CURRENC Group (CURR) Registration filing summary

Company overview and business model

• Operates global money transfer and airtime trading services in Southeast Asia, primarily through Tranglo (cross-border payments) and Walletku (Indonesian retail airtime).

• Business model is scalable and transferable to new markets, leveraging technology and compliance expertise.

• Tranglo provides a unified API for banks and money service operators, serving 124 corporate customers and processing $2.7B in transactions in H1 2024.

• Walletku serves 132,000 users in Indonesia, offering airtime, bill payments, and e-money services for the unbanked.

• Strategic partnerships, notably with Ripple, enable On-Demand Liquidity (ODL) services using XRP for remittance prefunding.

Financial performance and metrics

• For the year ended Dec 31, 2023: revenue $53.3M (down 4% YoY), net loss $14.4M, EBITDA loss $2.1M.

• H1 2024: revenue $24.1M (down 11.4% YoY), net loss $6.2M, EBITDA loss $0.4M.

• Tranglo processed $4.54B in remittance value in 2023 (up 28% YoY), but remittance revenue declined 3% due to lower take rates.

• Global airtime revenue declined 34% in 2023 to $12.2M; Indonesian airtime revenue rose to $14.2M.

• As of June 30, 2024: cash and equivalents $48.6M, working capital deficit $76M, net capital deficit $42.5M.

Use of proceeds and capital allocation

• No proceeds from secondary offering; up to $1.6M may be received from PIPE Warrant exercises, to be used for general corporate purposes.

• Proceeds from PIPE Offering ($1.75M) used to support working capital and business expansion.

• Ongoing efforts to raise additional capital over the next three years to support long-term objectives.