MoneyHero Group Reports First Quarter 2025 Results
Adjusted EBITDA loss improved by 49% YoY to US$(3.3) million
Improving revenue mix with high-margin insurance and wealth revenue accounting for 25% of revenue, up 11 pp YoY
Cost of revenue fell by 55% YoY and accounted for 44% of revenue, down 20 pp
SINGAPORE , June 13, 2025 (GLOBE NEWSWIRE) -- MoneyHero Limited (NASDAQ:MNY) ("MoneyHero" or the "Company"), a leading personal finance aggregation and comparison platform, as well as a digital insurance brokerage provider in Greater Southeast Asia, today announced its financial results for the first quarter ended March 31, 2025.
Management Commentary:
Rohith Murthy, Chief Executive Officer, stated:
"We began 2025 with strong momentum, building on the strategic pivot we initiated last year. In Q1, we made significant financial progress, reducing net loss to US$(2.4) million from US$(13.1) million during the same period last year, improving our Adjusted EBITDA loss to US$(3.3) million, and lowering our cost of revenue by 20-points to 44% of total revenue. These improvements reflect our disciplined focus on enhancing revenue quality, operating leverage, and margin expansion.
"Our strategy is delivering. By reallocating resources toward higher-margin verticals such as insurance and wealth, we are steering the business toward sustainable, profitable growth. These verticals now account for 25% of total revenue, an increase of 11-points year-over-year. Notably, our car insurance platform, launched in partnership with bolttech, is outperforming our expectations by driving higher conversion rates and recurring revenue with seamless end-to-end journeys and real-time pricing.
"We have also made substantial operational efficiency gains. Following last year's restructuring to reset our cost base, we are leveraging AI across the organization to maintain a lean cost structure as we scale. From content creation and service automation to engineering workflows, AI is enhancing workforce productivity, reducing inquiry volumes, and improving user experience, all while keeping expenses flat. Consequently, our unit economics continue to improve quarter after quarter.
"Our member base is rapidly expanding, with registered MoneyHero Group Members increasing by 38% year-over-year to over 8 million. Leveraging these insights, we have refined our strategy and optimized our marketing spend to deliver highly personalized offers that boost user engagement, achieving stronger results with marketing costs falling 25% year-over-year.
"We are encouraged to see growing signs of recovery in the Philippines, a key market for us. After a major banking partner exited last year, we recently secured new partnerships with BPI and RCBC, restoring product supply across key verticals. These partnerships significantly strengthen our market position and offerings, and we anticipate a meaningful rebound in our performance during the second half of 2025 as these partnerships scale.
"Looking ahead, our priority throughout the remainder of the first half of 2025 will be to consolidate our recent operational gains. In the second half, we expect to accelerate topline growth by activating our robust pipeline of banking partnerships, strategically scaling our higher-margin insurance business, and launching Credit Hero Club in collaboration with TransUnion. Credit Hero Club will provide consumers with free credit scores, credit monitoring, and personalized financial product recommendations, thereby driving higher user engagement and conversion rates. This strengthens our confidence in accelerating our revenue growth and reaching positive Adjusted EBITDA in the later part of the year.
"With no debt and US$36.6 million in cash, we are well-positioned to invest in high-return growth initiatives and capitalize on opportunities as the regional personal finance comparison sector evolves. Our focus on disciplined execution, quality growth, and prudent capital deployment uniquely position us to lead market consolidation, deliver long-term shareholder value, and scale efficiently in a dynamic environment."
Danny Leung, interim Chief Financial Officer, added:
"Our financial performance during the quarter clearly reflects the progress we are making following our strategic pivot in the second half of 2024, with a strong focus on revenue quality and disciplined operational management.
"While revenue declined 35% year-over-year as part of our strategic focus on improving quality, revenue mix substantially improved with high-margin verticals increasingly accounting for a larger proportion. Personal loans increased from 15% to 17% of total revenue, insurance grew from 8% to 13%, and wealth surged from 6% to 12%, further reducing our reliance on relatively lower-margin credit cards which decreased 13-points to 57%. Cost of revenue also fell by 55% year-over year and accounted for 44% of total revenue, a 20-point decrease. Combined, this significantly improved gross margins and underscores the effectiveness of our strategy to reposition toward higher-quality, sustainable revenue.
"Our operational efficiency initiatives are already proving to be highly effective, with total operating expenses falling by 26% year-over-year across advertising and marketing, technology, employee benefits, and general administrative costs. We are carefully managing costs while strategically investing in growth areas such as customer acquisition, technology re-platforming, and advanced data infrastructure.
"As a direct result of expanding gross margins and reduced operating expenses, net loss narrowed substantially to US$(2.4) million this quarter from US$(13.1) million during the same period last year—a significant improvement of over US$10 million. Adjusted EBITDA loss also improved markedly, narrowing from US$(6.4) million to US$(3.3) million year-over-year, underscoring our clear trajectory toward sustainable profitability.
"Looking ahead, we expect Adjusted EBITDA to improve throughout 2025, supported by steadily expanding margins and sustained operational efficiency. We remain confident in our ability to achieve positive Adjusted EBITDA in the later part of the year. Our strong cash position and disciplined investment strategy will ensure we remain focused on profitable growth and delivering sustained value to our shareholders."
First Quarter 2025 Financial Highlights
Revenue decreased by 35% year-over-year to US$14.3 million in the first quarter of 2025, reflecting a strategic shift toward diversifying revenue mix to enhance revenue quality and the high base effect set during the same period last year with significant marketing and customer acquisition spending in the credit card vertical to expand market share.
Revenue from insurance products increased by 4% year-over-year to US$1.9 million in the first quarter of 2025, accounting for 13% of total revenue, compared to 8% during the same period last year.
Revenue from wealth products increased by 20% year-over-year to US$1.7 million in the first quarter of 2025, accounting for 12% of total revenue, compared to 6% during the same period last year.
Cost of revenue decreased by 55% year-over-year to US$6.4 million and accounted for 44% of revenue, a decrease of 20 percentage points from 64% during the same period last year, reflecting improved gross margins through rewards costs optimization.
Total operating costs and expenses, excluding net foreign exchange differences, decreased to US$18.3 million in the first quarter of 2025 from US$30.4 million during the same period last year. This reduction was driven by more targeted and cost-efficient marketing campaigns, combined with strategic streamlining of technology costs to simplify workflows, and a comprehensive HR cost restructuring initiative.
Net loss for the period narrowed sharply to US$(2.4) million during the first quarter of 2025, compared to US$(13.1) million in the same period last year, supported by lower operating costs as well as lower non-operating expenses including foreign exchange differences and changes in fair value of financial instruments.
Adjusted EBITDA loss improved to US$(3.3) million in the first quarter of 2025 from US$(6.4) million in the prior year period.
First Quarter 2025 Operational Highlights
Monthly Unique Users for the three months ended March 31, 2025, of 5.7 million
MoneyHero Group Members, to whom the Company provides more tailored product information and recommendations, grew by 38% year-over-year to 8.1 million as of March 31, 2025
MoneyHero sourced 399,000 applications and had 155,000 approved applications in the first quarter of 2025
Capital Structure
The table below summarizes the capital structure of the Company as of March 31, 2025:
Share Class
Issued and Outstanding
Class A Ordinary
29,949,1931
Class B Ordinary
13,254,838
Preference Shares
2,407,575
Total Issued Shares
45,611,606
Employee Equity Options
618,7172
Issued Class A Ordinary Shares Underlying Employee Equity Options
(618,717)3
Total Issued and Issuable Shares4
45,611,606
_____________________________________1 Includes 618,717 shares issued to Computershare Hong Kong Investor Services Limited ("Computershare") which are held in trust pending exercise of share options and settlement by Computershare to the underlying exercising option holder. 2 Includes granted but unexercised options as well as exercised options, pursuant to which the shares have not yet been issued as of March 31, 2025.3 Issued in advance to Computershare and held in trust pending exercise of share options and settlement by Computershare to the underlying exercising option holder. 4 Public Warrants, Sponsor Warrants, Class A-1 Warrants, Class A-2 Warrants and Class A-3 Warrants are excluded since they are out of the money.
Summary of financial / KPI performance
For the Three Months Ended March 31,
2025
2024
(US$ in thousands, unless otherwise noted)
Revenue
14,314
22,175
Adjusted EBITDA
(3,309
)
(6,440
)
Clicks (in thousands)5
2,081
N/A
Applications (in thousands)6
399
495
Approved Applications (in thousands)6
155
206
Revenue breakdown
For the Three Months Ended March 31,
2025
2024
US$
%
US$
%
(US$ in thousands, except for percentages)
By Geographical Market:
Singapore
5,084
35.5
8,944
40.3
Hong Kong
6,396
44.7
7,716
34.8
Taiwan
1,054
7.4
1,402
6.3
Philippines
1,779
12.4
3,979
17.9
Malaysia
-
-
133
0.6
Total Revenue
14,314
100.0
22,175
100.0
By Source:
Online financial comparison platforms
12,638
88.3
18,058
81.4
Creatory
1,676
11.7
4,117
18.6
Total Revenue
14,314
100.0
22,175
100.0
By Vertical:
Credit cards
8,173
57.1
15,426
69.6
Personal loans and mortgages
2,495
17.4
3,297
14.9
Wealth
1,663
11.6
1,387
6.3
Insurance
1,892
13.2
1,827
8.2
Other verticals
91
0.6
239
1.1
Total Revenue
14,314
100.0
22,175
100.0
_____________________________________5 As of July 1, 2024, we transitioned from Universal Analytics to Google Analytics 4. Consequently, we are unable to provide comparable click data for this period following the transition. Please refer to the section titled "Key Performance Metrics and Non-IFRS Financial Measures" for more information regarding the change in methodology.6 Due to the nature of our business, there is often a delay in receiving confirmation of the number of Applications and Approved Applications by our commercial partners. As a result, the disclosed figures may utilize estimations if data is unavailable.
Key Metrics
For the Three Months Ended March 31, 2025
(in millions, except for percentages)
Monthly Unique Users7
