CURRENC Group Inc. Announces Full Year 2024 Financial Results

SINGAPORE, April 16, 2025 (GLOBE NEWSWIRE) -- CURRENC Group Inc. (Nasdaq: CURR) (“CURRENC” or the “Company”), a fintech pioneer empowering financial institutions worldwide with artificial intelligence (AI) solutions, today announced its financial results for the full year ended December 31, 2024.

Recent Business Highlights
CURRENC launched its strategic business transformation featuring several AI-driven initiatives. These projects position the Company at the forefront of AI innovation, create significant cross-selling opportunities and reinforce the Company’s commitment to delivering cutting-edge financial solutions globally.

1. Launched SEAMLESS AI Call Centre Solutions (“Text AI,” “Voice AI,” and “Avatar AI”) to provide 24/7, multilingual virtual support;

2. Unveiled “AI Staff for Hire,” a suite of customizable AI Agents for tasks such as compliance, KYC, and HR;

3. Announced plans to develop a 500MW hyperscale AI data center in Malaysia;

4. Partnered with ARC Group to establish a $100 million AI-Focused Infrastructure & Investment Fund;

5. Secured a landmark contract with Coin Cove to deploy comprehensive AI-powered electronic banking services.
   

Full Year 2024 Financial Highlights

• Total Processing Value (TPV) through Tranglo was US$5.14 billion for full year 2024, increasing by 13.2% year-over-year. Total number of transactions increased to 11.4 million for full year 2024 from 11.0 million for full year 2023.

• Total revenues excluding TNG Asia and GEA¹ were US$42.0 million for full year 2024, representing a year-over-year decrease of 3.4%. The decrease was mainly due to the 23.8% decline in global airtime revenue. As TNG Asia and GEA were divested during the third quarter, going forward, the Company’s total revenues will be comprised mainly of revenues contributed by Tranglo’s remittance and global airtime businesses and WalletKu’s Indonesian airtime business.

• Total remittance revenues excluding TNG Asia and GEA, i.e. remittance revenue contributed by Tranglo, were US$18.2 million for full year 2024, up 6.4% year-over-year. While Tranglo’s overall take rate declined to 0.37% in 2024 from 0.43% in 2023 due to intense market competition, its TPV increased by 13.2% to $5.14 billion, driving the increase in revenue. For full year 2024, ODL flows represented only 4.5% of Tranglo’s TPV.

• CURRENC’s global airtime transfer revenues were US$9.3 million for full year 2024, representing a year-over-year decrease of 23.8%. The growing availability of free Wi-Fi in Southeast Asian countries, especially Malaysia and Indonesia, has led to declining demand for Malaysia-Indonesia airtime transfers, resulting in a decline in Tranglo’s global airtime business in 2024. As CURRENC expects this trend to continue in South East Asian markets, the Company’s management plans to deemphasize airtime transfer and reallocate its resources and capital to expand the remittance business.

• Total direct costs of revenue excluding TNG Asia and GEA were US$28.9 million for full year 2024, representing a year-over-year decrease of 8%.

• The direct payout rate for Tranglo’s remittance business improved to 0.12% for 2024 from 0.15% for 2023. Therefore, although Tranglo’s TPV increased by 13.2%, its direct remittance costs declined by 4.2%.

• Gross profit margin for the remittance business excluding TNG Asia and GEA was 62%, compared to 58% for 2023. CURRENC’s overall gross profit margin ratio for full year 2024 was 31%, compared to 28% for 2023.

• Total operating expenses increased to $42.0 million for full year 2024 from $24.0 million for full year 2023. The substantial increase was mainly due to expenses of $20.9 million in recognition of the incentive shares granted to employees upon the completion of the INFINT SPAC merger, and $1 million in recognition of shares granted to Roth for their services as Capital Market Advisor.
  
  As CURRENC divested TNG Asia and GEA in August and July 2024, respectively, its operating costs going forward will reflect the operating costs of Tranglo, WalletKu and the Company’s headquarters only. Also, as CURRENC rolls out its new AI initiatives, operating costs in relation to these new businesses will be incurred from year 2025 onwards. The new AI businesses are also expected to bring in new revenues in the year 2025 onwards.
  

  • Tranglo’s operating costs for full year 2024 were $12.9 million, representing an increase of 4.9% from $12.3 million for full year 2023, in line with TPV growth.

  • WalletKu’s operating costs were $1.2 million for full year 2024, as compared to $1.5 million for full year 2023.

  • Legal and professional fees decreased to $1.7 million for the full year of 2024, from $4.7 million in 2023, due to the completion of the INFINT SPAC merger and the cessation of related legal expenses.

• Other Loss totaled $2.2 million for full year 2024, mainly contributed by:

  • $20.5 million in recognized gain upon the divestiture of GEA;

  • A goodwill impairment loss of $5.4 million attributable to WalletKu;

  • A goodwill impairment loss of $9.5 million attributable to Tranglo;

  • Impairment of Intangible assets for TNG Asia and GEA of $5.6 million; and

  • An impairment loss of $3.2 million for the impairment of the intercompany balance.
    
    

• EBITDA analysis

• • The Company’s total EBITDA for full year 2024 including TNG Asia and GEA was a loss of $26.5 million.

  • Tranglo and WalletKu’s combined EBITDA for 2024 was a profit of $2.05 million.

  • TNG Asia and GEA’s combined losses had no impact on the Company’s results from the fourth quarter of 2024 onwards as they were divested before the completion of the de-SPAC merger.

  • Headquarters expenses and adjustments recorded an EBIT loss of $29.8 million, mainly contributed by:

    • $20.9 million in “Operating Expenses” in recognition of the incentive shares granted upon completion of the de-SPAC merger;

    • $1 million in “Operating Expenses” in recognition of the shares granted to Roth for their services as Capital Market Advisor;

    • A loss of $3.2 million recognized as “Other Income/Loss” incurred by headquarters;

    • Headquarters’ legal expenses of $1.4 million, mostly related to the de-SPAC merger;

    • Intangible Asset amortization of $1.5 million attributable to Tranglo; and

    • Rental and general administrative expenses of around $1.8 million.
      

• Net loss was US$38.8 million for the full year of 2024, mainly contributed by the net loss of $36.2 million incurred by headquarters and adjustments, as well as a combined net loss of $3.7 million contributed by TNG Asia and GEA.
  

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^{1 CURRENC divested TNG Asia and GEA in August 2024 and July 2024, respectively. As such, from the fourth quarter of 2024 onward, only Tranglo’s (digital remittance and global airtime transfer businesses) and WalletKu’s (Indonesian airtime business) results will be consolidated and reported in the Company’s financial statements.}

Management Comments
“2024 was a year of evolution and transformation for CURRENC,” said Alex Kong, Founder and Executive Chairman of CURRENC. “In our first months as a publicly listed company, we took decisive steps to streamline our organization and focus on core strengths while also moving into the AI space. Through our cutting-edge AI initiatives such as SEAMLESS AI Call Centre Solutions and AI Staff for Hire, we now offer comprehensive AI solutions for financial institutions to revolutionize their operational platforms and efficiently transform their businesses. As these products broaden our market reach, we expect to seize rising cross-selling opportunities and realize substantial synergies with our remittance business, propelling the Company’s holistic growth. Moreover, our planned 500MW hyperscale AI Data Center in Malaysia and the $100 million CURR-ARC AI Fund will accelerate our AI business’s development while driving industry-wide progress. We are confident these strategic efforts will cement our leadership in AI-powered fintech and create lasting value for our shareholders, partners, and end-users worldwide.”

Ronnie Hui, Chief Executive Officer of CURRENC, added, “Our mainstream digital remittance business remained resilient in 2024, demonstrated by consistent TPV growth. This growth resulted in a 6.4% increase in total remittance revenues despite the ongoing decline in overall take rate due to intense market competition. Going forward, we aim to maintain the overall take rate and drive further increases in TPV, boosting remittance revenue growth. Meanwhile, as we sign new clients for our AI services, we will build on these partnerships to expand our remittance business into new geographical markets and sectors, further accelerating its development. On a Group level, while we recorded an EBIDTA loss for full year 2024, this was largely due to non-cash headquarters expenses such as incentive share expenses and goodwill impairment losses, as well as de-SPAC merger expenses. Our fundamentals remain strong and we do not expect to incur such expenses in future years. Looking ahead to 2025 and beyond, we are excited to unlock the Company’s growth potential as we advance our transformation from a leading regional remittance hub to a global AI pioneer.”

Recent Developments
1. CURRENC Debuts SEAMLESS AI Call Centre Solutions (January 8, 2025)
CURRENC introduced “Text AI,” “Voice AI,” and “Avatar AI” to enable 24/7, cost-effective virtual support for financial institutions, government agencies, and telecom providers. These tools handle everything from routine inquiries to advanced KYC processes, increasing efficiency and enhancing customer satisfaction. The suite is available in over ten languages and easily integrates into mobile apps, delivering real-time conversation and multilingual support. SEAMLESS AI also offers an avenue to expand into debt collection, marketing, and other enterprise-driven use cases.

2. CURRENC to Develop 500MW Hyperscale AI Data Center in Malaysia (March 18, 2025)
The Company plans to acquire 100 acres of land in Johor, Malaysia, to build one of Southeast Asia’s largest AI data centers, with Phase 1 (100MW) slated for completion by the end of 2026. The campus will offer co-location and wholesale leasing to hyperscalers, enterprise clients, and other data center users, supporting financial institutions as they adopt AI at scale. Construction will begin once long-term anchor tenants commit to a significant portion of planned capacity. Management expects this AIDC to bolster the Company’s AI offerings and reduce barriers to AI deployment worldwide.

3. CURRENC Group and ARC Group Jointly Launch $100 Million AI-Focused Infrastructure & Investment Fund (March 18, 2025)
CURR-ARC AI Fund 1 aims to invest in AI data centers (AIDC), green energy, and computing power development globally. Eighty percent of the Fund’s capital will go toward AI computing power and infrastructure projects, including CURRENC’s planned 500MW AIDC in Malaysia. The remaining 20% will focus on emerging enterprises in AI ecosystems, fintech, and AI-driven solutions. This partnership supports CURRENC’s broader strategy to create a sustainable ecosystem that drives global AI and fintech innovation.

4. CURRENC’s SEAMLESS AI Lab Unveils “AI Staff for Hire” Platform (March 27, 2025)
“AI Staff for Hire” is a new AI-powered solution featuring pre-built Agents tailored to key finance industry tasks, including customer support, KYC, compliance, and HR management. These Agents allow businesses to scale their operations without expanding headcount, providing 24/7 multilingual service and real-time analytics for improved engagement. This launch marks a major step in CURRENC’s strategy to revolutionize global financial services through AI, building on the success of SEAMLESS AI Call Centre Solutions. CURRENC also expects to onboard new clients in emerging markets, creating synergy by cross-selling digital remittance and airtime transfer services.

5. CURRENC Empowers Coin Cove with AI-Powered Electronic Banking Services Platform (March 27, 2025)
CURRENC has secured a groundbreaking contract to provide Coin Cove with a comprehensive, AI-driven solution set, encompassing a multi-asset trading platform, SEAMLESS AI Call Centre technology, training, compliance, and MasterCard issuance. Coin Cove’s platform will leverage “AI Staff for Hire,” allowing for 24/7 personalized customer support and automated staff training. By integrating advanced risk management and real-time market insights, this initiative enhances user experience and strengthens compliance. This partnership marks CURRENC’s continued expansion into global electronic banking, with plans to cross-sell its remittance services and further shape the future of AI-driven financial solutions.

Non-GAAP Financial Measures
To supplement the Company’s consolidated financial statements, which are prepared and presented in accordance with GAAP, it uses EBITDA, a non-GAAP financial measure as described below, to understand and evaluate its core operating performance. This non-GAAP financial measure, which may differ from similarly titled measures used by other companies, is presented to enhance investors’ overall understanding of the Company’s financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

EBITDA is defined as net loss before interest, taxes, depreciation, and amortization. CURRENC believes that EBITDA provides useful information to investors and others in understanding and evaluating its operating results. This non-GAAP financial measure eliminates the impact of items that CURRENC does not consider indicative of the performance of its business. While CURRENC believes that this non-GAAP financial measure is useful in evaluating its business, this information should be considered supplemental in nature and is not meant as a substitute for the related financial information prepared in accordance with GAAP.

About CURRENC Group Inc.
CURRENC Group Inc. (Nasdaq: CURR) is a fintech pioneer dedicated to transforming global financial services through artificial intelligence (AI). The Company empowers financial institutions worldwide with comprehensive AI solutions, including SEAMLESS AI Call Centre and other AI-powered Agents designed to reduce costs, increase efficiency and boost customer satisfaction for banks, insurance, telecommunications companies, government agencies and other financial institutions. The Company’s digital remittance platform also enables e-wallets, remittance companies, and corporations to provide real-time, 24/7 global payment services, advancing financial access across underserved communities.

For additional information, please refer to the CURRENC website https://www.currencgroup.com and the annual report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission.

Safe Harbor Statement
This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Further information regarding these and other risks, uncertainties, or factors is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.

Investor & Media Contact
CURRENC Group Investor Relations
Email: investors@currencgroup.com

SOURCE: CURRENC Group Inc.

¹ TNG Asia and GEA were divested in August 2024 and July 2024, respectively.
² Tranglo maintained a positive EBITDA for the full year of 2024 and 2023.
³ Tranglo and WalletKu maintained a combined positive EBITDA for the full year of 2024 and 2023.