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Gaming hardware manufacturing company Razer has come a long way since CEO and cofounder Min-Liang Tan had the idea to design a computer mouse specific for gamers back in 2005. According to the firm’s latest financial results, 2020 was a record year, with Razer for the first time achieving over US$1 billion in revenue, in the process also registering its first ever annual profit.
Razer’s success naturally lies in its hardware business, where it enjoys a hugely loyal fanbase for its controllers, headsets, keyboard, and laptops. But there is another business segment that is growing fast and which is pointing to a new — and potentially highly profitable – revenue stream for the gaming industry: fintech
In 2017, Razer stepped for the first time into the fintech sector with the launch of in-game payment service Razer Gold, which now has 26 million registered users. This was followed in 2018 by Razer Fintech, a digital payment network targeting both B2B and B2C end users across Southeast Asia.
Revenue from the financial services arm grew over 66% in 2020 to US$128.4 million. Speaking at an earnings briefing in March, CEO Min said the financial services growth was “truly phenomenal”, adding that it had …read more
Source:: Businessinsider – Tech