• Revenue: USD20.7 million, 24% year-over-year growth.

• Adjusted EBITDA Loss: Negative USD9.3 million.

• Core Business Online Financial Comparison Growth: 26% year-over-year.

• Creatory B2B Business Growth: 13% year-over-year.

• Singapore Revenue: USD9 million, 68% year-over-year growth.

• Hong Kong Revenue: USD7.3 million, 19% year-over-year growth.

• Insurance Product Revenue: USD2.2 million, 89% year-over-year growth.

• Processed Applications: 970,000 banking and insurance applications, 100% year-over-year growth.

• Membership Base: 6.5 million as of June 30, 2024.

• Philippines Revenue: Decreased 16% year-over-year.

• Taiwan Revenue: Decreased 4% year-over-year to USD1.4 million.

• Insurance Revenue (First Half 2024): Approximately USD4 million, 65% year-over-year growth.

• Warning! GuruFocus has detected 2 Warning Signs with MNY.

Release Date: September 19, 2024

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• MoneyHero Ltd (NASDAQ:MNY) reported a 26% year-on-year growth in its core online financial comparison business.

• Singapore posted an impressive 68% year-on-year growth to USD9 million.

• Revenue from insurance products increased by 89% year-on-year to USD2.2 million, now contributing 11% of group revenue.

• The company processed 970,000 banking and insurance applications in the first half of 2024, marking a 100% year-on-year growth.

• MoneyHero Ltd (NASDAQ:MNY) was named the personal finance tech of the year at the Asia fintech awards, 2024.

Negative Points

• Adjusted EBITDA loss increased to negative USD9.3 million for Q2 2024, up from negative USD6.4 million in Q1 2024.

• The Philippine business decreased by 16% year-on-year due to reduced volume with key clients.

• Taiwan business saw a marginal decrease of 4% year-on-year to USD1.4 million due to the pause of product offerings from several key clients.

• Increased operating costs due to additional expenses associated with being a public company.

• Provider constraints in Taiwan and the Philippines impacted short-term financial performance.

Q & A Highlights

Q: The figures reported today indicate the full year results should be H2 weighted. What are some of the levers you can pull to achieve the USD100 million revenue target and what is underpinning your confidence in achieving that target? A: We focus on organic growth opportunities, especially during the tax loan season in our markets. We also see increased budget allocations from banking acquisitions towards the end of the year. Our insurance vertical is optimized for a seasonal spike in travel insurance demand. Additionally, our B2B business, Creatory, is expanding. Investments in data, technology, and a new mobile app will help drive revenue growth.