Currenc Group Inc. Announces First Quarter 2025 Financial Results

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Currenc reported declining revenues and widening losses, though core remittance business remains profitable amid strategic pivot to AI.

Currenc's Q1 2025 results reveal significant operational challenges, with total revenues excluding divested units declining 11.5% year-over-year to $10.0 million. The company's core remittance business through Tranglo processed $1.30 billion in Total Processing Value (TPV), a 3.7% decrease from Q1 2024, while transactions fell from 2.94 million to 2.77 million, primarily due to weakness in the Hong Kong market.

The company's financials show concerning trends across multiple segments. Remittance revenue fell 8% to $4.6 million, with Tranglo's take rate declining to 0.35% from 0.37% a year earlier. More dramatically, global airtime transfer revenues plummeted 23.1% to $2.0 million due to increasing WiFi availability in Southeast Asia reducing demand. Management explicitly plans to deemphasize this declining business line and redirect resources toward AI initiatives.

On profitability, gross margin contracted to 31.8% from 33.6%, while operating expenses increased substantially to $7.5 million from $5.8 million. The EBITDA loss widened dramatically to $2.8 million compared to just $234,000 in Q1 2024. The net loss was $4.5 million, with headquarters expenses being a major contributor.

The financial picture isn't entirely negative, however. Direct costs decreased 20.7% to $6.9 million, and Tranglo maintained a stable payout rate of 0.13%. The Tranglo unit remains profitable with an EBITDA of $1.3 million, demonstrating that the core remittance business continues to generate positive cash flow despite market pressures.

Management commentary focuses on future growth strategies amid competitive pressures. The company is investing $0.5 million in new AI initiatives expected to contribute to revenue and improve EBITDA in 2025, while also expanding into higher-margin remittance corridors. It's worth noting that $2.2 million of the increased expenses were one-time costs related to incentive shares granted upon completion of their SPAC merger, suggesting normalized expenses might be lower going forward.

05/20/2025 - 04:01 PM

SINGAPORE, May 20, 2025 (GLOBE NEWSWIRE) -- Currenc Group Inc. (Nasdaq: CURR) (“Currenc” or the “Company”), a fintech pioneer empowering financial institutions worldwide with artificial intelligence (AI) solutions, today announced its financial results for the first quarter ended March 31, 2025.

First Quarter 2025 Financial Highlights

Total Processing Value (TPV) through Tranglo was US$1.30 billion for the first quarter of 2025, decreasing by 3.7% year-over-year. Total number of transactions decreased to 2.77 million for the first quarter of 2025 from 2.94 million for the same period of 2024. The decline in TPV was mainly due to the decline in business volume from the Hong Kong market.
Total revenues excluding TNG Asia and GEA¹ were US$10.0 million for the first quarter of 2025, representing a year-over-year decrease of 11.5%, primarily due to the 23.1% decline in global airtime revenue.

	For the three-month period ended March 31,
	2025		2024
	$		$
	(dollars in thousands)
Remittance revenue excluding TNG Asia & GEA		4,583		5,025

Global Airtime Revenue		2,022		2,573
Indonesian Airtime Revenue		3,437		3,742
Total Revenue excluding TNG Asia & GEA		10,042		11,340

Total remittance revenues excluding TNG Asia and GEA, i.e., remittance revenues contributed by Tranglo, were US$4.6 million for the first quarter of 2025, down 8% year-over-year. The decline in remittance revenue was mainly due to a decrease in remittance revenue from the Hong Kong market. Tranglo’s overall take rate declined to 0.35% in the first quarter of 2025 from 0.37% in the same period of 2024.

Currenc’s global airtime transfer revenues were US$2.0 million for the first quarter of 2025, representing a year-over-year decrease of 23.1%. The growing availability of free Wi-Fi in Southeast Asian countries, especially Malaysia and Indonesia, has led to declining demand for Malaysia-Indonesia airtime transfers, resulting in a decline in global airtime business in the first quarter of 2025. As Currenc expects this trend to continue in Southeast Asian markets, the Company’s management plans to deemphasize airtime transfer and reallocate its resources and capital to expand its new AI product offerings.

Total direct costs of revenue were US$6.9 million for the first quarter of 2025, representing a year-over-year decrease of 20.7%.

The direct payout rate for Tranglo’s remittance business was 0.13% for the first quarter of 2025, flat compared to 0.12% for the same period of 2024. Currenc’s overall gross profit margin ratio for the first quarter of 2025 was 31.8%, compared to 33.6% for the same period of 2024.

Total operating expenses increased to $7.5 million for the first quarter of 2025 from $5.8 million for the same period of 2024. The increase was mainly due to expenses of $2.2 million in recognition of the incentive shares granted to employees upon the completion of the INFINT SPAC merger.

As Currenc divested TNG Asia and GEA in August and July 2024, respectively, its operating costs now reflect the operating costs of Tranglo, WalletKu and the Company’s headquarters only. Also, with the rollout of its new AI initiatives, Currenc incurred $0.5 million in operating costs related to these new businesses in the first quarter of 2025. The new AI businesses are expected to contribute incrementally to revenues and positively impact EBITDA in 2025.
- Tranglo’s operating costs for the first quarter of 2025 were $3.2 million, representing an increase of 14% from $2.8 million in the same period of 2024.
- WalletKu’s operating costs were $0.2 million for the first quarter of 2025, as compared to $0.4 million for the same period of 2024.
- Professional fees and director fees were $0.8 million and $0.6 million for the first quarter of 2025, respectively.

Other income totaled $1.0 million for the first quarter of 2025, mainly contributed by Tranglo.

EBITDA analysis

For the three-month period ended March 31, 2025	Tranglo		WalletKu			TNG Asia and GEA		Headquarters and adjustments			Group Total
	(dollars in thousands)
Net income (loss)		1,160		(136	)		-		(5,511	)		(4,487	)

Add:
Income tax expenses		141		-			-		(93	)		48
Interest expense, net		21		-			-		1,066			1,087
EBIT		1,322		(136	)		-		(4,538	)		(3,352	)
Depreciation and amortization		-		-			-		-			554
EBITDA		1,322		(136	)		-		(4,538	)		(2,798	)

The Company’s total EBITDA for the first quarter of 2025 was a loss of $2.8 million.

Tranglo and WalletKu’s combined EBITDA for the first quarter of 2025 was $1.2 million.

TNG Asia and GEA’s combined losses had no impact on the Company’s results from the fourth quarter of 2024 onwards as they were divested before the completion of the de-SPAC merger.

Headquarters expenses and adjustments recorded an EBIT loss of $4.5 million, mainly contributed by:
- $2.2 million in “Operating Expenses” in recognition of the incentive shares granted upon completion of the de-SPAC merger.
- $0.8 million for professional fees.

For the three-month period ended March 31, 2024	Tranglo		WalletKu			TNG Asia and GEA			Headquarters and adjustments			Group Total
	(dollars in thousands)
Net income (loss)		1,070		(123	)		(1,039	)		(2,540	)		(2,632	)

Add:
Income tax expenses		163		-			-			(92	)		71
Interest expense, net		-		-			242			1,069			1,311
EBIT		1,233		(123	)		(797	)		(1,563	)		(1,250	)
Depreciation and amortization		-		-			-			-			1,016
EBITDA		1,233		(123	)		(797	)		(1,563	)		(234	)

Net loss was US$4.5 million for the first quarter of 2025, primarily driven by the net loss of $5.5 million incurred by headquarters and adjustments.

Management Comments
"As demand for digital remittance continues to grow steadily, intensified market competition is compressing pricing," said Alex Kong, Founder and Executive Chairman of Currenc. "Against this backdrop, we strove to maintain Tranglo’s healthy take rate while delivering TPV of US $1.30 billion in the first quarter of 2025, underscoring the strength of our core remittance platform and our disciplined strategic execution. Looking ahead, we are positioning Currenc for higher‑margin growth through two key initiatives: scaling our AI product offerings and expanding our remittance services into major corridors. We believe this combination of broader reach and AI‑driven innovation will support a more diversified revenue base and a structurally stronger bottom line."

Ronnie Hui, Chief Executive Officer of Currenc, commented, "While softer airtime demand weighed on our total revenues, our remittance business remained resilient amid a competitive environment in the first quarter of 2025, supporting a combined EBITDA for Tranglo and WalletKu of US $1.2 million. We are reallocating capital toward accelerating our AI initiatives and building higher‑margin remittance corridors to boost product value and operational scale, priming the Company for quality growth throughout the year. We also enhanced cost management and maintained Tranglo's payout rate at 0.13%. Operating expenses rose to US $7.5 million, primarily due to a one‑time US $2.2 million share‑based incentive linked to the de‑SPAC merger, as well as costs related to our new AI initiatives. Outside of these expenses, our headquarters’ operating costs remained broadly stable. Going forward, this strengthened bottom line will allow us to invest in AI-driven growth while maintaining financial discipline."

Non-GAAP Financial Measures
To supplement the Company’s consolidated financial statements, which are prepared and presented in accordance with GAAP, it uses EBITDA, a non-GAAP financial measure as described below, to understand and evaluate its core operating performance. This non-GAAP financial measure, which may differ from similarly titled measures used by other companies, is presented to enhance investors’ overall understanding of the Company’s financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

EBITDA is defined as net loss before interest, taxes, depreciation, and amortization. Currenc believes that EBITDA provides useful information to investors and others in understanding and evaluating its operating results. This non-GAAP financial measure eliminates the impact of items that Currenc does not consider indicative of the performance of its business. While Currenc believes that this non-GAAP financial measure is useful in evaluating its business, this information should be considered supplemental in nature and is not meant as a substitute for the related financial information prepared in accordance with GAAP.

About Currenc Group Inc.
Currenc Group Inc. (Nasdaq: CURR) is a fintech pioneer dedicated to transforming global financial services through artificial intelligence (AI). The Company empowers financial institutions worldwide with comprehensive AI solutions, including SEAMLESS AI Call Centre and other AI-powered Agents designed to reduce costs, increase efficiency and boost customer satisfaction for banks, insurance, telecommunications companies, government agencies and other financial institutions. The Company’s digital remittance platform also enables e-wallets, remittance companies, and corporations to provide real-time, 24/7 global payment services, advancing financial access across underserved communities.

For additional information, please refer to the Currenc website https://www.currencgroup.com and the annual report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission.

Safe Harbor Statement
This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Further information regarding these and other risks, uncertainties, or factors is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.

Investor & Media Contact
Currenc Group Investor Relations
Email: investors@currencgroup.com

SOURCE: Currenc Group Inc.


CURRENC GROUP INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

	Three months ended March 31,
	2025			2024
	US$			US$
Revenue		10,055,569			13,104,123

Cost of revenue		(6,854,172	)		(8,696,562	)
Gross profit		3,201,397			4,407,561
Selling expenses		-			(3,987	)

General and administrative expenses		(7,522,252	)		(5,824,208	)

Loss from operations		(4,320,855	)		(1,420,634	)
Finance costs, net		(1,087,313	)		(1,311,363	)
Other income		969,691			189,735
Other expenses		(402	)		(19,137	)

Loss before income tax		(4,438,879	)		(2,561,399	)
Income tax expense		(48,479	)		(70,529	)

Net loss		(4,487,358	)		(2,631,928	)
Net income attributable to non-controlling interests		(187,000	)		(403,056	)

Net loss attributable to Currenc Group Inc.		(4,674,358	)		(3,034,984	)

Net loss per share, basic and diluted (1)	$	(0.13	)	$	(0.09	)

Shares used in net loss per share computation, basic and diluted (1)		35,374,891			33,980,753

Other comprehensive loss:
Foreign currency translation adjustments		171,532			368,135

Total comprehensive loss		(4,315,826	)		(2,263,793	)
Total comprehensive loss (income) attributable to non-controlling interests		(228,069	)		(407,798	)
Total comprehensive loss attributable to Currenc Group Inc.		(4,543,895	)		(2,671,591	)

^{(1) Retrospectively restated to reflect Reverse Recapitalization}

CURRENC GROUP INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

	March 31, 2025			December 31, 2024
		US$			US$
ASSETS
Current assets:
Cash and cash equivalents		62,300,298			63,821,397
Restricted cash		40,978			40,742
Accounts receivable, net		2,103,924			2,115,681
Other financial assets		3,171,000			-
Amounts due from related parties		449,094			560,823
Prepayments, receivables and other assets		25,874,112			20,948,216
Total current assets		93,939,406			87,486,859
Non-current assets:
Equipment and software, net		1,118,661			1,055,520
Right-of-use asset		294,965			349,240
Intangible assets		3,000,978			3,386,117
Goodwill		12,059,428			12,059,428
Deferred tax assets		344,291			342,822
Total non-current assets:		16,818,323			17,193,127
Total assets		110,757,729			104,679,986
LIABILITIES AND SHAREHOLDERS’ DEFICIT
Current liabilities:
Borrowings		20,128,362			20,150,058
Receivable factoring		480,225			258,415
Other financial liabilities		3,329,550			-
Accounts payable, accruals and other payables		51,411,453			55,329,740
Amounts due to related parties		76,472,666			67,697,074
Convertible bonds		1,750,000			1,750,000
Lease liabilities		177,505			171,909
Total current liabilities:		153,749,761			145,357,196
Non-current liabilities:
Deferred tax liabilities		784,479			876,912
Employee benefit obligation		39,259			45,289
Lease liabilities		111,833			156,647
Total non-current liabilities:		935,571			1,078,848
Total liabilities		154,685,332			146,436,044

Commitments and contingencies (Note 10)

Shareholders’ deficit:
Ordinary shares (US$0.0001 par value; 550,000,000 shares authorized 46,527,999 and 46,527,999 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively) (1)		4,653			4,653
Additional paid-in capital (1)		67,797,587			65,638,838
Accumulated deficit		(136,197,260	)		(131,522,902	)
Accumulated other Comprehensive Loss		7,873			(108,122	)
Total shareholders’ deficit attributable to Currenc Group Inc.		(68,387,147	)		(65,987,533	)
Non-controlling interests		24,459,544			24,231,475
Total deficit		(43,927,603	)		(41,756,058	)
Total liabilities and shareholders’ deficit		110,757,729			104,679,986

^{(1) Retrospectively restated to reflect Reverse Recapitalization}

CURRENC GROUP INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

	Three months ended March 31,
	2025			2024
	US$			US$
Cash flows from operating activities:
Net loss		(4,487,358	)		(2,631,928	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Non-cash expense for Share-based compensation		2,158,749			-
Depreciation of equipment and software		123,799			142,518
Depreciation of right-of-use assets		53,712			41,981
Amortization of intangible assets		385,139			831,392
Deferred income taxes		(92,426	)		54,704
Disposal of fixed assets		401			-
Unrealized foreign exchange gain		328,269			(124,690	)
Changes in operating assets and liabilities:
Accounts receivable		33,923			(110,270	)
Prepayments, receivables and other assets		(4,918,772	)		9,477,057
Escrow money payable		-			218,542
Client money payable		-			146,847
Accounts payable, accruals and other payables		(4,068,655	)		(7,014,740	)
Interest payable on convertible bonds		-			952,736
Amount due from a director		729,198			-
Amount due to Immediate holding company		23,766			-
Amounts due from related parties		(3,652	)		-
Amounts due to related parties		8,245,995			(2,205,121	)
Net cash used in operating activities		(1,487,912	)		(220,972	)

Cash flows from investing activities:
Decrease in short-term investments		-			615
Purchases of property, plant and equipment		(175,158	)		(12,058	)
Proceeds received from disposal of PPE		596			-
Net cash used in investing activities		(174,562	)		(11,443	)

Cash flows from financing activities:
Proceeds from borrowings		-			639,210
Repayment of borrowings		-			(95,742	)
Proceeds from receivable factoring		433,287			586,789
Repayment of receivable factoring		(218,974	)		(610,559	)
Payment of principal elements of lease liabilities		(65,286	)		(46,295	)
Payment of interest elements of lease liabilities		(7,416	)		(2,952	)
Net cash generated from/(used in) financing activities		141,611			470,451

Net decrease in cash and cash equivalents		(1,520,863	)		238,036
Cash and cash equivalents, restricted cash and escrow money receivable at beginning of the period		63,862,139			58,960,384
Cash and cash equivalents, restricted cash and escrow money receivable at end of the period		62,341,276			59,198,420

Supplemental disclosure of cash flow information:
Income taxes paid		(140,905	)		(15,825	)
Interest paid		(48,773	)		(346,270	)

CURRENC GROUP INC. AND SUBSIDIARIES

EBITDA Analysis for the First Quarter of 2025 and 2024

For the three-month period ended March 31, 2025	Tranglo		WalletKu			TNG Asia and GEA		Headquarters and adjustments			Group Total
	(dollars in thousands)
Net income (loss)		1,160		(136	)		-		(5,511	)		(4,487	)

Add:
Income tax expenses		141		-			-		(93	)		48
Interest expense, net		21		-			-		1,066			1,087
EBIT		1,322		(136	)		-		(4,538	)		(3,352	)
Depreciation and amortization		-		-			-		-			554
EBITDA		1,322		(136	)		-		(4,538	)		(2,798	)

For the three-month period ended March 31, 2024	Tranglo		WalletKu			TNG Asia and GEA			Headquarters and adjustments			Group Total
	(dollars in thousands)
Net income (loss)		1,070		(123	)		(1,039	)		(2,540	)		(2,632	)

Add:
Income tax expenses		163		-			-			(92	)		71
Interest expense, net		-		-			242			1,069			1,311
EBIT		1,233		(123	)		(797	)		(1,563	)		(1,250	)
Depreciation and amortization		-		-			-			-			1,016
EBITDA		1,233		(123	)		(797	)		(1,563	)		(234	)

_{¹ TNG Asia and GEA were divested in August 2024 and July 2024, respectively.}
_{² Tranglo maintained a positive EBITDA for the first quarter of 2025 and 2024.}
_{³ Tranglo and WalletKu maintained a combined positive EBITDA for the first quarter of 2025 and 2024.}

____________________________________
_{¹ Currenc divested TNG Asia and GEA in August 2024 and July 2024, respectively. As such, from the fourth quarter of 2024 onward, only Tranglo’s (digital remittance and global airtime transfer businesses) and WalletKu’s (Indonesian airtime business) results will be consolidated and reported in the Company’s financial statements.}

FAQ

What caused CURR's revenue decline in Q1 2025?

Currenc's revenue declined 11.5% primarily due to a 23.1% drop in global airtime revenue, decreased business volume from Hong Kong market, and lower remittance revenue. The decline in airtime revenue was attributed to growing availability of free Wi-Fi in Southeast Asian countries.

How much did Currenc (CURR) invest in AI initiatives in Q1 2025?

Currenc invested $0.5 million in operating costs related to new AI initiatives during Q1 2025, with management expecting these AI businesses to contribute incrementally to revenues and positively impact EBITDA in 2025.

What was CURR's Total Processing Value (TPV) in Q1 2025?

Currenc's Total Processing Value through Tranglo was $1.30 billion in Q1 2025, representing a 3.7% decrease year-over-year from Q1 2024.

What is Currenc's (CURR) strategic focus for future growth?

Currenc is focusing on two key initiatives: scaling AI product offerings and expanding remittance services into major corridors, while deemphasizing airtime transfer business. This strategy aims to support a more diversified revenue base and stronger bottom line.

What was Currenc's (CURR) EBITDA in Q1 2025?

Currenc reported a total EBITDA loss of $2.8 million in Q1 2025, with Tranglo and WalletKu's combined EBITDA at $1.2 million.

Currenc Group Inc. Announces First Quarter 2025 Financial Results

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What caused CURR's revenue decline in Q1 2025?

How much did Currenc (CURR) invest in AI initiatives in Q1 2025?

What was CURR's Total Processing Value (TPV) in Q1 2025?

What is Currenc's (CURR) strategic focus for future growth?

What was Currenc's (CURR) EBITDA in Q1 2025?

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Currenc Group Inc. Announces First Quarter 2025 Financial Results

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