or advisory platforms on a modern back- and middle-office infrastructure.
“The financial industry is in the early innings of a massive digital transformation and our record quarterly results demonstrate that Apex is at the center of this transformation,” said Bill Capuzzi, Chief Executive Officer.
“This quarter is further proof of the scalability of Apex’s platform and business model as we capitalized on volatility and interest in the markets to drive explosive growth in customer accounts and customer trading volumes. With a strong first quarter in the books, we are well on our way to achieving our prior projections for full-year performance. As we approach the milestone of becoming a public company, we believe Apex is strategically positioned to continue to capture market share through continued innovation and first-to-market products.”
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