NASDAQ-LISTED MoneyHero reported a net loss of US$12.2 million for the second quarter ended Jun 30, narrowing from a loss of US$68.6 million in the year-ago period.
This was attributed to “investments in strategically expanding customer acquisition, brand building, technology re-platforming and data infrastructure”, said chief financial officer Hao Qian in a statement on Friday (Sep 20).
Loss per share stood at US$0.3, narrowing from US$47.3 in the previous year.
Despite the loss, the group’s revenue for the second quarter went up 24 per cent on year to US$20.7 million, from US$16.7 million in the previous year.
The personal finance platform, which aggregates and compares digital insurance packages and runs Seedly and SingSaver in Singapore, attributed this to “solid growth in approved applications”.
The company’s revenue from Singapore surged 68 per cent year on year to US$9 million from US$5.4 million. This was approximately 43.6 per cent of the group’s total revenue, “primarily driven by credit card and insurance product demand”.
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Hong Kong was the second largest contributor to revenue, recording a 19 per cent increase on the year to US$7.3 million from US$6.1 million.
In terms of source, online financial comparison platforms’ revenue climbed 26 per cent year on year to US$17.8 million from US$14.1 million, contributing approximately 85.9 per cent to overall revenue.
MoneyHero’s B2B business, Creatory, contributed the remaining 14.1 per cent, with revenue increasing 13 per cent on year to US$2.9 million from US$2.6 million.
For the second quarter, the group’s adjusted Ebitda (earnings before interest, taxes, depreciation and amortisation) loss widened to US$9.3 million from US$0.6 million in the previous year.
The exit of a key provider from several of the group’s markets “had a notable effect on both revenue and profitability”, noted Hao.