Rohith Murthy, Chief Executive Officer, stated: “In a landmark quarter that capped off a monumental year for the business, MoneyHero not only reinforced its market leadership in Asia’s leading financial hubs of Singapore and Hong Kong, but also continued to capture significant market share away from our closest competitors, further establishing MoneyHero as the preferred consumer finance platform for top banks, as well as insurance partners across Greater Southeast Asia. Our focus on expanding insurance offerings, starting with travel insurance, has significantly increased direct purchases from our platform. This not only improves the user experience and engagement, but also our unit economics, enabling us to offer a wider range of relevant insurance products. As a result, our insurance revenue more than doubled this past year, underlining our growing focus on this rapidly expanding market. Beyond our core businesses and legacy markets, our progress in the Philippines was also especially remarkable, with revenue increasing 64% year-over-year in the fourth quarter, showcasing our ability to scale and appeal broadly across the emerging region. Additionally, Creatory, our innovative B2B2C platform, showed solid performance over the past year and now contributes to more than 17% of our group revenue, up from 12% last year. This reflects the strength of our diversified business model and our adeptness at quickly capitalizing on evolving digital content trends.”
“Importantly, we ended 2023 by upgrading most of our leading comparison channels to a more advanced technology platform which also consolidated our comprehensive data into a streamlined system, enhancing both operational efficiency and user experience. As we look ahead in 2024 and beyond, our strategic direction is concentrated on four fundamental pillars: 1) Best Site—enhancing our platform to become the most user-friendly destination for customers, improving user journeys and tools; 2) Operational Efficiency—we are streamlining workflows, reducing manual operations, and increasing value for stakeholders through automation and stronger utilization of our integrated data platform; 3) Insurance—just as we have done with our personal finance offerings, we aim to become the premier choice in Greater Southeast Asia in helping consumers identify and acquire any general insurance product, broadening our range and simplifying the acquisition process for our customers; 4) Shareholder Value—following our public listing in 2023, MoneyHero is now an organization with a relentless dedication to building trust for our shareholders, and ultimately, working hard to drive value for them every day. Building off an accomplished year in 2023, we are now more than ever better positioned for the future, backed by a world-class platform, elevated technology and user offerings, and stronger access to capital than any of our peers. I am proud to announce these results and look forward to the remainder of 2024 and beyond.”
Shaun Kraft, Chief Financial Officer and Chief Operating Officer, added: “MoneyHero delivered 18% year-over-year revenue growth in 2023, while improving Adjusted EBITDA loss to US$(6.8) million down from $(15.6) million in 2022. In the fourth quarter, we successfully completed our deSPAC transaction, raising capital to support our aggressive growth strategy and continue expanding our market share across Greater Southeast Asia. As of December 31, 2023, we had a debt-free balance sheet with US$68.6 million in cash, making MoneyHero by far the best capitalized player in its space. Fueled by this capital position and our dominant existing footprint, MoneyHero is focused on expanding its market leadership position through both organic and M&A initiatives. This strategy has already begun to show positive results with Q4 2023 revenue increasing 53% year-over-year.”
