MoneyHero Ltd 6-K, filed Jun 24, 2024

MoneyHero Ltd (MNY)

6-K 2024-06-24 For: 2024-06-24

Added on April 08, 2026

About this 6-K

MoneyHero Ltd filed this 6-K on June 24, 2024.

Share Class	Issued and Outstanding
Class A Ordinary		26,170,099
Class B Ordinary		13,254,838
Preference Shares		3,466,820
Total Issued Shares		42,891,757
Employee Equity Options¹		1,557,626
Total Issued and Issuable Shares²		44,449,383

Summary of financial / KPI performance	For the Three Months Ended March 31,
	2024			2023
	(US$ in thousands, unless otherwise noted)
Revenue		22,175			17,902
Adjusted EBITDA		(6,440	)		(300	)

Clicks (in thousands)		2,294			1,898
Applications (in thousands)		495			375
Approved Applications (in thousands)		206			120

Revenue breakdown	For the Three Months Ended March 31,
	2024				2023
	US$		%		US$		%
	(US$ in thousands, except for percentages)
By Geographical Market:
Singapore		8,944		40.3		5,559		31.1
Hong Kong		7,716		34.8		5,641		31.5
Taiwan		1,402		6.3		2,324		13.0
Philippines		3,979		17.9		4,131		23.1
Malaysia		133		0.6		247		1.4

Total Revenue		22,175		100.0		17,902		100.0

By Source:
Online financial comparison platforms		18,058		81.4		14,834		82.9
Creatory		4,117		18.6		3,068		17.1

Total Revenue		22,175		100.0		17,902		100.0

By Vertical:
Credit cards		15,426		69.6		13,077		73.0
Personal loans and mortgages		3,297		14.9		2,337		13.1
Insurance		1,827		8.2		1,267		7.1
Other verticals		1,625		7.3		1,221		6.8

Total Revenue		22,175		100.0		17,902		100.0

	1)	Pursue market share capture strategy versus competitors by increasing brand and direct marketing expenses

	2)	Provider constraints due to Citi exiting two critical markets - Taiwan and Philippines

	As of March 31,		As of December 31,
(US$ in thousands)	2024		2023

NON-CURRENT ASSETS
Other intangible assets		6,803		7,294
Property and equipment		209		190
Right-of-use assets		438		590
Deposits		-		26

Total non-current assets		7,450		8,100

CURRENT ASSETS
Accounts receivable		20,076		17,236
Contract assets		16,412		16,025
Prepayments, deposits and other receivables		5,338		4,855

Pledged bank deposits		193		189
Cash and cash equivalents		60,040		68,641

Total current assets		102,059		106,947

CURRENT LIABILITIES
Accounts payable		25,349		23,840
Other payables and accruals		9,909		9,382
Warrant liabilities		3,185		1,840
Lease liabilities		453		575
Provisions		71		72

Total current liabilities		38,967		35,708

NET CURRENT ASSETS		63,092		71,239
TOTAL ASSETS LESS CURRENT LIABILITIES		70,542		79,339

NON-CURRENT LIABILITIES
Lease liabilities		-		31
Deferred tax liabilities		29		29
Provisions		192		194

Total non-current liabilities		221		255

Net assets		70,321		79,084

EQUITY
Issued capital		4		4
Reserves		70,317		79,080

Total equity		70,321		79,084

	For the Three Months Ended March 31,
	2024				2023
	(in millions, except for percentages)
Monthly Unique Users
Singapore		1.5	17.3	%		1.8	20.1	%
Hong Kong		1.1	13.5	%		1.6	17.7	%
Taiwan		2.1	24.1	%		2.4	26.9	%
Philippines		3.6	42.8	%		2.8	31.5	%
Malaysia		0.2	2.4	%		0.3	3.8	%
Total		8.5	100.0	%		8.8	100.0	%

Total Traffic
Singapore		4.0	12.3	%		3.7	11.7	%
Hong Kong		5.0	15.3	%		6.5	20.8	%
Taiwan		8.1	24.8	%		9.6	30.6	%
Philippines		14.8	45.2	%		10.4	33.1	%
Malaysia		0.8	2.3	%		1.2	3.8	%
Total		32.7	100.0	%		31.4	100.0	%

MoneyHero Group Members
Singapore		1.2	21.0	%		1.0	26.2	%
Hong Kong		0.7	12.6	%		0.5	12.2	%
Taiwan		0.3	4.5	%		0.2	5.7	%
Philippines		3.4	57.2	%		1.9	50.5	%
Malaysia		0.3	4.8	%		0.2	5.4	%
Total		5.9	100.0	%		3.7	100.0	%

	For the Three Months Ended March 31,
	2024			2023
	(US$ in thousands)
Loss for the period		(13,100	)		(2,530	)
Tax expenses		52			11
Depreciation and amortization		981			1,144
Interest income		(595	)		(28	)
Finance costs		8			1,766

EBITDA		(12,654	)		363

Non-cash items:
Changes in fair value of financial instruments		1,346			(101	)
Equity settled share-based payment arising from employee share option scheme		623			527
Unrealized foreign exchange differences, net		4,036			(1,146	)

Listing and other non-recurring strategic exercises related items:
Transaction expenses		35			56

Other non-recurring items:
Non-recurring legal fees		174			-
Employee severance expenses		-			1

Adjusted EBITDA		(6,440	)		(300	)

Revenue		22,175			17,902
Adjusted EBITDA		(6,440	)		(300	)
Adjusted EBITDA Margin		(29.0	)%		(1.7	)%

	For the Three Months Ended March 31,
	2024			2023
	(US$ in thousands except for loss per share)
Revenue		22,175			17,902

Cost and expenses:
Cost of revenue		(14,106	)		(8,476	)
Advertising and marketing expenses		(6,132	)		(3,563	)
Technology costs		(1,851	)		(1,534	)
Employee benefit expenses		(5,878	)		(5,085	)
General, administrative and other operating expenses		(2,387	)		(1,249	)
Foreign exchange differences, net		(4,112	)		1,122

Operating loss		(12,291	)		(883	)

Other income/(expenses):
Other income		597			29
Finance costs		(8	)		(1,766	)
Changes in fair value of financial instruments		(1,346	)		101

Loss before tax		(13,048	)		(2,519	)
Income tax expense		(52	)		(11	)
Loss for the period		(13,100	)		(2,530	)
Other comprehensive income/(loss)
Other comprehensive income/(loss) that may be classified to profit or loss in subsequent periods (net of tax):
Exchange differences on translation of foreign operations		3,713			(1,004	)
Other comprehensive Income/(loss) that will not be reclassified to profit or loss in subsequent periods (net of tax):
Remeasurement gains on defined benefit plan		1			-
Other comprehensive income/(loss), net of tax		3,714			(1,004	)

Total comprehensive loss, net of tax		(9,386	)		(3,534	)

Loss per share attributable to ordinary equity holders of the parent
Basic and diluted		(0.3	)		(1.7	)