RS2 Chief Executive Radi El Haj has said the company expects to demonstrate clear, scalable profitability from its card issuing business within the next two years, outlining for the first time the key performance benchmarks underpinning the strategy.

Speaking to Investing.com, Mr El Haj detailed the metrics RS2 is using to assess the success of its co-branded issuing model, including active users, spend per user, revenue per account, and take rate. These indicators, he explained, will serve as the foundation for validating the firm’s move into direct competition with fintech players.

“Early traction appears within six months, with stronger engagement between six to 12 months,” he said, adding that “clear proof of scalable and sustainable economics typically emerges within a 12-to-24-month timeframe.”

The comments mark the clearest public timeline attached to RS2’s issuing ambitions since its Beyond by RS2 unit became a principal issuing member of Visa and Mastercard in Europe last November. This status enables the company to issue cards and sponsor bank identification numbers (BINs) independently, without relying on third-party banking partners.

Historically, RS2 has built its business around payments infrastructure, processing transactions for major global players such as Worldpay. This segment continues to provide a stable source of profitability, which Mr El Haj said gives the company flexibility in funding its expansion.

While external capital is not currently essential, he noted that fundraising remains a possibility, particularly in the context of mergers and acquisitions aimed at securing regional licences or specialised capabilities. “Growth is not pursued at the expense of profitability, but through carefully selected opportunities with clear returns,” he said.

RS2 is positioning its issuing model as a differentiated alternative to established fintech platforms, including Stripe and Adyen. According to Mr El Haj, the company’s modular and configurable infrastructure is better suited to banks and complex regulated environments, contrasting it with what he described as a “one-size-fits-all model” offered by some competitors.

The company has already launched a pilot programme in Germany, supporting a co-branded card initiative linked to the fan ecosystem of the Nürnberg Ice Tigers ice hockey club. It plans to scale the model across the European Union through licence passporting.