London-headquartered Allfunds, a B2B WealthTech platform which offers wealth management platform solutions for distributors and fund management partners, has released its interim results for the first half of 2025.

Allfunds reported net revenues for IH 2025 of €316.8 million ($366 million), representing a 6.2 per cent increase year-on-year, with solid structural growth of 13.6 per cent year-on-year, excluding net treasury income.  

Commission revenue of €182.0 million, an increase of 15.9 per cent on the previous year, was supported by solid assets under administration (AuA) growth. Transaction revenue reached €61.5 million, a growth of 10.4 per cent year-on-year, driven by increased customer activity, the firm said in a statement.

Net treasury income totalled €39.5 million, a decline of 27 per cent year-on-year due to the lower interest rate environment. Subscription revenue amounted to €33.7 million, an increase year-on-year of 7.7 per cent driven by Connect and other services.

Allfunds’ interim adjusted EBITDA of €205.9 million for the first half reflected a 3.5 per cent increase year-on-year and an adjusted EBITDA margin of 65 per cent, the firm continued. The adjusted profit after tax of €124.1 million for the first half was an increase of 9.5 per cent year-on-year. Adjusted earnings per share were €0.203 for 1H 2025 (1H 2024: €0.183).

"We are proud to report another strong half year with both revenues and profit growing year-on-year, fuelled by sustained secular growth across our markets,” said Alvaro Perera, chief financial officer. “Our disciplined approach to capital allocation enables us to invest in innovation while continuing to return value to shareholders. These results reflect the strength of our business model and our unwavering focus on long-term value creation.”

“Allfunds results demonstrate the strength of our positioning to capitalise on global wealth management growth, the increasing sophistication of end customers and the acceleration of outsourcing by distribution firms,” Annabel Spring, chief executive officer, added. 

Allfunds maintained a focus on client onboarding in the first half of the year with 24 new distributors and 51 fund houses onboarded. Growth was driven by a mix of clients transitioning from competitors, replacing in-house solutions, and adopting the open-architecture model.

Citi Wealth also entered into an agreement with Allfunds to use the company’s technology platform to provide enhanced speed and execution for Citi Wealth clients. The Allfunds platform will enable trade execution, settlement, and reconciliation processes. In addition, as a new distributor for Allfunds, Citi Wealth said it would be using the scope of the platform to enhance the availability of third-party investment offerings. Citi Wealth is targeting the launch of these services for Citi Private Bank in EMEA later this year, with additional regions expected to benefit from Allfunds’ capabilities in 2026 and 2027.

Annabel Spring was appointed as CEO in June 2025. She joined Allfunds with experience gained through a career in wealth management and banking that spans 30 years and four continents.

Allfunds said it will host an Investor Day in the first quarter of 2026 which will provide a refresh of Allfunds' strategic priorities. Further details will be provided to the market in due course.