MoneyHero Group Provides Guidance for Over $100 Million in Annual Revenue and Profitability by 2024; Promotes Shravan Thakur to Chief Commercial Officer to Support Growth and Expand Leadership Team

April 3, 2024 by No Comments

Former Group Head of Commercial and distinguished global executive (American Express, PricewaterhouseCoopers, etc.) to oversee and optimize all commercial aspects of MoneyHero’s operations across Greater Southeast Asia Unaudited fiscal year 2023 enterprise-wide revenue growth of more than 20% year-over-year and Q4 2023 revenue growth of more than 60% year-over-year SINGAPORE, April 03, 2024 — (NASDAQ: ) (“MoneyHero” or the “Company”), a market-leading personal finance and digital insurance aggregation and comparison platform in Greater Southeast Asia, today announced the promotion of distinguished global executive, Shravan Thakur, to Chief Commercial Officer (“CCO”), effective March 20, 2024. Prior to this appointment, Mr. Thakur had previously served as MoneyHero’s Group Co-Head of Commercial since November 2022, where he oversaw the Company’s commercial strategies in Hong Kong and Taiwan, as well as the formation of a strategic partnership with TransUnion for MoneyHero’s pivotal credit scoring offerings. He joined the Company in April 2021 as the General Manager of Hong Kong. In his new role as CCO, Mr. Thakur will work directly with MoneyHero’s Chief Executive Officer, Rohith Murthy, the Company’s management team, and the Board of Directors to optimize all MoneyHero’s commercial operations throughout Greater Southeast Asia. Specifically, Mr. Thakur will oversee: Development and implementation of MoneyHero’s go-forward commercial strategies;Growth and diversification of revenue streams across the Company’s integrated business units;Improvement of enterprise-wide profitability;Development and enhancement of corporate partnerships; andScaling the Company’s commercial and analytics departments with top talent, technology, and other strategic resources. Mr. Thakur brings more than 20 years of senior commercial and operational experience to this CCO role, including three years with MoneyHero. Prior to joining the Company, Mr. Thakur previously held executive roles with several prominent global companies, including American Express and PricewaterhouseCoopers. His areas of expertise include growth and transformational strategies, business development, P&L management, partnership programs, team building, and broader corporate affairs. He will split his time between Hong Kong and MoneyHero’s headquarters in Singapore. “I am thrilled to take this next step with MoneyHero, which has become the largest and most dynamic player in the personal finance aggregation and comparison sector in Greater Southeast Asia,” said Mr. Thakur. “Between our existing infrastructure, stellar reputation, years of sustained performance, and unique and deep access to capital through our successful U.S. listing last year, MoneyHero has never been better positioned for the future. I am excited about the opportunities that lay ahead and look forward to scaling the business—while improving profitability—against a complex backdrop of accelerated digitization, product innovation, and ever-evolving consumer preferences.” The promotion of Mr. Thakur to CCO comes as part of MoneyHero’s efforts to expand its executive team and platform after its successful listing on Nasdaq. The Company, which has dramatically outpaced the performance of peers in the marketplace, saw unaudited fiscal year 2023 enterprise-wide revenue growth of more than 20% year-over-year (“YoY”) and Q4 2023 revenue growth of more than 60% YoY. In the key markets of Singapore and Hong Kong, MoneyHero saw over 130% and 40% YoY Q4 revenue growth, respectively1. This positive performance was driven by continued investments that enhance and diversify the MoneyHero platform, while efficiently capturing greater market share. These investments include significant initiatives with the Company’s insurance offerings and substantial scaling of MoneyHero’s unique B2B2C platform, Creatory, which is now a major contributor to the Company’s integrated revenue streams. The Company will continue to execute on this ‘buy-versus-build’ approach throughout 2024 and beyond to maintain its growth rate and further-dominate market share across Greater Southeast Asia. “On behalf of MoneyHero, I want to congratulate Shravan on his well-deserved promotion as we cap off another year of strong performance and embark on a new journey of ambitious growth,” said Rohith Murthy, CEO. “Looking forward in 2024, we are poised for accelerated revenue increases across our platform, fueled by our team’s proven ability to scale efficiently and organically. In fact, subject to the risks regarding forward-looking statements highlighted by the Company in this press release and its public filings, MoneyHero is set to surpass the key threshold of $100 million in enterprise-wide revenues this year, aiming also to achieve adjusted EBITDA positivity—a feat unmatched by any personal finance aggregation platform in our region. Our strategic approach is proving successful, keeping us committed to delivering exceptional value to all our stakeholders.” For more information about MoneyHero, including information for investors and learning about career opportunities, please visit . About MoneyHero Group (NASDAQ: ), formerly known as Hyphen Group or CompareAsia Group, is a market leader in the online personal finance and insurance aggregation and comparison sector in Greater Southeast Asia. The Company operates in Singapore, Hong Kong, Taiwan, the Philippines, and Malaysia with respective brands for each local market. MoneyHero currently managed 279 commercial partner relationships and services 8.7 million Monthly Unique Users2 across its platform for the 12 months ended December 31, 2023. The Company’s backers include Peter Thiel—co-founder of PayPal, Palantir Technologies, and the Founders Fund—and Hong Kong businessman, Richard Li, the founder and chairman of Pacific Century Group. To learn more about MoneyHero and how the innovative fintech company is driving APAC’s digital economy, please visit . Unaudited ResultsThese results are unaudited and subject to the completion of the Company’s financial reporting processes, reviews, audit, and are subject to change. Forward Looking StatementsThis document includes “forward-looking statements” within the meaning of the United States federal securities laws and also contains certain financial forecasts and projections. All statements other than statements of historical fact contained in this communication, including, but not limited to, statements as to the Company’s growth strategies, future results of operations and financial position, market size, industry trends and growth opportunities, are forward-looking statements. Some of these forward-looking statements can be identified by the use of forward-looking words, including “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “predicts,” “intends,” “trends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. All forward-looking statements are based upon estimates and forecasts and reflect the views, assumptions, expectations, and opinions of the Company, which are all subject to change due to various factors, including, without limitation, changes in general economic conditions. Any such estimates, assumptions, expectations, forecasts, views or opinions, whether or not identified in this communication, should be regarded as indicative, preliminary and for illustrative purposes only and should not be relied upon as being necessarily indicative of future results. The forward-looking statements and financial forecasts and projections contained in this communication are subject to a number of factors, risks and uncertainties. Potential risks and uncertainties that could cause the actual results to differ materially from those expressed or implied by forward-looking statements include, but are not limited to, changes in business, market, financial, political and legal conditions; the Company’s ability to attract new and retain existing customers in a cost effective manner; competitive pressures in and any disruption to the industries in which the Company and its subsidiaries (the “Group”) operate; the Group’s ability to achieve profitability despite a history of losses; the Group’s ability to implement its growth strategies