Fourth quarter revenue of US$26.4 million, up 53% Year-Over-Year Full year revenue of US$80.7 million, up 18% Year-Over-Year SINGAPORE, April 29, 2024 (GLOBE NEWSWIRE) -- MoneyHero Limited (NASDAQ:MNY) ("MoneyHero" or the "Company"), a market leading personal finance and digital insurance aggregation and comparison platform in Greater Southeast Asia, today announced financial results for its fourth quarter and full year ended December 31, 2023. Management Commentary: Rohith Murthy, Chief Executive Officer, stated: "In a landmark quarter that capped off a monumental year for the business, MoneyHero not only reinforced its market leadership in Asia's leading financial hubs of Singapore and Hong Kong, but also continued to capture significant market share away from our closest competitors, further establishing MoneyHero as the preferred consumer finance platform for top banks, as well as insurance partners across Greater Southeast Asia. Our focus on expanding insurance offerings, starting with travel insurance, has significantly increased direct purchases from our platform. This not only improves the user experience and engagement, but also our unit economics, enabling us to offer a wider range of relevant insurance products. As a result, our insurance revenue more than doubled this past year, underlining our growing focus on this rapidly expanding market. Beyond our core businesses and legacy markets, our progress in the Philippines was also especially remarkable, with revenue increasing 64% year-over-year in the fourth quarter, showcasing our ability to scale and appeal broadly across the emerging region. Additionally, Creatory, our innovative B2B2C platform, showed solid performance over the past year and now contributes to more than 17% of our group revenue, up from 12% last year. This reflects the strength of our diversified business model and our adeptness at quickly capitalizing on evolving digital content trends." "Importantly, we ended 2023 by upgrading most of our leading comparison channels to a more advanced technology platform which also consolidated our comprehensive data into a streamlined system, enhancing both operational efficiency and user experience. As we look ahead in 2024 and beyond, our strategic direction is concentrated on four fundamental pillars: 1) Best Site—enhancing our platform to become the most user-friendly destination for customers, improving user journeys and tools; 2) Operational Efficiency—we are streamlining workflows, reducing manual operations, and increasing value for stakeholders through automation and stronger utilization of our integrated data platform; 3) Insurance—just as we have done with our personal finance offerings, we aim to become the premier choice in Greater Southeast Asia in helping consumers identify and acquire any general insurance product, broadening our range and simplifying the acquisition process for our customers; 4) Shareholder Value—following our public listing in 2023, MoneyHero is now an organization with a relentless dedication to building trust for our shareholders, and ultimately, working hard to drive value for them every day. Building off an accomplished year in 2023, we are now more than ever better positioned for the future, backed by a world-class platform, elevated technology and user offerings, and stronger access to capital than any of our peers. I am proud to announce these results and look forward to the remainder of 2024 and beyond." Shaun Kraft, Chief Financial Officer and Chief Operating Officer, added: "MoneyHero delivered 18% year-over-year revenue growth in 2023, while improving Adjusted EBITDA loss to US$(6.8) million down from $(15.6) million in 2022. In the fourth quarter, we successfully completed our deSPAC transaction, raising capital to support our aggressive growth strategy and continue expanding our market share across Greater Southeast Asia. As of December 31, 2023, we had a debt-free balance sheet with US$68.6 million in cash, making MoneyHero by far the best capitalized player in its space. Fueled by this capital position and our dominant existing footprint, MoneyHero is focused on expanding its market leadership position through both organic and M&A initiatives. This strategy has already begun to show positive results with Q4 2023 revenue increasing 53% year-over-year." Fourth Quarter 2023 Financial Highlights Revenue increased by 53% year-over-year to US$26.4 million in the fourth quarter of 2023 Online financial comparison platforms revenue increased 44% year-over-year to US$21.8 million Creatory, MoneyHero's B2B business, revenue increased by 117% year-over-year and contributed to 17% of Group revenue in the fourth quarter of 2023, as compared to 12% in the prior year period Revenue by markets: Singapore revenue increased 94% year-over-year to US$12.1 million in the fourth quarter, with the strongest growth coming from the credit cards and insurance verticals Hong Kong revenue increased 46% year-over-year to US$8.4 million in the fourth quarter, with the strongest growth coming from the credit cards and insurance verticals Philippines revenue increased 64% year-over-year to US$3.9 million in the fourth quarter, with the strongest growth achieved in the credit cards vertical Taiwan revenue decreased 22% year-over-year to US$2.0 million in the fourth quarter due to paused product offerings for certain key clients; however, the situation improved in the fourth quarter, with revenue increasing 103% from the third quarter of 2023 Revenue from insurance products increased by 106% year-over-year to US$1.9 million in the fourth quarter of 2023, contributing 7.3% of Group revenue, as compared to 5.4% in the prior year period Adjusted EBITDA loss increased to US$(4.6) million from US$(2.5) million in the fourth quarter of 2023, driven primarily by increased investment into marketing and customer acquisition as part of the Company's strategy to expand market share and increase brand awareness Full Year 2023 Financial Highlights Revenue increased by 18% year-over-year to US$80.7 million for the full year of 2023, with a significant acceleration of revenue growth achieved in the second half of 2023 Creatory, MoneyHero's B2B business, revenue increased 47% year-over-year to US$13.7 million for the full year of 2023, contributing 17.0% of Group revenue, as compared to 13.7% in the prior year Revenue from insurance products increased by 120% year-over-year to US$5.9 million for the full year of 2023, contributing 7.3% of Group revenue, as compared to 3.9% in the prior year Adjusted EBITDA loss decreased to US$(6.8) million for the full year of 2023 from US$(15.6) million in the prior year. Adjusted EBITDA margin improved to (8.5)% for the full year of 2023 from (23.0)% in the prior year Operating loss decreased to US$(30.0) million in the full year of 2023, from US$(41.0) million in the prior year. Operating loss for 2023 included significant transaction costs associated with the listing as well as certain write-offs of intangible assets which are further detailed in the Adjusted EBITDA reconciliation below Loss for the full year 2023 of US$(172.6) million includes US$143.4 million in non-operating expenses associated with share-based payments to effect the merger with Bridgetown Holdings, finance costs and changes in fair value of financial instruments In the fourth quarter of 2023, the Company repaid all interest-bearing borrowings, and settled warrant liabilities and other derivative financial instruments through the issuance of Class A shares in MoneyHero Limited As of December 31, 2023, the Company had a debt-free balance sheet with US$68.6 million in cash and cash equivalents Full Year 2023 Operational Highlights Monthly Unique Users grew 12% year-over-year to 8.7 million for the full year of 2023 on the back of strong user growth in both Taiwan and the Philippines MoneyHero Group Members, to whom we can provide more tailored product information and recommendations, grew 41% year-over-year to 5.3 million as of December 31, 2023 due to member growth across Singapore, Hong Kong, Taiwan and the Philippines Approved Application volumes increased 60% year-over-year for the full year of 2023 to 636,000 driven by strong growth in the Company's insurance products Capital Structure The table below summarizes the capital structure of the Company as of December 31, 2023: Share Class Issued and Outstanding Class A Ordinary 25,280,667 Class B Ordinary 13,254,838 Preference Shares 3,466,820 Total Issued Shares 42,002,325 Employee Equity Options1 2,879,571 Total Issued and Issuable Shares2 44,881,896 1 Includes unexercised and exercised options, but not yet issued as of December 31, 2023.2 Public Warrants, Sponsor Warrants, Class A-1 Warrants, Class A-2 Warrants and Class A-3 Warrants are excluded since they are out of money. Summary of financial / KPI performance For the Three Months EndedDecember 31,   For the Year EndedDecember 31,   2023   2022     2023   2022     (US$ in thousands, unless otherwise noted) Revenue 26,397   17,237     80,671   68,132   Adjusted EBITDA (4,643)   (2,512)     (6,842)   (15,648)               Clicks (in thousands) 2,247   1,607     8,222   5,843   Applications (in thousands) 504   339     1,713   1,303   Approved Applications (in thousands) 204   110     636   397   Revenue breakdown For the Three Months Ended December 31,   For the Year EndedDecember 31,   2023 2022   2023 2022   US$ % US$ %   US$ % US$ %   (US$ in thousands, except for percentages) By Geographical Market:                   Singapore 12,111 45.9 6,259 36.3   32,070 39.8 23,468 34.4 Hong Kong 8,390 31.8 5,759 33.4   26,947 33.4 22,247 32.7 Taiwan 1,967 7.5 2,527 14.7   6,743 8.4 11,027 16.2 Philippines 3,887 14.7 2,376 13.8   14,169 17.6 9,858 14.5 Malaysia 43 0.2 338 2.0   738 0.9 1,282 1.9 Other Asia (0) (0.0) (21) (0.1)   4 0.0 250 0.3                     Total Revenue 26,397 100.0 17,237 100.0   80,671 100.0 68,132 100.0                     By Source:                   Online financial comparison platforms 21,831 82.7 15,133 87.8   66,926 83.0 58,765 86.3 Creatory 4,566 17.3 2,104 12.2   13,746 17.0 9,368 13.7                     Total Revenue 26,397 100.0 17,237 100.0   80,671 100.0 68,132 100.0                     By Vertical:                   Credit cards 19,976 75.7 12,203 70.8   60,258 74.7 49,430 72.6