MoneyHero Group Studies First Quarter 2024 Outcomes

SINGAPORE, June 24, 2024 (GLOBE NEWSWIRE) — MoneyHero Restricted (Nasdaq: MNY) (“MoneyHero” or the “Firm”), a market main private finance and digital insurance coverage aggregation and comparability platform in Higher Southeast Asia, immediately introduced monetary outcomes for the quarter ended March 31, 2024.

Administration Commentary:

Rohith Murthy, Chief Govt Officer, acknowledged, “I’m happy to report one other sturdy quarter, with income rising by 24% year-over-year to $22.2 million. This important development underscores the effectiveness of our strategic initiatives and the sturdy efficiency throughout our core markets. Regardless of Q1 traditionally being a decrease quarter as a result of Chinese language New Yr holidays and the shorter month of February, which usually leads to a drop from This fall to Q1, now we have achieved substantial year-over-year development. This demonstrates the resilience and energy of our enterprise mannequin in overcoming seasonal challenges.

“Reflecting on the 5 key pillars from our This fall 2023 earnings name—Client Pull, Conversion Experience, Insurance coverage Brokerage, Sturdy Accomplice Relationships, and Working Leverage—we see their clear affect in our Q1 outcomes. Our enhanced person expertise and high-quality content material proceed to draw and retain shoppers, driving important inbound visitors.

“Our conversion experience is evidenced by a 72% improve in accredited purposes, due to our superior UX/UI. The insurance coverage brokerage phase, a significant development driver, noticed income improve by 44% year-over-year, contributing 8.2% to our Group income as we simplify and improve the insurance coverage buying course of.

“Sturdy accomplice relationships have enabled us to be the most important digital acquisition channel for a lot of monetary companions. This quarter, we ramped up advertising campaigns and market share methods, notably in Singapore and Hong Kong, which noticed income development of 61% and 37% respectively.

“Our aggressive development technique round bank cards serves a number of strategic functions: buying new customers, turning into the popular acquisition channel for a lot of companions, and leveraging bank card acquisition as an incubator for cross-selling different merchandise, particularly insurance coverage.

“Our Creatory platform continues to thrive, contributing 19% to Group income in Q1, up from 17% final yr. We’re investing in Creatory by including new creators and increasing by means of advertising campaigns, tapping into new viewers segments.

“Our elevated EBITDA loss displays deliberate investments in development and market share growth. These investments are usually not nearly instant income however constructing a sustainable enterprise mannequin. By increasing our person base and market presence, we’re laying the muse for future profitability. As time progresses, the model and advertising investments we’ve made will enhance model belief and conversion charges, additional rising our effectivity.

“To additional improve our monetary efficiency, we’re additionally optimizing operational efficiencies and increasing into larger margin merchandise reminiscent of private loans, insurance coverage, and promoting revenues. We anticipate these initiatives will cut back our working burn beginning the second half of this yr. Moreover, leveraging AI and automation, and centralizing knowledge on a strong platform will improve advertising efficiencies by means of higher insights and CRM methods.

“Lastly, our dedication to operational leverage stays unwavering. Regardless of elevated working prices to help our development technique, our disciplined strategy to scaling and effectivity will drive long-term worth. With a debt-free steadiness sheet and robust money place, we’re well-positioned to execute our strategic initiatives and obtain our formidable $100 million income goal for 2024. These stable Q1 outcomes exhibit that we’re on monitor to satisfy our annual steerage.

“In conclusion, whereas profitability could also be delayed as a result of accelerated person development and market share growth, our give attention to long-term strategic investments and operational efficiencies will guarantee sustainable profitability. I’m assured concerning the long-term profitability in our enterprise as we proceed to scale and leverage our strengths.”

Hao Qian, Chief Monetary Officer, added: “I’m thrilled to affix MoneyHero Group as its new CFO. In Q1 2024, MoneyHero’s aggressive growth technique resulted in a dramatic 72% development in accredited purposes with Adjusted EBITDA loss rising to US$(6.4) million. This development helped drive sturdy market share positive factors in Higher Southeast Asia and income development to over US$22 million. We stay targeted on increasing our market share dominance by means of each natural and M&A to additional consolidate the trade and understand effectivity positive factors all through Higher Southeast Asia. I stay up for contributing to MoneyHero’s continued success and dealing with the proficient workforce to drive additional development and long-term shareholder worth.

“MoneyHero delivered 24% year-over-year income development within the first quarter of 2024. Within the first quarter, we continued to implement a robust development technique to develop our person base and additional lengthen our market share lead. For the primary quarter 2024, our year-over-year adjusted EBITDA loss elevated to US$(6.4) million. The first drivers for the elevated loss embody:

1) Pursue market share seize technique versus opponents by rising model and direct advertising bills

2) Supplier constraints as a result of Citi exiting two essential markets – Taiwan and Philippines

3) Complete working prices elevated YoY primarily as a result of extra prices related to being a public firm (audit charges, D&O insurance coverage, IR/PR associated charges, and so forth.)

“Because of our strategic initiatives, we count on adjusted EBITDA loss to stay elevated for the primary half of 2024, however we count on margins to get well within the second half of 2024 and proceed to broaden for the remainder of the yr. We anticipate working at adjusted EBITDA profitability on a month-to-month foundation within the late a part of 2024.”

First Quarter 2024 Monetary Highlights

• Income elevated by 24% year-over-year to US$22.2 million within the first quarter of 2024
  • On-line monetary comparability platforms income elevated by 22% year-over-year to US$18.1 million
  • Creatory, MoneyHero’s B2B enterprise, income elevated by 34% year-over-year and contributed to 19% of Group income within the first quarter of 2024, as in comparison with 17% within the prior yr interval
• Income by markets:
  • Singapore income elevated by 61% year-over-year to US$8.9 million within the first quarter, with the strongest development coming from the bank card and insurance coverage verticals
  • Hong Kong income elevated by 37% year-over-year to US$7.7 million within the first quarter, with the strongest development coming from the non-public mortgage vertical
  • Philippines income decreased by 4% year-over-year to US$4.0 million within the first quarter, largely as a result of revised pricing phrases for a key shopper upon the completion of its companies migration post-acquisition
  • Taiwan income decreased by 40% year-over-year to US$1.4 million within the first quarter as a result of paused product choices for sure key purchasers, however secured offers with new and returning purchasers within the first quarter
• Income from insurance coverage merchandise elevated by 44% year-over-year to US$1.8 million within the first quarter of 2024, contributing 8% of Group income, as in comparison with 7% within the prior yr interval
• Complete working prices and bills elevated to US$34.5 million within the first quarter of 2024 from US$18.8 million within the prior yr interval, pushed primarily by elevated funding in advertising and buyer acquisition as a part of the Firm’s technique to broaden market share and improve model consciousness
• Adjusted EBITDA loss elevated to US$(6.4) million within the first quarter of 2024 from US$(0.3) million within the prior yr interval
• As of March 31, 2024, the Firm had a debt-free steadiness sheet with US$60.0 million in money and money equivalents

First Quarter 2024 Operational Highlights

• Month-to-month Distinctive Customers decreased by 3% year-over-year to eight.5 million within the first quarter of 2024, however Complete Visitors elevated by 4% year-over-year to 32.7 million on the again of sturdy visitors development within the Philippines
• MoneyHero Group Members, to whom we are able to present extra tailor-made product data and suggestions, grew by 59% year-over-year to five.9 million as of March 31, 2024 as a result of membership development throughout all markets
• Permitted Software volumes elevated by 72% year-over-year within the first quarter to 206,000, pushed by sturdy development within the Firm’s bank card and insurance coverage merchandise

Capital Construction

The desk under summarizes the capital construction of the Firm as of March 31, 2024:

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1} Consists of unexercised and exercised choices, however not but issued as of March 31, 2024.
² Public Warrants, Sponsor Warrants, Class A-1 Warrants, Class A-2 Warrants and Class A-3 Warrants are excluded since they’re out of cash.

Convention Name Particulars

The Firm will host a convention name and webcast on Monday, June 24, 2024, at 8:00 a.m. Japanese Normal Time / 8:00 p.m. Singapore Normal Time to debate the Firm’s monetary outcomes. The MoneyHero Restricted (NASDAQ: MNY) Q1 2024 Earnings name might be accessed by registering at:

Webcast: https://edge.media-server.com/mmc/p/zi3tnfu6/
Convention name: https://register.vevent.com/register/BI3c7e08b0e5fc45c18338b9e37908a351

The webcast replay shall be accessible on the Investor Relations web site for 12 months following the occasion.

About MoneyHero Group

MoneyHero Restricted (NASDAQ: MNY), previously often called Hyphen Group or CompareAsia Group, is a market chief within the on-line private finance and digital insurance coverage aggregation and comparability sector in Higher Southeast Asia. The Firm operates in Singapore, Hong Kong, Taiwan, the Philippines, and Malaysia with respective manufacturers for every native market. MoneyHero presently managed 262 industrial accomplice relationships and companies 8.5 million Month-to-month Distinctive Customers throughout its platform for the three months ended March 31, 2024. The Firm’s backers embody Peter Thiel—co-founder of PayPal, Palantir Applied sciences, and the Founders Fund—and Hong Kong businessman, Richard Li, the founder and chairman of Pacific Century Group. To study extra about MoneyHero and the way the modern fintech firm is driving APAC’s digital financial system, please go to www.MoneyHeroGroup.com.

Key Efficiency Metrics and Non-IFRS Monetary Measures

“Month-to-month Distinctive Consumer” means as a novel person with at the very least one session in a given month as decided by a novel gadget identifier from Google Analytics. A session initiates when a person both opens an app within the foreground or views a web page or display and no session is presently energetic (e.g., the person’s earlier session has ended). A session ends after half-hour of person inactivity. We measure Month-to-month Distinctive Customers throughout a time interval longer than one month by averaging the Month-to-month Distinctive Customers of every month inside that interval.

“Visitors” means the entire variety of distinctive periods in Google Analytics. A novel session is a bunch of person interactions recorded when a person visits the web site or app inside a 30-minute window. The present session ends when there’s half-hour of inactivity or customers have a change in visitors supply.

“MoneyHero Group Members” means (i) customers who’ve login IDs with us in Singapore, Hong Kong and Taiwan , (ii) customers who subscribe to our electronic mail distributions in Singapore, Hong Kong, Taiwan, the Philippines and Malaysia, and (iii) customers who’re registered in our rewards database in Singapore and Hong Kong. Any duplications throughout the three sources above are deduplicated.

“Clicks” means the sum of distinctive clicks by product vertical on a tagged “Apply Now” button on our web site, together with product end result pages and blogs. We monitor Clicks to grasp how our customers interact with our platforms previous to software submission or buy, which permits us to additional optimize conversion charges.

“Purposes” means the entire variety of product purposes submitted by customers and confirmed by our industrial companions.

“Permitted Purposes” means the variety of purposes which have been accredited and confirmed by our industrial companions.

Along with MoneyHero Group’s outcomes decided in accordance with IFRS, MoneyHero Group believes that the important thing efficiency metrics above and the non-IFRS measures under are helpful in evaluating its working efficiency. MoneyHero Group makes use of these measures, collectively, to guage ongoing operations and for inner planning and forecasting functions. MoneyHero Group believes that non-IFRS data, when taken collectively, could also be useful to traders as a result of it gives consistency and comparability with previous monetary efficiency and should help in comparisons with different firms to the extent that such different firms use comparable non-IFRS measures to complement their IFRS outcomes. These non-IFRS measures are offered for supplemental informational functions solely and shouldn’t be thought of an alternative to monetary data offered in accordance with IFRS and could also be completely different from equally titled non-IFRS measures utilized by different firms. Accordingly, non-IFRS measures have limitations as analytical instruments, and shouldn’t be thought of in isolation or as substitutes for evaluation of different IFRS monetary measures, reminiscent of loss for the yr/interval and loss earlier than revenue tax.

Adjusted EBITDA is a non-IFRS monetary measure outlined as loss for the yr/interval plus depreciation and amortization, curiosity revenue, finance prices, revenue tax bills/(credit score), equity-settled share choice expense, worker severance bills, transaction bills, modifications in honest worth of monetary devices, non-recurring authorized charges, and unrealized international alternate variations. Adjusted EBITDA Margin is outlined as Adjusted EBITDA as a share of income.

A reconciliation is offered for every non-IFRS measure to essentially the most straight comparable monetary measure acknowledged in accordance with IFRS. Traders are inspired to evaluate the associated IFRS monetary measures and the reconciliations of those non-IFRS measures to their most straight comparable IFRS monetary measures. IFRS differs from U.S. GAAP in sure materials respects and thus is probably not similar to monetary data offered by U.S. firms. We presently, and can proceed to, report monetary outcomes underneath IFRS, which differs in sure important respect from U.S. GAAP.

Ahead Wanting Statements

This doc consists of “forward-looking statements” inside the that means of the USA federal securities legal guidelines and in addition accommodates sure monetary forecasts and projections. All statements aside from statements of historic truth contained on this communication, together with, however not restricted to, statements as to the Group’s development methods, future outcomes of operations and monetary place, market measurement, trade tendencies and development alternatives, are forward-looking statements. A few of these forward-looking statements might be recognized by way of forward-looking phrases, together with “outlook,” “believes,” “expects,” “potential,” “continues,” “might,” “will,” “ought to,” “might,” “seeks,” “predicts,” “intends,” “tendencies,” “plans,” “estimates,” “anticipates” or the adverse model of those phrases or different comparable phrases. All forward-looking statements are based mostly upon estimates and forecasts and replicate the views, assumptions, expectations, and opinions of the Firm, that are all topic to vary as a result of numerous elements together with, with out limitation, modifications usually financial circumstances. Any such estimates, assumptions, expectations, forecasts, views or opinions, whether or not or not recognized on this communication, ought to be thought to be indicative, preliminary and for illustrative functions solely and shouldn’t be relied upon as being essentially indicative of future outcomes. The forward-looking statements and monetary forecasts and projections contained on this communication are topic to quite a few elements, dangers and uncertainties. Potential dangers and uncertainties that might trigger the precise outcomes to vary materially from these expressed or implied by forward-looking statements embody, however are usually not restricted to, modifications in enterprise, market, monetary, political and authorized circumstances; the Firm’s capability to draw new and retain present prospects in a value efficient method; aggressive pressures in and any disruption to the industries during which the Firm and its subsidiaries (the “Group”) operates; the Group’s capability to attain profitability regardless of a historical past of losses; and the Group’s capability to implement its development methods and handle its development; the Group’s capability to satisfy shopper expectations; the success of the Group’s new services or products choices; the Group’s capability to draw visitors to its web sites; the Group’s inner controls; fluctuations in international foreign money alternate charges; the Group’s capability to boost capital; media protection of the Group; the Group’s capability to acquire ample insurance coverage protection; modifications within the regulatory environments (reminiscent of anti-trust legal guidelines, international possession restrictions and tax regimes) and common financial circumstances within the international locations during which the Group operates; the Group’s capability to draw and retain administration and expert workers; the affect of the COVID-19 pandemic or some other pandemic on the enterprise of the Group; the success of the Group’s strategic investments and acquisitions, modifications within the Group’s relationship with its present prospects, suppliers and repair suppliers; disruptions to the Group’s data expertise techniques and networks; the Group’s capability to develop and defend its model and the Group’s popularity; the Group’s capability to guard its mental property; modifications in regulation and different contingencies; the Group’s capability to attain tax efficiencies of its company construction and intercompany preparations; potential and future litigation that the Group could also be concerned in; and unanticipated losses, write-downs or write-offs, restructuring and impairment or different costs, taxes or different liabilities which may be incurred or required and technological developments within the Group’s trade. The foregoing record of things just isn’t exhaustive. It’s best to rigorously think about the foregoing elements and the opposite dangers and uncertainties described within the “Danger Components” part of the Firm’s registration assertion on Type F-1 (File No.: 333-275205), and different paperwork to be filed by the Firm occasionally with the U.S. Securities and Change Fee. These filings establish and deal with different essential dangers and uncertainties that might trigger precise occasions and outcomes to vary materially from these contained within the forward-looking statements. As well as, there could also be extra dangers that the Firm presently doesn’t know, or that the Firm presently believes are immaterial, that might additionally trigger precise outcomes to vary from these contained within the forward-looking statements. Ahead-looking statements replicate the Firm’s expectations, plans, projections or forecasts of future occasions and think about. If any of the dangers materialize or the Firm’s assumptions show incorrect, precise outcomes might differ materially from the outcomes implied by these forward-looking statements. Ahead-looking statements communicate solely as of the date they’re made. The Firm anticipates that subsequent occasions and developments might trigger their assessments to vary. Nevertheless, whereas the Firm might elect to replace these forward-looking statements in some unspecified time in the future sooner or later, the Firm particularly disclaims any obligation to take action, besides as required by legislation. The inclusion of any assertion on this doc doesn’t represent an admission by the Firm or some other individual that the occasions or circumstances described in such assertion are materials. These forward-looking statements shouldn’t be relied upon as representing the Firm’s assessments as of any date subsequent to the date of this doc. Accordingly, undue reliance shouldn’t be positioned upon the forward-looking statements. As well as, the analyses of the Firm contained herein are usually not, and don’t purport to be, value determinations of the securities, property, or enterprise of the Firm.

For investor and media inquiries, please contact:

Investor Relations: [email protected]

Media: [email protected]

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