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Investing.com -- RS2 Chief Executive Radi El Haj said investors should expect clear proof of a profitable card issuing business within two years, as the Maltese payments infrastructure firm tracks take rates and contribution margins to validate its push into direct competition with fintechs.
Speaking to Investing.com, El Haj disclosed the specific metrics RS2 is using to judge the success of its co-branded issuing model, active users, spend per user, revenue per account and take rate, and set out a phased timeline for results.
"Early traction appears within 6 months, with stronger engagement between 6-12 months," El Haj said. "Clear proof of scalable and sustainable economics typically emerges within a 12-24 month timeframe."
The comments represent the clearest performance benchmark RS2’s leadership has publicly attached to the issuing business since its Beyond by RS2 unit became a principal issuing member of both Visa and Mastercard in Europe last November, a status that allows it to issue cards and sponsor BINs without relying on third-party banks.
RS2 processes payments for Worldpay, one of the world’s largest acquirers, and has historically derived stable profits from its infrastructure business.
El Haj said that profitability cushion makes external capital "optional," but left the door open to fundraising if M&A opportunities arise, specifically to acquire regional licences or niche capabilities.
"Growth is not pursued at the expense of profitability, but through carefully selected opportunities with clear returns," he said.
The firm is positioning itself against both the scale plays reshaping European payments and the platform giants dominating fintech tooling.
El Haj argued RS2’s edge over rivals such as Stripe and Adyen lies in modular, configurable infrastructure built for banks and complex regulated environments, a deliberate contrast to what he called a "one-size-fits-all model."
RS2 is already live in Germany with a pilot co-branded programme powering a fan ecosystem for the Nürnberg Ice Tigers ice hockey club, and plans to expand across the EU via licence passporting.