15 US universities confirmed as IODM’s first onboarding tranche gets underway
IODM Limited has released an investor update confirming two concurrent commercial developments: the commencement of its first US university onboarding tranche and an expanding UK contract base. Covering the calendar year to 31 August 2026, the update shows total revenue up 10.2% year-on-year despite a 22.4% decline in UK international student visa applications over the comparable period, a macro headwind that makes the underlying performance particularly notable.
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Resilient performance metrics through a challenging period
The period to 31 August 2026 presented two distinct headwinds: the cessation of the minimum payment previously received from Convera, and a material contraction in UK international student visa applications. Despite both factors, IODM delivered overall revenue growth of 10.2%, with new university customers contributing 13.7% to that movement across just four months of contribution. This points to revenue diversification rather than simply volume growth across an existing base.
| Measure | Movement | Commentary |
|---|---|---|
| UK international student visa applications | (22.4%) | January–August 2026 vs January–August 2025, UK Home Office data |
| Like-for-like IODM student transactions | +9.4% | Transaction growth across the comparable IODM base |
| Like-for-like revenue | (2.7%) | Broadly stable despite headwinds and Convera minimum payment cessation |
| New universities revenue contribution | +13.7% | Four months contribution from newly added university customers |
| Total revenue movement | +10.2% | Overall year-on-year growth for the period |
Mark Reilly, CEO, IODM
“IODM’s performance through the recent seasonal period demonstrates the progress we have made in building a stronger and more scalable education business. While the broader UK international student market has faced clear headwinds, our like-for-like transaction growth, stable underlying revenue and contribution from new universities show that IODM is continuing to execute. The two UK University wins and the commencement of the first 15-university US onboarding tranche provide further momentum as we enter what has historically been our strongest quarter.”
What is a one-to-many rollout model and why does it matter?
IODM Connect is a cloud-based accounts receivable platform covering invoicing, payment reminders, query management, escalation, and analytics, purpose-built for universities managing cross-border student fee collection. Rather than approaching each institution individually, IODM partners with payment processors that already hold relationships across large networks of universities, enabling batch onboarding at scale.
The model works through four steps:
- IODM signs a platform agreement with a major payment partner (for example, TransferMate, which holds a 283-university portfolio)
- The partner identifies universities within its network that elect to onboard IODM Connect
- Universities go live as a tranche, not one-by-one
- IODM scales revenue without a proportional increase in sales cost
The confirmation of 15 US universities in this update represents the first real-world proof of this model operating as intended, converting a partner-level agreement into an active implementation pipeline.
Two geographies, one expanding footprint
US — first 15 universities commence onboarding
TransferMate has confirmed that 15 US universities have elected to onboard IODM Connect, with onboarding commencing immediately. These universities are targeted to be live and contributing to revenue on the platform in the December quarter 2026. The 15 institutions are expected to represent the first tranche from the 283-university portfolio referenced in IODM’s 9 April 2026 platform agreement announcement.
The timing carries additional weight: the December quarter is historically IODM’s strongest seasonal period, meaning the first revenue contribution from US universities is anticipated to coincide with the company’s peak activity window.
UK and Europe — four new accounts, first non-UK European university
Through its Convera partnership, IODM has secured additional university accounts, taking the total from 21 to 27. Two of these are substantial UK universities, one won through a competitive tender process and the second secured via relationship-led presentations. Both institutions hold significant international student populations, and initial onboarding has commenced across both accounts.
Key milestones from the UK and European expansion:
- Total university accounts increased from 21 to 27
- Two substantial UK universities added
- First non-UK European university secured (Italy)
- Partner: Convera
The Italian contract is particularly notable as IODM’s first non-UK European university win, signalling that the company’s geographic footprint is beginning to extend beyond the UK market.
The Convera agreement renewal completed in April 2026 lifted IODM’s revenue share from 25% to 30% across all platform universities and transitioned the arrangement to a non-exclusive structure, the commercial foundation that now supports the Italian and additional European university wins reported in this update.
Entering the strongest seasonal quarter with expanded commercial opportunity
IODM enters the December quarter 2026 with a broader implementation pipeline than in prior comparable periods. The TransferMate revenue-share framework, expanded in June 2026 to include UK and European universities, has widened the scope of the partner network beyond its original configuration. US onboarding is underway, UK and European wins are in implementation, and the broader 283-university TransferMate portfolio continues to be progressed.
The company’s stated focus remains disciplined execution: progressing university onboarding, expanding existing market penetration, converting partner channels into live deployments, and improving operating leverage as the platform scales. With the seasonally stronger quarter ahead and an expanded commercial base in place, the setup heading into the close of calendar year 2026 is more diversified than at any prior equivalent point.
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