Financial technology company Taulia hit a new milestone in its growth plans by turning a profit in the second half of 2018, according to a company statement.  

The San Francisco-headquartered tech firm Taulia – which was launched in 2009 – managed to achieve profitability for the first time last year, an achievement that many tech start-ups struggle to attain.

“Many VC-backed companies never reach profitability. Now profitable as well as debt free, Taulia is well capitalised to support our customers and to continue to innovate,” said Rene Ho, Taulia’s CFO in a statement issued on 26 February. The company’s profitability is recognised under U.S. GAAP accounting standards.

Taulia said it doubled the volume of accelerated early payments last year to $24 billion from $12 billion, according to the company statement.

The tech firm said it will be expanding in the Asia Pacific region in 2019 after opening of an office in Sydney at the end of last year. 

Taulia closed a number of landmark deals in 2018 included the signing of a £30 million contract with the UK government to support an early payment scheme for the UK’s network of pharmacies. The company said it signed partnerships with mining company Rio Tinto, chemicals company Sasol and the Australian mobile phone provider Telstra last year.