CURRENC Group Inc. Announces Full Year 2024 Financial Results
Rhea-AI Summary
CURRENC Group Inc. (NASDAQ: CURR) reported its full year 2024 financial results, marked by mixed performance and strategic transformation into AI solutions. The company's Total Processing Value (TPV) through Tranglo increased by 13.2% to US$5.14 billion, while total revenues excluding TNG Asia and GEA decreased by 3.4% to US$42.0 million.
Key financial metrics include: remittance revenue growth of 6.4% to US$18.2 million, global airtime revenue decline of 23.8% to US$9.3 million, and gross profit margin improvement to 31% from 28% in 2023. The company reported a net loss of US$38.8 million for 2024.
Strategic initiatives launched in 2024-2025 include:
- SEAMLESS AI Call Centre Solutions
- Plans for a 500MW hyperscale AI data center in Malaysia
- Partnership with ARC Group for a $100 million AI-Focused Fund
- Launch of 'AI Staff for Hire' platform
- Contract with Coin Cove for AI-powered banking services
Positive
- TPV through Tranglo increased 13.2% to US$5.14 billion
- Remittance revenue grew 6.4% to US$18.2 million
- Gross profit margin improved to 31% from 28%
- Remittance business gross profit margin increased to 62% from 58%
- Legal and professional fees decreased by US$3 million
Negative
- Total revenue declined 3.4% to US$42.0 million
- Global airtime revenue decreased 23.8% to US$9.3 million
- Net loss of US$38.8 million for full year 2024
- EBITDA loss of US$26.5 million
- Take rate declined to 0.37% from 0.43% due to competition
News Market Reaction – CURR
In the trading session that priced this news, CURR declined 2.00%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
SINGAPORE, April 16, 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 full year ended December 31, 2024.
Recent Business Highlights
CURRENC launched its strategic business transformation featuring several AI-driven initiatives. These projects position the Company at the forefront of AI innovation, create significant cross-selling opportunities and reinforce the Company’s commitment to delivering cutting-edge financial solutions globally.
- Launched SEAMLESS AI Call Centre Solutions (“Text AI,” “Voice AI,” and “Avatar AI”) to provide 24/7, multilingual virtual support;
- Unveiled “AI Staff for Hire,” a suite of customizable AI Agents for tasks such as compliance, KYC, and HR;
- Announced plans to develop a 500MW hyperscale AI data center in Malaysia;
- Partnered with ARC Group to establish a
$100 million AI-Focused Infrastructure & Investment Fund; - Secured a landmark contract with Coin Cove to deploy comprehensive AI-powered electronic banking services.
Full Year 2024 Financial Highlights
- Total Processing Value (TPV) through Tranglo was US
$5.14 billion for full year 2024, increasing by13.2% year-over-year. Total number of transactions increased to 11.4 million for full year 2024 from 11.0 million for full year 2023. - Total revenues excluding TNG Asia and GEA1 were US
$42.0 million for full year 2024, representing a year-over-year decrease of3.4% . The decrease was mainly due to the23.8% decline in global airtime revenue. As TNG Asia and GEA were divested during the third quarter, going forward, the Company’s total revenues will be comprised mainly of revenues contributed by Tranglo’s remittance and global airtime businesses and WalletKu’s Indonesian airtime business.
| For the full-year period ended December 31, | |||||||
| 2024 | 2023 | ||||||
| $ | $ | ||||||
| (dollars in thousands) | |||||||
| Remittance revenue excluding TNG Asia & GEA | 18,174 | 17,116 | |||||
| Global Airtime Revenue | 9,336 | 12,188 | |||||
| Indonesian Airtime Revenue | 14,505 | 14,211 | |||||
| Total Revenue excluding TNG Asia & GEA | 42,015 | 43,515 | |||||
- Total remittance revenues excluding TNG Asia and GEA, i.e. remittance revenue contributed by Tranglo, were US
$18.2 million for full year 2024, up6.4% year-over-year. While Tranglo’s overall take rate declined to0.37% in 2024 from0.43% in 2023 due to intense market competition, its TPV increased by13.2% to$5.14 billion , driving the increase in revenue. For full year 2024, ODL flows represented only4.5% of Tranglo’s TPV. - CURRENC’s global airtime transfer revenues were US
$9.3 million for full year 2024, representing a year-over-year decrease of23.8% . 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 Tranglo’s global airtime business in 2024. As CURRENC expects this trend to continue in South East Asian markets, the Company’s management plans to deemphasize airtime transfer and reallocate its resources and capital to expand the remittance business. - Total direct costs of revenue excluding TNG Asia and GEA were US
$28.9 million for full year 2024, representing a year-over-year decrease of8% .
| For the full-year period ended December 31, | |||||||
| 2024 | 2023 | ||||||
| $ | $ | ||||||
| (dollars in thousands) | |||||||
| Remittance direct costs excluding TNG Asia & GEA | 6,878 | 7,168 | |||||
| Global Airtime Direct Costs | 8,089 | 10,744 | |||||
| Indonesian Airtime Direct Costs | 13,910 | 13,463 | |||||
| Total Direct Costs excluding TNG Asia & GEA | 28,877 | 31,375 | |||||
- The direct payout rate for Tranglo’s remittance business improved to
0.12% for 2024 from0.15% for 2023. Therefore, although Tranglo’s TPV increased by13.2% , its direct remittance costs declined by4.2% . - Gross profit margin for the remittance business excluding TNG Asia and GEA was
62% , compared to58% for 2023. CURRENC’s overall gross profit margin ratio for full year 2024 was31% , compared to28% for 2023. - Total operating expenses increased to
$42.0 million for full year 2024 from$24.0 million for full year 2023. The substantial increase was mainly due to expenses of$20.9 million in recognition of the incentive shares granted to employees upon the completion of the INFINT SPAC merger, and$1 million in recognition of shares granted to Roth for their services as Capital Market Advisor.
As CURRENC divested TNG Asia and GEA in August and July 2024, respectively, its operating costs going forward will reflect the operating costs of Tranglo, WalletKu and the Company’s headquarters only. Also, as CURRENC rolls out its new AI initiatives, operating costs in relation to these new businesses will be incurred from year 2025 onwards. The new AI businesses are also expected to bring in new revenues in the year 2025 onwards.
- Tranglo’s operating costs for full year 2024 were
$12.9 million , representing an increase of4.9% from$12.3 million for full year 2023, in line with TPV growth. - WalletKu’s operating costs were
$1.2 million for full year 2024, as compared to$1.5 million for full year 2023. - Legal and professional fees decreased to
$1.7 million for the full year of 2024, from$4.7 million in 2023, due to the completion of the INFINT SPAC merger and the cessation of related legal expenses.
- Tranglo’s operating costs for full year 2024 were
- Other Loss totaled
$2.2 million for full year 2024, mainly contributed by:$20.5 million in recognized gain upon the divestiture of GEA;- A goodwill impairment loss of
$5.4 million attributable to WalletKu; - A goodwill impairment loss of
$9.5 million attributable to Tranglo; - Impairment of Intangible assets for TNG Asia and GEA of
$5.6 million ; and - An impairment loss of
$3.2 million for the impairment of the intercompany balance.
- EBITDA analysis
| For the full-year period ended December 31, 2024 | Tranglo | WalletKu | TNG Asia and GEA | Headquarters and adjustments | Group Total | |||||||||||||||
| (dollars in thousands) | ||||||||||||||||||||
| Net income (loss) | 2,215 | (1,137 | ) | (3,740 | ) | (36,165 | ) | (38,827 | ) | |||||||||||
| Add: | ||||||||||||||||||||
| Income tax expenses | 535 | 413 | - | (370 | ) | 578 | ||||||||||||||
| Interest expense, net | 27 | 1,762 | 6,726 | 8,515 | ||||||||||||||||
| EBIT | 2,750 | (697 | ) | (1,978 | ) | (29,809 | ) | (29,734 | ) | |||||||||||
| Depreciation and amortization | - | - | - | - | 3,280 | |||||||||||||||
| EBITDA | 2,750 | (697 | ) | (1,978 | ) | (29,809 | ) | (26,454 | ) | |||||||||||
-
- The Company’s total EBITDA for full year 2024 including TNG Asia and GEA was a loss of
$26.5 million . - Tranglo and WalletKu’s combined EBITDA for 2024 was a profit of
$2.05 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
$29.8 million , mainly contributed by:$20.9 million in “Operating Expenses” in recognition of the incentive shares granted upon completion of the de-SPAC merger;$1 million in “Operating Expenses” in recognition of the shares granted to Roth for their services as Capital Market Advisor;- A loss of
$3.2 million recognized as “Other Income/Loss” incurred by headquarters; - Headquarters’ legal expenses of
$1.4 million , mostly related to the de-SPAC merger; - Intangible Asset amortization of
$1.5 million attributable to Tranglo; and - Rental and general administrative expenses of around
$1.8 million .
- The Company’s total EBITDA for full year 2024 including TNG Asia and GEA was a loss of
| For the full-year period ended December 31, 2023 | Tranglo | WalletKu | TNG Asia and GEA | Headquarters and adjustments | Group Total | |||||||||||||||
| (dollars in thousands) | ||||||||||||||||||||
| Net income (loss) | 2,659 | (837 | ) | (4,835 | ) | (11,405 | ) | (14,418 | ) | |||||||||||
| Add: | ||||||||||||||||||||
| Income tax expenses | 843 | 50 | - | (370 | ) | 523 | ||||||||||||||
| Interest expense, net | - | - | 3,057 | 4,946 | 8,003 | |||||||||||||||
| EBIT | 3,502 | (787 | ) | (1,778 | ) | (6,829 | ) | (5,892 | ) | |||||||||||
| Depreciation and amortization | - | - | - | - | 3,817 | |||||||||||||||
| EBITDA | 3,502 | (787 | ) | (1,778 | ) | (6,829 | ) | (2,075 | ) | |||||||||||
- Net loss was US
$38.8 million for the full year of 2024, mainly contributed by the net loss of$36.2 million incurred by headquarters and adjustments, as well as a combined net loss of$3.7 million contributed by TNG Asia and GEA.
______________________________
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.
Management Comments
“2024 was a year of evolution and transformation for CURRENC,” said Alex Kong, Founder and Executive Chairman of CURRENC. “In our first months as a publicly listed company, we took decisive steps to streamline our organization and focus on core strengths while also moving into the AI space. Through our cutting-edge AI initiatives such as SEAMLESS AI Call Centre Solutions and AI Staff for Hire, we now offer comprehensive AI solutions for financial institutions to revolutionize their operational platforms and efficiently transform their businesses. As these products broaden our market reach, we expect to seize rising cross-selling opportunities and realize substantial synergies with our remittance business, propelling the Company’s holistic growth. Moreover, our planned 500MW hyperscale AI Data Center in Malaysia and the
Ronnie Hui, Chief Executive Officer of CURRENC, added, “Our mainstream digital remittance business remained resilient in 2024, demonstrated by consistent TPV growth. This growth resulted in a
Recent Developments
1. CURRENC Debuts SEAMLESS AI Call Centre Solutions (January 8, 2025)
CURRENC introduced “Text AI,” “Voice AI,” and “Avatar AI” to enable 24/7, cost-effective virtual support for financial institutions, government agencies, and telecom providers. These tools handle everything from routine inquiries to advanced KYC processes, increasing efficiency and enhancing customer satisfaction. The suite is available in over ten languages and easily integrates into mobile apps, delivering real-time conversation and multilingual support. SEAMLESS AI also offers an avenue to expand into debt collection, marketing, and other enterprise-driven use cases.
2. CURRENC to Develop 500MW Hyperscale AI Data Center in Malaysia (March 18, 2025)
The Company plans to acquire 100 acres of land in Johor, Malaysia, to build one of Southeast Asia’s largest AI data centers, with Phase 1 (100MW) slated for completion by the end of 2026. The campus will offer co-location and wholesale leasing to hyperscalers, enterprise clients, and other data center users, supporting financial institutions as they adopt AI at scale. Construction will begin once long-term anchor tenants commit to a significant portion of planned capacity. Management expects this AIDC to bolster the Company’s AI offerings and reduce barriers to AI deployment worldwide.
3. CURRENC Group and ARC Group Jointly Launch
CURR-ARC AI Fund 1 aims to invest in AI data centers (AIDC), green energy, and computing power development globally. Eighty percent of the Fund’s capital will go toward AI computing power and infrastructure projects, including CURRENC’s planned 500MW AIDC in Malaysia. The remaining
4. CURRENC’s SEAMLESS AI Lab Unveils “AI Staff for Hire” Platform (March 27, 2025)
“AI Staff for Hire” is a new AI-powered solution featuring pre-built Agents tailored to key finance industry tasks, including customer support, KYC, compliance, and HR management. These Agents allow businesses to scale their operations without expanding headcount, providing 24/7 multilingual service and real-time analytics for improved engagement. This launch marks a major step in CURRENC’s strategy to revolutionize global financial services through AI, building on the success of SEAMLESS AI Call Centre Solutions. CURRENC also expects to onboard new clients in emerging markets, creating synergy by cross-selling digital remittance and airtime transfer services.
5. CURRENC Empowers Coin Cove with AI-Powered Electronic Banking Services Platform (March 27, 2025)
CURRENC has secured a groundbreaking contract to provide Coin Cove with a comprehensive, AI-driven solution set, encompassing a multi-asset trading platform, SEAMLESS AI Call Centre technology, training, compliance, and MasterCard issuance. Coin Cove’s platform will leverage “AI Staff for Hire,” allowing for 24/7 personalized customer support and automated staff training. By integrating advanced risk management and real-time market insights, this initiative enhances user experience and strengthens compliance. This partnership marks CURRENC’s continued expansion into global electronic banking, with plans to cross-sell its remittance services and further shape the future of AI-driven financial solutions.
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 | ||||||||
| Full year ended December 31, | ||||||||
| 2024 | 2023 | |||||||
| US$ | US$ | |||||||
| Revenue | 46,435,412 | 53,255,361 | ||||||
| Cost of revenue | (31,843,467 | ) | (35,899,057 | ) | ||||
| Gross profit | 14,591,945 | 17,356,304 | ||||||
| Selling expenses | (13,408 | ) | (25,880 | ) | ||||
| General and administrative expenses | (41,954,296 | ) | (23,976,209 | ) | ||||
| Loss from operations | (27,375,759 | ) | (6,645,785 | ) | ||||
| Finance costs, net | (8,515,214 | ) | (8,002,552 | ) | ||||
| Other income | (2,193,865 | ) | 839,606 | |||||
| Other expenses | (163,621 | ) | (85,574 | ) | ||||
| Loss before income tax | (38,248,459 | ) | (13,894,305 | ) | ||||
| Income tax expense | (578,303 | ) | (523,481 | ) | ||||
| Net loss | (38,826,762 | ) | (14,417,786 | ) | ||||
| Net income attributable to non-controlling interests | (648,559 | ) | (888,764 | ) | ||||
| Net loss attributable to CURRENC Group Inc. | (39,475,321 | ) | (15,306,550 | ) | ||||
| Net loss per share, basic and diluted (1) | $ | (1.03 | ) | $ | (0.45 | ) | ||
| Shares used in net loss per share computation, basic and diluted (1) | 38,163,168 | 33,980,753 | ||||||
| Other comprehensive loss: | ||||||||
| Foreign currency translation adjustments | (209,531 | ) | 10,608 | |||||
| Total comprehensive loss | (39,036,293 | ) | (14,407,178 | ) | ||||
| Total comprehensive loss (income) attributable to non-controlling interests | (649,980 | ) | (871,614 | ) | ||||
| Total comprehensive loss attributable to CURRENC Group Inc. | (39,686,273 | ) | (15,278,792 | ) | ||||
| (1) | Retrospectively restated to reflect Reverse Recapitalization |
| CURRENC GROUP INC. AND SUBSIDIARIES | ||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| December 31, 2024 | December 31, 2023 | |||||||
| US$ | US$ | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | 63,821,397 | 48,516,765 | ||||||
| Short-term investments | - | 300,000 | ||||||
| Restricted cash | 40,742 | 5,428,790 | ||||||
| Accounts receivable, net | 2,115,681 | 2,450,871 | ||||||
| Prepayments to remittance agents | - | 137,854 | ||||||
| Escrow money receivable | - | 5,014,829 | ||||||
| Amounts due from related parties | 560,823 | 7,287,376 | ||||||
| Prepayments, receivables and other assets | 24,738,392 | 34,225,239 | ||||||
| Total current assets | 91,277,035 | 103,361,724 | ||||||
| Non-current assets: | ||||||||
| Investment in an equity security | - | 100,000 | ||||||
| Equipment and software, net | 1,055,520 | 1,016,490 | ||||||
| Right-of-use asset | 349,240 | 154,234 | ||||||
| Intangible assets | 3,386,117 | 9,191,713 | ||||||
| Goodwill | 12,059,428 | 27,001,383 | ||||||
| Deferred tax assets | 342,822 | 664,888 | ||||||
| Total non-current assets: | 17,193,127 | 38,128,708 | ||||||
| Total assets | 108,470,162 | 141,490,432 | ||||||
| LIABILITIES AND SHAREHOLDERS’ DEFICIT | ||||||||
| Current liabilities: | ||||||||
| Borrowings | 20,150,058 | 17,804,093 | ||||||
| Receivable factoring | 258,415 | 423,483 | ||||||
| Escrow money payable | - | 360,207 | ||||||
| Client money payable | - | 4,645,290 | ||||||
| Accounts payable, accruals and other payables | 59,119,916 | 53,988,231 | ||||||
| Amounts due to related parties | 67,697,074 | 86,488,519 | ||||||
| Convertible bonds and notes | 1,750,000 | 10,000,000 | ||||||
| Lease liabilities | 171,909 | 152,325 | ||||||
| Total current liabilities | 149,147,372 | 173,862,148 | ||||||
| Non-current liabilities: | ||||||||
| Borrowings | - | 2,506,974 | ||||||
| Deferred tax liabilities | 876,912 | 1,246,760 | ||||||
| Employee benefit obligation | 45,289 | 59,849 | ||||||
| Lease liabilities | 156,647 | - | ||||||
| Total non-current liabilities: | 1,078,848 | 3,813,583 | ||||||
| Total liabilities | 150,226,220 | 177,675,731 | ||||||
| Commitments and contingencies | ||||||||
| Mezzanine equity | - | 2,957,948 | ||||||
| Shareholders’ deficit: | ||||||||
| Ordinary shares (US | 4,653 | 3,398 | ||||||
| Additional paid-in capital (1) | 65,638,838 | 29,227,005 | ||||||
| Accumulated deficit | (131,522,902 | ) | (92,075,379 | ) | ||||
| Accumulated other Comprehensive (Loss)/Income | (108,122 | ) | 88,366 | |||||
| Total shareholders’ deficit attributable to CURRENC Group Inc. | (65,987,533 | ) | (62,756,610 | ) | ||||
| Non-controlling interests | 24,231,475 | 23,613,363 | ||||||
| Total deficit | (41,756,058 | ) | (39,143,247 | ) | ||||
| Total liabilities, mezzanine equity and shareholders’ deficit | 108,470,162 | 141,490,432 | ||||||
| (1) | Retrospectively restated to reflect Reverse Recapitalization |
| CURRENC GROUP INC. AND SUBSIDIARIES | ||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | ||||||||
| Years ended December 31, | ||||||||
| 2024 | 2023 | |||||||
| US$ | US$ | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | (38,826,762 | ) | (14,417,786 | ) | ||||
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||
| Non-cash expense for share-based compensation | 20,869,721 | — | ||||||
| Non-cash expense for share issued for service providers | 1,000,000 | — | ||||||
| Non-cash offering costs for convertible note | 2,512,000 | — | ||||||
| Non-cash finance cost for debt conversion | 340,159 | — | ||||||
| Amortization of discount on convertible bonds | — | 807,860 | ||||||
| Depreciation of equipment | 525,295 | 607,138 | ||||||
| Depreciation of right-of-use assets | 185,107 | 183,198 | ||||||
| Amortization of intangible assets | 2,186,175 | 3,200,843 | ||||||
| Reversal of provision for doubtful debts | 143,748 | — | ||||||
| Impairment loss on receivables | 3,158,042 | — | ||||||
| Gain on disposal of subsidiaries | (21,738,102 | ) | — | |||||
| Goodwill impairment | 14,941,955 | — | ||||||
| Deferred income taxes | 127,660 | 494,737 | ||||||
| Gain on disposal of fixed assets | — | (36,519 | ) | |||||
| Unrealized foreign exchange loss/(gain) | (659,467 | ) | (65,981 | ) | ||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | 140,559 | 605,202 | ||||||
| Prepayments to remittance agents | 98,603 | (45,631 | ) | |||||
| Amounts due to immediate holding company | (393,227 | ) | (391,432 | ) | ||||
| Amounts due from related parties | 4,183,438 | (5,348,525 | ) | |||||
| Prepayments, receivables and other assets | 7,980,401 | 2,502,972 | ||||||
| Escrow money payable | 10,386 | 80,006 | ||||||
| Client money payable | (416,711 | ) | (1,593,194 | ) | ||||
| Accounts payable, accruals and other payables | 14,220,717 | (4,827,110 | ) | |||||
| Amounts due to related parties | (6,925,748 | ) | 3,149,825 | |||||
| Lease liabilities | (213,709 | ) | (192,097 | ) | ||||
| Net cash provided by/(used in) operating activities | 3,450,240 | (15,286,494 | ) | |||||
| Cash flows from investing activities: | ||||||||
| Purchases of property, plant and equipment | (576,674 | ) | (291,856 | ) | ||||
| Proceed received from disposal of property, plant and equipment | — | 36,679 | ||||||
| Decrease in short-term investments | — | 1,700,000 | ||||||
| Cash acquired from business combination | 43,508 | — | ||||||
| Acquisition of a subsidiary | (31,868 | ) | — | |||||
| Net cash (used in)/provided by investing activities | (565,034 | ) | 1,444,823 | |||||
| Cash flows from financing activities: | ||||||||
| Proceeds from borrowings | 640,935 | 1,251,752 | ||||||
| Repayment of borrowings | (221,258 | ) | (2,212,067 | ) | ||||
| Proceeds from receivable factoring | 2,030,659 | 2,210,415 | ||||||
| Repayment of receivable factoring | (2,183,787 | ) | (2,447,748 | ) | ||||
| Proceeds from convertible bonds | 1,750,000 | — | ||||||
| Net cash provided by/(used in) financing activities | 2,016,549 | (1,197,648 | ) | |||||
| Net increase/(decrease) in cash and cash equivalents | 4,901,755 | (15,039,319 | ) | |||||
| Cash and cash equivalents, restricted cash and escrow money receivable at beginning of year | 58,960,384 | 73,999,703 | ||||||
| Cash and cash equivalents, restricted cash and escrow money receivable at end of year | 63,862,139 | 58,960,384 | ||||||
| Supplemental disclosure of cash flow information: | ||||||||
| Income taxes received/(paid) | (445,530 | ) | 761,333 | |||||
| Interest paid | (1,073,407 | ) | (1,819,174 | ) | ||||
| CURRENC GROUP INC. AND SUBSIDIARIES | ||||||||||||||||||||
| EBITDA Analysis for the Full Year of 2024 and 2023 | ||||||||||||||||||||
| For the full year period ended December 31, 2024 | Tranglo2 | WalletKu3 | TNG Asia and GEA1 | Headquarters and adjustments | Group Total | |||||||||||||||
| (dollars in thousands) | ||||||||||||||||||||
| Net income (loss) | 2,215 | (1,137 | ) | (3,740 | ) | (36,165 | ) | (38,827 | ) | |||||||||||
| Add: | ||||||||||||||||||||
| Income tax expenses | 535 | 413 | - | (370 | ) | 578 | ||||||||||||||
| Interest expense, net | 27 | 1,762 | 6,726 | 8,515 | ||||||||||||||||
| EBIT | 2,750 | (697 | ) | (1,978 | ) | (29,809 | ) | (29,734 | ) | |||||||||||
| Depreciation and amortization | - | - | - | - | 3,280 | |||||||||||||||
| EBITDA | 2,750 | (697 | ) | (1,978 | ) | (29,809 | ) | (26,454 | ) | |||||||||||
| For the full year period ended December 31, 2023 | Tranglo2 | WalletKu3 | TNG Asia and GEA | Headquarters and adjustments | Group Total | |||||||||||||||
| (dollars in thousands) | ||||||||||||||||||||
| Net income (loss) | 2,659 | (837 | ) | (4,835 | ) | (11,405 | ) | (14,418 | ) | |||||||||||
| Add: | ||||||||||||||||||||
| Income tax expenses | 843 | 50 | - | (370 | ) | 523 | ||||||||||||||
| Interest expense, net | - | - | 3,057 | 4,946 | 8,003 | |||||||||||||||
| EBIT | 3,502 | (787 | ) | (1,778 | ) | (6,829 | ) | (5,892 | ) | |||||||||||
| Depreciation and amortization | - | - | - | - | 3,817 | |||||||||||||||
| EBITDA | 3,502 | (787 | ) | (1,778 | ) | (6,829 | ) | (2,075 | ) | |||||||||||
1 TNG Asia and GEA were divested in August 2024 and July 2024, respectively.
2 Tranglo maintained a positive EBITDA for the full year of 2024 and 2023.
3 Tranglo and WalletKu maintained a combined positive EBITDA for the full year of 2024 and 2023.
