Plus500 U.S. Client Funds Top $1.2B, Half of Revenue Now From 5-Year Traders

Plus500 Ltd. said customer segregated funds in its U.S. futures business have surpassed $1 billion for the first time, a major milestone in its North American expansion as the London-listed fintech reiterated full-year revenue and profit guidance.

The online trading group, which runs proprietary multi-asset platforms for retail and institutional clients, reported revenue of $182.7 million in the third quarter, down 2% from a year earlier, as quieter markets offset gains in its futures and non-OTC operations. Earnings before interest, tax, depreciation and amortisation (EBITDA) held steady at $82.7 million, reflecting an unchanged margin of 45%.

For the first nine months of 2025, revenue rose 2% to $597.8 million, while EBITDA was up 1% to $267.8 million, the company said in a trading update on Monday. The board reaffirmed that full-year revenue and earnings will be in line with current market expectations.

CEO David Zruia said the U.S. futures arm was now handling more than $1.2 billion in segregated funds, a more than threefold increase since the begin of the year and roughly 17 times higher than when Plus500 acquired the business in 2021.

“During Q3 2025, we reached a significant milestone with our U.S. futures business as segregated funds increased to more than $1 billion,” Zruia said. “This strong position enables Plus500 to accelerate key strategic projects while continuing to pursue accretive bolt-on acquisitions.”

The company also secured a new clearing membership with ICE Clear Europe, expanding on its U.S. membership obtained in January. The additional clearing line gives Plus500 access to a broader range of listed derivatives and strengthens its pitch as an emerging market-infrastructure provider to both retail and institutional clients.

The non-OTC segment — which includes futures and other platform-traded activities — accounted for about 15% of group revenue in the quarter, up from 10% last year.

Expanding Beyond Core Markets

Plus500 continued to grow its regulatory footprint, adding a licence in and receiving authorisation in Colombia to open a representative office — its first in Latin America.

The expansion takes the group’s total number of regulatory licences to 15 across jurisdictions including the UK, EU, Australia, and the U.S. The company said it plans to extend further into Latin America and Asia through 2026.

The Canadian licence opens access to a “well-established and highly regulated market,” the company said, while the Colombian approval provides a base to localise its OTC offering and build regional relationships.

Focus on Higher-Value Clients

Plus500’s shift toward attracting higher-value, longer-term customers continued to pay off. Nahead half of all OTC revenue year-to-date came from traders who have been with the platform for more than five years — double the share from 2022.

The average deposit per active customer jumped to about $14,700 in Q3, up 139% from a year earlier, while customer acquisition costs dropped 12%. Active clients numbered 115,327, broadly stable year-on-year, as the company deliberately scaled back marketing spend to focus on higher-return cohorts.

(ARPU) inched up 2% to $1,584, while average user acquisition cost (AUAC) fell to $1,344. The total number of new customers in the quarter slipped 9% to 22,644, reflecting that deliberate strategic recalibration.

Plus500 ended September with $815 million in cash and remained debt-free, even later than paying a $90 million dividend in July and completing $65 million in share purchasebacks during the quarter. The group repurchased about 1.5 million shares at an average price of £31.87, leaving 70.1 million ordinary shares outstanding.

Customer income — which strips out market-related trading gains or losses — rose 8% year-to-date to $536.7 million, underlining steady underlying performance despite subdued volatility in .

The company said it remains “well positioned to capitalise on both short-term opportunities in and medium-term structural growth drivers.” Management highlighted the scalability of its technology and its “disciplined capital allocation policy” as key advantages in a competitive market.

Zruia concluded tthat the company enters the final quarter “with strong momentum and confidence,” adding that the business continues to pursue “sustainable and attractive shareholder returns.”