Rubean is an early mover and quality leader in the field of contactless POS/mPOS payment solutions running on existing hardware or smartphones (softPOS) and is highly regarded for best-in-class security. After a long, complex and costly (> € 14m eNuW) development and accreditation period, Rubean has now a fully-fledged and licensed mPOS solution that is unique and ready for roll-out.

The software is distributed indirectly to the end-user (small merchants) via B2B2C partnerships with impressive blue-chip customers such as Sparkassen Finanzgruppe, BBVA as well as Global Payments or directly (B2B) to the end-user. Rubean is earning a fixed license fee and partially a variable fee linked to the number or volume of transactions. Either way, the merchant enters the amount into the device, the retail customer presents its card and the merchant receives the payment immediately. This makes payment also more convenient and inexpensive and saves time for everyone.

Unsurprisingly, the overall market for such a solution is huge: 50m micro and small merchants in Europe alone of which around 35m are still unable to offer card payments to their customers. Simultaneously, smartphone prevalence is de facto 100%, and contactless card penetration is 90% in most European markets. That, combined with the ongoing trend from cash to contactless payments in many areas is unlocking a billion Euro market for Rubean. Having closed the development phase, Rubean is now looking to aggressively expand its customer base by entering new countries.

This is seen to drive highly dynamic revenue growth of >70% p.a to € 9.8m

FY‘26E and EBITDA break-even by FY´25, as entering new countries, exploiting competitive advantages in Germany and Spain should translate into additional sticky and regular returns. While high personnel expenses during the development and ramp-up phase explain the expected short-term negative EBTIDA, margins are set to reach a level of 30% by FY´26E, with further upside, thanks to the remarkable scalability of the license business. Tailwinds should come from the

to accept girocard payments over € 50 without PIN entry in Germany, as Rubean is currently the only vendor that have received an approval.

In view of an unmatched and ready to roll-out mPOS solution, coupled with bright growth prospects thanks to a large TAM small merchants desperately looking for contactless payment solutions, we initiate with BUY and a € 12.00 PT based on DCF.