CURRENC Group (CURR) Registration filing summary

Company overview and business model

• Operates global money transfer and airtime trading, focusing on Southeast Asia, with core subsidiaries Tranglo (remittance and airtime) and Walletku (Indonesian retail airtime).

• Tranglo provides B2B remittance services for financial institutions, with a network spanning 80+ countries, 5,000+ banks, and 133 corporate clients.

• Walletku serves 130,502 users in Indonesia, offering airtime, bill payments, and e-money services, targeting the unbanked population.

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

• Strategic partnership with Ripple Labs enables On-Demand Liquidity (ODL) using XRP for cross-border payments.

Financial performance and metrics

• For the nine months ended September 30, 2024: revenue was $35.4M (down 11.3% YoY), gross profit $11.3M, net loss $11.3M.

• Tranglo processed 8.56M remittance transactions ($3.92B value), up 5.5% in volume and 18.8% in value YoY.

• Airtime revenue declined 22.3% YoY to $7.3M; Indonesian airtime revenue was $10.2M (down 2.9%).

• Operating expenses rose to $30.0M (from $18.8M), mainly due to $13.1M in incentive shares and $1M in advisor shares.

• Cash and equivalents at September 30, 2024: $49.1M; working capital deficit: $54.1M; net capital deficit: $22.7M.

Use of proceeds and capital allocation

• Up to $10M may be raised via the ELOC Purchase Agreement with Arena, with proceeds for working capital and general corporate purposes.

• No proceeds from secondary sales by selling shareholders; only from shares sold to Arena under the ELOC.

• Capital expenditures focus on technology infrastructure and software.