LONDON — International online payment provider Ukash has been awarded the Queen's Award for Enterprise in the International Trade category.
The prestigious award recognizes U.K. businesses that have achieved substantial growth in overseas earnings and outstanding levels of commercial success.
Ukash, operating under the holding name of Smart Voucher, was awarded the honor as a result of its geographical and financial growth.
The company said that it has grown from serving eight countries to more than 50 in the last three years and its transaction volume and value have almost doubled to more than 300 percent, with almost 70 percent of Ukash's earnings now coming from overseas.
Ukash’s growth and profit spurt has also allowed the company to expand in Europe and Latin America.
The Queen's Award is given on the advice of the Prime Minister, who is assisted by an Advisory Committee comprising key figures from the Department for Business, Innovation and Skills, the Cabinet and civil service.
The judging panel considered profitability, turnover, market share, performance and measures taken to stimulate sales in relation to business targets. Winners benefit from the prestige associated with the award by displaying the logo on marketing materials and online for five years.
Ukash CEO David Hunter said, "Winning the Queen's Award is a great achievement for Ukash as the company has continued to grow from strength to strength over the past few years. The Queen's Award is an acknowledgement of Ukash's continuing global expansion and what we are most proud of: enabling consumers all over the world to spend cash online simply and safely.”
He added, “On behalf of the whole company, I would like to thank our staff, partners and customers for their remarkable contribution to making Ukash a success."