Business
CURRENC Group Inc. Announces Third Quarter 2024 Unaudited Financial Results
SINGAPORE, Nov. 29, 2024 (GLOBE NEWSWIRE) -- CURRENC Group Inc. (Nasdaq: CURR) (“CURRENC” or the “Company”), a fintech and digital remittance pioneer serving
About this update from Currenc Group Inc.
[{"type":"text","content":"SINGAPORE, Nov. 29, 2024 (GLOBE NEWSWIRE) -- CURRENC Group Inc. (Nasdaq: CURR) (“CURRENC” or the “Company”), a fintech and digital remittance pioneer serving millions of unbanked and underbanked individuals in Southeast Asia and beyond, recently announced its unaudited financial results for the third quarter ended September 30, 2024. Third Quarter and First Nine Months 2024 Financial Highlights Total Processing Value (TPV) was US$1.21 billion for the third quarter and US$3.92 billion for the first nine months of 2024, increasing by 6.1% and 18.8% year over year, respectively. Total revenues (contributed by subsidiaries Tranglo, WalletKu, TNG Asia and GEA,1 as well as other services) were US$11.3 million for the third quarter and US$35.4 million for the first nine months of 2024, representing year-over-year decreases of 11.0% and 11.3%, respectively. The decreases were mainly due to declines of 22.1% and 22.3% in global airtime revenue, respectively, as well as declines in TNG Asia and GEA’s remittance revenues. 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 (contributed by Tranglo, TNG Asia and GEA) were US$4.9 million for the third quarter and US$17.8 million for the first nine months of 2024, representing year-over-year decreases of 22.2% and 10.6%, respectively. The decreases were primarily due to declines in TNG Asia and GEA’s remittance business. As TNG Asia and GEA were divested during the third quarter, going forward, the Company’s remittance revenues will be contributed solely by Tranglo.Tranglo’s remittance revenues were US$4.5 million for the third quarter, down 1.0% year over year, and US$14.3 million for the first nine months of 2024, remaining stable year over year.CURRENC’s global airtime transfer revenues were US$2.3 million for the third quarter and US$7.3 million for the first nine months of 2024, representing year-over-year decreases of 22.1% and 22.3%, respectively.Adjusted EBITDA2 loss for the third quarter was US$0.2 million, narrowing by 83.3% year over year from US$1.2 million for the third quarter of 2023. For the first nine months of 2024, it was US$0.6 million, narrowing by 75.0...