FTMO’s Revenue Growth and the Rising Value of Customer Loyalty

The most revealing number in FTMO’s acquisition of OANDA may not be the $422 million purchase price. It may be the nearly 80 percent of revenue that FTMO now generates from returning customers.

That figure helps explain why a proprietary trading firm would make such a substantial investment in an established brokerage. Growth in retail trading is not simply about attracting new users. It is also about building recurring customer relationships, gaining access to new markets, and controlling more of the technology and infrastructure that support a trading business.

FTMO’s 2025 financial filings offer a detailed look at this strategy. Its parent company, OHM, reported consolidated revenue of 8.9 billion Czech koruna, equivalent to approximately $427 million, representing 30 percent year-on-year growth. Meanwhile, the acquisition of OANDA brought a major brokerage business into the group and strengthened its position in the United States.

The transaction connects two different parts of the trading industry. FTMO built its business around proprietary trading challenges and customer participation. OANDA brings an established brokerage operation, including a licensed US business that has helped FTMO return to the American market.

Together, the acquisition and the financial results tell a broader story about how trading companies are pursuing growth. The next stage of competition may depend less on expanding a single product and more on combining customer relationships, market access, technology, and capital into a stronger operating model.

The $422 Million Deal Behind FTMO’s Expansion

According to the annual filings, FTMO paid more than 8.79 billion Czech koruna, approximately $422 million at the exchange rate cited in the report, to acquire OANDA in 2025.

The deal was decided early in the year and formally closed on December 1, 2025. OANDA’s previous owner, CVC, had acquired the brokerage in 2018 for $160 million.

The difference between the two reported purchase prices is striking. However, the figures relate to transactions conducted in different years and do not, by themselves, establish how OANDA’s underlying business value changed. The available information does not provide a full breakdown of the transaction terms, debt adjustments, or other factors necessary for a like-for-like valuation comparison.

What is clear is the scale of FTMO’s commitment.

The group’s parent company secured a $250 million credit facility from a syndicate of Czech banks led by UniCredit in November 2025, according to the reported account of the transaction. The financing was obtained in connection with the OANDA acquisition.

The credit facility illustrates how a major acquisition can involve more than the buyer’s existing cash resources. Financing can provide the capacity to complete a strategic transaction while preserving flexibility for other business needs. At the same time, borrowed capital introduces obligations that must be managed alongside the acquired business's operating requirements.

For FTMO, the purchase was not simply an investment in another trading brand. It represented a significant expansion of the group's business structure and its ability to operate across different areas of the retail trading market.

What FTMO’s 2025 Financial Results Reveal

The acquisition attracted attention because of its size, but the financial performance of FTMO’s core business helps explain the commercial context behind the decision.

OHM reported the following results for 2025:

These figures reveal two developments occurring at the same time.

First, FTMO’s underlying proprietary trading operations expanded significantly. Paid orders rose nearly 50 percent to 1.27 million, while consolidated revenue increased by 30 percent.

Second, the group added OANDA’s business and asset base through the acquisition. Its consolidated assets reached 30.7 billion Czech koruna by December 31, 2025, while equity stood at 13 billion Czech koruna.

These measures should not be confused. Revenue represents business income over a period, whereas assets and equity describe aspects of the group's financial position at a particular date. The acquisition also affects comparisons because the consolidation of OANDA changes the scale of the reporting group.

Nevertheless, the figures establish that FTMO entered this new phase from a position of substantial operating activity and reported capital resources.

The 80 Percent Signal. Why Returning Customers Matter

One of the most important details in the financial report is that returning customers account for close to 80 percent of FTMO's total revenue.

This is significant because customer acquisition and customer retention are fundamentally different commercial challenges.

Acquisition requires a business to persuade new customers to try its offering. Retention depends on whether customers see enough value to return. A company that continually relies on new customers may face pressure to maintain marketing expenditure simply to sustain its existing level of activity.

A business with a strong base of returning customers has another potential advantage. It can build growth on relationships that already exist rather than depending entirely on a fresh stream of prospects.

The reported increase in the average value of subsequent customer orders adds another dimension. According to the financial report, the average value of each subsequent order continued to rise. Combined with the nearly 80 percent revenue contribution from returning customers, this suggests that repeat business is central to FTMO’s commercial model.

There is an important distinction, however, between recurring revenue in the subscription-software sense and revenue generated by repeat orders. The source identifies returning clients and subsequent orders; it does not establish that these payments are guaranteed, contractual, or identical to subscription income.

Nor does the revenue share alone reveal customer profitability, retention rates by cohort, or the cost of serving returning customers. Those details would be needed to assess the model more completely.

Even with those limitations, the reported figures highlight a useful business principle. Customer relationships can become a substantial economic asset when a company gives existing users reasons to return.

Why Buy a Brokerage Instead of Expanding Organically?

A company pursuing expansion generally has two broad choices. It can build the required capabilities internally, or it can acquire a business that already possesses them.

Organic expansion allows a company to develop its operations according to its own priorities. But building a brokerage business can involve substantial time, investment, operational complexity, and market-specific requirements.

An acquisition offers a different route. The buyer obtains an existing operation and can seek to combine it with its own capabilities.

FTMO’s acquisition of OANDA illustrates this approach. Rather than relying exclusively on the expansion of its proprietary trading business, FTMO brought an established brokerage into its corporate structure.

The strategic logic is that different capabilities may complement one another. FTMO has an established proprietary trading operation, while OANDA provides a brokerage business with an existing presence in the United States.

That combination creates opportunities for the group to broaden its business activities and pursue markets that would otherwise require separate development efforts.

However, an acquisition does not automatically create value. The buyer must integrate the businesses effectively, maintain operational standards, allocate capital carefully, and determine how the combined organisation should compete.

The purchase price is therefore only one part of the economic calculation. The longer-term question is whether the acquired capabilities can generate enough business value to justify the capital committed.

The United States Becomes a Strategic Growth Market

The US market was one of the most significant developments in FTMO’s 2025 expansion.

Through its partnership with OANDA, the United States became the group’s second-largest market, behind only the United Kingdom.

The sequence matters. FTMO launched its proprietary trading services in the United States during 2025 after exiting the market in early 2024. The company partnered with OANDA before the acquisition was completed.

According to the report, OANDA’s licensed US business enabled FTMO to offer MetaTrader 5 in the American market, making FTMO the only prop firm in the country to offer that platform at the time described.

This illustrates why market access can be as important as marketing or product design.

A business may have customer demand and a product that attracts attention, but it still needs an operating structure capable of serving its intended market. An established licensed business can provide capabilities that are difficult to reproduce through a simple advertising campaign or a new software release.

The report does not detail every regulatory arrangement or establish that the acquisition eliminates all legal and compliance requirements. It does, however, identify OANDA’s licensed US business as a key factor in FTMO’s ability to offer its services there.

For the group, the United States is therefore more than another geographic market. Its position as the second-largest market indicates that the expansion had become an important part of the business by the end of 2025.

How Technology and Market Access Create Business Value

Technology is often discussed as a source of differentiation in retail trading. Yet technology does not operate in isolation from the commercial and regulatory structures around it.

A trading platform is useful only when it can be offered to the intended customers, supported operationally, and integrated into a viable business model. Market access, licensing, customer relationships, and technology can therefore reinforce one another.

FTMO’s US expansion demonstrates this connection through its use of OANDA’s licensed business to support its offering of MetaTrader 5.

The reported facts do not provide a detailed breakdown of the technology integration or establish how much revenue was directly attributable to the platform. It would be premature to assign a specific financial return to that capability.

Still, the strategic relationship is clear. The combination of a proprietary trading operation and an established brokerage can create options that neither business would necessarily have in the same form on its own.

The wider lesson for financial technology companies is that competitive advantage can emerge from the interaction of multiple assets. Software matters, but so do the ability to operate in a market, the customer base already established there, and the organisation's capacity to support the resulting business.

Competition. FTMO’s Position Is Becoming Broader

The acquisition places FTMO in a different strategic position from one in which its growth depends primarily on its core proprietary trading offering.

By acquiring OANDA, the group adds an established brokerage operation to its business portfolio. That gives it a broader foundation from which to pursue its strategic objectives.

The reported growth in paid orders and revenue indicates that FTMO’s original business remains an important driver of performance. OANDA, meanwhile, strengthens the group’s presence in the brokerage market and supports its US activities.

This is a more complex model than relying on a single product category. It also creates more dimensions on which management must execute successfully.

The available information does not provide a detailed competitor comparison, market-share data, or a breakdown of revenue between FTMO and OANDA. Consequently, it is not possible to conclude from these figures alone that the combined group is more profitable or more competitive than any specific rival.

The more defensible conclusion is that FTMO has expanded its strategic options. It now has a larger consolidated asset base, a substantial core prop trading operation, and the acquired brokerage business within the same group.

Whether these assets produce a lasting advantage will depend on how effectively the group uses them.

The Financial Risks Behind a Major Acquisition

A transaction valued at approximately $422 million can create significant opportunities, but it also concentrates capital and introduces execution risks.

The first consideration is financing. The reported $250 million credit facility helped support the acquisition, but borrowing creates obligations that must be managed regardless of whether the expected commercial benefits materialise on schedule. The available source does not disclose the facility's complete terms or the group's total debt position, so it is not possible to assess its precise effect on leverage.

The second risk is integration. Combining businesses can introduce operational complexity, and the buyer must ensure that the acquired business continues to function effectively while the wider group pursues its growth strategy.

The third concern is the relationship between acquisition cost and future value. An established business may offer valuable capabilities, but the purchase price must ultimately be supported by the economic benefits the buyer can realise.

The fourth is market concentration. The United States has become an important market for FTMO, ranking second behind the United Kingdom. That expansion is strategically meaningful, but the available figures do not disclose the group's precise revenue exposure to either market or its sensitivity to changes in regional demand.

Finally, customer activity should not be mistaken for guaranteed future income. FTMO's returning customers and repeat orders are important strengths, but future results will depend on customers continuing to find value in the company's services.

These risks do not invalidate the acquisition. They explain why financial scale and reported growth should be evaluated alongside execution, capital discipline, and the sustainability of customer demand.

What the Acquisition Means for the Global Trading Industry

FTMO’s purchase of OANDA reflects a broader strategic question for digital financial businesses. Should a company continue expanding within its original category, or should it acquire adjacent capabilities to broaden its reach?

The transaction demonstrates one possible answer. A proprietary trading business can pursue a wider strategy by bringing an established brokerage into the group, using that business to strengthen its position in a market where access and operating capabilities matter.

The US expansion is the clearest example in the reported results. FTMO had exited the market in early 2024, then returned in 2025 through its partnership with OANDA. The partnership preceded the acquisition's completion, and OANDA's licensed US business enabled the MetaTrader 5 offering described in the report.

For other trading companies, this highlights the relationship between business strategy and the practical requirements of entering a market. Expansion is not merely a question of finding new customers. It can also require the right operational structure, technology, and market-specific capabilities.

The figures also draw attention to the economics of customer relationships. With close to 80 percent of FTMO's total revenue attributed to returning clients, repeat business is central to the company's reported performance.

The broader implication is that scale can be built in more than one way. A company can grow by attracting additional customers, encouraging repeat business, expanding into new markets, acquiring complementary capabilities, or combining several of these approaches.

FTMO’s 2025 results show elements of all these strategies, although the available figures do not establish the separate contribution of each one to consolidated growth.

What Business Leaders Can Learn From FTMO

For executives in trading, fintech, and other digital businesses, the reported results offer several practical lessons.

First, measure the value of returning customers. Acquisition numbers alone do not reveal whether a business is building lasting relationships. Companies should track repeat purchasing, retention, customer lifetime value, and the costs associated with serving existing customers.

Second, distinguish organic growth from acquisition-driven expansion. Revenue growth and a larger asset base can reflect different underlying developments. Management should understand how much progress comes from the existing business and how much comes from newly acquired operations.

Third, treat market access as a strategic asset. FTMO's partnership with OANDA helped it return to the US market and offer MetaTrader 5 through OANDA's licensed business. Other companies should evaluate whether partnerships or acquisitions can provide capabilities that would be difficult to develop internally.

Fourth, connect technology investment to a specific commercial objective. A platform or feature should solve a genuine operational or customer problem. Technical capability matters most when it supports a clear business purpose.

Fifth, assess acquisition value beyond the headline price. The price paid is important, but it should be evaluated alongside financing, integration requirements, the acquired business's capabilities, and the potential economic benefits.

Finally, preserve financial discipline during expansion. A growing revenue base and a substantial asset position do not eliminate the need to manage borrowing, operating costs, and execution risk. Expansion is most valuable when it strengthens the business without undermining its financial resilience.

These principles apply beyond the trading industry. Any digital company seeking to scale through customer loyalty, market expansion, or acquisitions faces the same fundamental challenge: turning growth into durable value.

FTMO Is Building a Broader Trading Business

FTMO’s $422 million acquisition of OANDA stands out because it combines substantial capital investment with an established proprietary trading business and an expanding US presence.

The 2025 financial figures provide the context. OHM reported 8.9 billion Czech koruna in consolidated revenue, up 30 percent year on year. Paid orders in FTMO’s core prop trading operations increased nearly 50 percent to 1.27 million, and returning customers accounted for close to 80 percent of total revenue.

At the same time, the OANDA acquisition expanded the group’s consolidated assets to 30.7 billion Czech koruna, while year-end equity reached 13 billion Czech koruna. The acquired brokerage also helped support FTMO's return to the US market, which became its second-largest market after the United Kingdom.

The transaction is therefore about more than the purchase of a recognised brokerage. It reflects a strategy that combines repeat customer activity, geographic expansion, and the acquisition of established business capabilities.

There are still important questions about financing, integration, profitability, and the long-term returns on the investment. The reported figures do not answer all of them. Nor do they guarantee that the acquisition will deliver the intended benefits.

But they establish the scale of FTMO’s ambitions and the financial foundation from which it is pursuing them.

The central lesson is straightforward. Sustainable growth requires more than a successful product or a rising number of orders. It requires customer relationships that continue to generate value, capabilities that support expansion, and the financial discipline to make strategic investments work over time.

FTMO has made a major commitment to that model. The next test is whether the combined business can turn its greater scale into lasting competitive strength.

FTMO’s Revenue Growth and the Rising Value of Customer Loyalty

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