Business
MoneyHero Group Reports Third Quarter 2023 Results
FINANCIAL HIGHLIGHTS1 Revenue of US$20.3 million, up 17% Year-Over-YearAdjusted EBITDA loss improved to US$(1.3) million SINGAPORE, Dec. 06, 2023 (GLOBE
About this update from Moneyhero Limited
[{"type":"text","content":"FINANCIAL HIGHLIGHTS1 Revenue of US$20.3 million, up 17% Year-Over-YearAdjusted EBITDA loss improved to US$(1.3) million SINGAPORE, Dec. 06, 2023 (GLOBE NEWSWIRE) -- MoneyHero Limited (Nasdaq:MNY) (“MoneyHero” or the “Company”), a market leading personal finance aggregation and comparison platform in Greater Southeast Asia, today announced financial results for the quarter ended September 30, 2023. Management Commentary: Prashant Aggarwal, Chief Executive Officer, stated, “In a robust display of market performance, MoneyHero Group achieved notable milestones across multiple regions during the third quarter. In Singapore, revenues soared by 50% year-over-year to US$9.5 million, with the strongest growth coming from our credit cards and insurance verticals, thanks to aggressive marketing campaigns and an advantageous client mix. Our dominance in the market, further backed by our strong balance sheet post-merger, supports our ongoing strategy to expand market share over the long-term. In Hong Kong, we saw consistent growth that was driven by a diverse product portfolio, showcasing operational efficiency and adaptability. The Philippines continues to show strong growth in line with the market’s macroeconomic growth. In Taiwan, despite challenges associated with paused product offerings from certain key clients, our brand Money101 continues to witness a significant increase in user engagement, and continued investments are set to capture emerging growth opportunities. Notably, the insurance product segment across the Group has seen a 150% revenue increase in Q3 year-over-year, contributing significantly to group revenue. This segment exemplifies the huge untapped potential in Asian consumer finance, which remains a key area of our investment focus. Lastly, the growth of Creatory, our B2B business, aligns with increasing digitalization and content creation trends, positioning it as a key revenue contributor in the future.” Shaun Kraft, Chief Financial Officer and Chief Operating Officer, added “MoneyHero Group delivered 17% year-over-year revenue growth and Adjusted EBITDA loss improved to US$(1.3m) in the third quarter of 2023. Excluding Taiwan, which has faced challenges this year, third quarter revenue increased 36% year-over-year. In the second half of 2022 and first half of 2023, we materially improved the underlying profitabilit...