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Currenc Group Inc.
CURRCIK 0001862935NasdaqNon-AcceleratedEmerging GrowthServices-Business Services, NecE9KYFY ends Dec 31
Period
FY 2025
Revenue
$37.81M
Net Income
$-18.43M
Total Assets
$114.07M
Equity
$-5.67M
Shares Out
76.61M
Op. Cash Flow
$7.86M
Business
Currenc Group Inc. is an investment holding company that operates digital remittance and airtime businesses through consolidated subsidiaries. It offers B2B cross-border remittance services via a unified API and settlement platform, wholesale and retail international airtime transfers, and consumer-facing airtime and payment services through WalletKu and Treatsup mobile applications. Its principal operating segments comprise the remittance business (primarily Tranglo) and airtime/retail payments (Tranglo’s airtime services and WalletKu retail operations). Currenc distributes services across Southeast Asia and globally via bank and eWallet integrations, cash pick-up points, telecom partners, merchant outlets and APIs.
Summary from filing dated 2025-04-14
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|
| Revenue | 46 | 53 | — | |
| Cost of revenue | −32 | −36 | — | |
| Gross profit | 15 | 17 | — | |
| Selling expenses | 13,408 | 25,880 | — | |
| General and administrative expenses | 42 | 24 | — | |
| Loss from operations | −27 | −7 | −4 | |
| Finance costs, net | −9 | −8 | — | |
| Other income/(loss) | −2 | 839,606 | — | |
| Other expenses | −163,621 | −85,574 | — | |
| Loss before income tax | −38 | −14 | — | |
| Income tax expense | −578,303 | −523,481 | — | |
| Net loss | −39 | −14 | — | |
| Net income attributable to non-controlling interests | −648,559 | −888,764 | — | |
| Net loss attributable to Seamless Group Inc. | −39 | −15 | −1 | |
| Loss per share, basic | −1.03 | −0.45 | — | |
| Loss per share, diluted | −1.03 | −0.45 | — | |
| Weighted average shares outstanding of ordinary share, basic | 38 | 34 | — | |
| Weighted average shares outstanding of ordinary share, diluted | 38 | 34 | — | |
| Foreign currency translation adjustments | −209,531 | 10,608 | — | |
| Total comprehensive loss | −39 | −14 | — | |
| Total comprehensive income attributable to non-controlling interests | −649,980 | −871,614 | — | |
| Total comprehensive loss attributable to Seamless Group Inc. | −40 | −15 | — |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2022 2022-05-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 64 | 49 | 271,467 | — | 1 | |
| Short-term investments | — | 300,000 | — | — | — | |
| Restricted cash | 40,742 | 5 | — | — | — | |
| Accounts receivable, net | 2 | 2 | — | — | — | |
| Prepayments to remittance agents | — | 137,854 | — | — | — | |
| Escrow money receivable | — | 5 | — | — | — | |
| Prepayments, receivables and other assets | 25 | 34 | — | — | — | |
| Total current assets | 91 | 103 | 366,020 | — | 2 | |
| Investment in an equity security | — | 100,000 | — | — | — | |
| Equipment, net | 1 | 1 | — | 200,000 | — | |
| Right-of-use asset | 349,240 | 154,234 | — | 100,000 | — | |
| Intangible assets, net | 3 | 9 | — | — | — | |
| Goodwill | 12 | 27 | — | — | — | |
| Deferred tax assets | 342,822 | 664,888 | — | — | — | |
| Total non-current assets: | 17 | 38 | — | — | — | |
| Total assets | 108 | 141 | 209 | — | 205 | |
| Borrowings | 20 | 18 | — | — | — | |
| Receivable factoring | 258,415 | 423,483 | — | — | — | |
| Escrow money payable | — | 360,207 | — | — | — | |
| Client money payable | — | 5 | — | — | — | |
| Accounts payable, accruals and other payables | 59 | 54 | — | — | 76,474 | |
| Convertible bonds | 2 | 10 | — | — | — | |
| Lease liabilities | 171,909 | 152,325 | — | — | — | |
| Total current liabilities | 149 | 174 | 3 | — | 76,474 | |
| Borrowings | — | 3 | — | — | — | |
| Deferred tax liabilities | 876,912 | 1 | — | — | — | |
| Employee benefit obligation | 45,289 | 59,849 | — | — | — | |
| Lease liabilities | 156,647 | — | — | — | — | |
| Other payables | — | — | — | — | — | |
| Total non-current liabilities: | 1 | 4 | — | — | — | |
| Total liabilities | 150 | 178 | 9 | — | 6 | |
| Commitments and contingencies (Note 21) | — | — | — | — | — | |
| Mezzanine equity | — | 3 | — | — | — | |
| Ordinary shares (US$0.0001 par value; 555,000,000 shares authorized 46,527,999 and 33,980,753 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively) | 4,653 | 3,398 | — | — | — | |
| Additional paid-in capital | 66 | 29 | — | — | — | |
| Accumulated deficit | −132 | −92 | −8 | — | −4 | |
| Accumulated other comprehensive income | −108,122 | 88,366 | — | — | — | |
| Total shareholders deficit attributable to Seamless Group Inc. | −66 | −63 | −8 | — | −4 | |
| Non-controlling interests | 24 | 24 | — | — | — | |
| Total deficit | −42 | −39 | −25 | — | — | |
| Total liabilities and shareholders deficit | 108 | 141 | 209 | — | 205 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|
| Non-cash expense for share-based compensation | 21 | — | — | |
| Non-cash expense for share issued for service providers | 1 | — | — | |
| Non-cash offering costs for convertible note | 3 | — | — | |
| 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 | 3 | — | |
| Reversal of provision for doubtful debts | 143,748 | — | — | |
| Impairment loss on receivables | 3 | — | — | |
| Gain on disposal of subsidiaries | −22 | — | — | |
| Goodwill impairment | 15 | — | — | |
| Deferred income taxes | 127,660 | 494,737 | — | |
| Gain on disposal of fixed assets | — | −36,519 | — | |
| Unrealized foreign exchange loss/(gain) | −659,467 | −65,981 | — | |
| 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 | −5 | — | |
| Prepayments, receivables and other assets | 8 | 3 | — | |
| Escrow money payable | 10,386 | 80,006 | — | |
| Client money payable | −416,711 | −2 | — | |
| Accounts payable, accruals and other payables | 14 | −5 | — | |
| Amounts due to related parties | −7 | 3 | — | |
| Lease liabilities | −213,709 | −192,097 | — | |
| Net cash provided by/(used in) operating activities | 4 | −15 | −756,716 | |
| 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 | — | 2 | — | |
| Cash acquired from business combination | 43,508 | — | — | |
| Acquisition of a subsidiary | −31,868 | — | — | |
| Net cash (used in)/provided by investing activities | −600,000 | 1 | −3 | |
| Proceeds from borrowings | 640,935 | 1 | — | |
| Repayment of borrowings | −221,258 | −2 | — | |
| Proceeds from receivable factoring | 2 | 2 | — | |
| Repayment of receivable factoring | −2 | −2 | — | |
| Proceeds from convertible bonds | 2 | — | — | |
| Net cash provided by/(used in) financing activities | 2 | −1 | 3 | |
| Net increase/(decrease) in cash and cash equivalents | 5 | −15 | — | |
| Income taxes received/(paid) | −445,530 | 761,333 | — | |
| Interest paid | −1 | −2 | — |
Filings
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