CURRENC Group (CURR) Registration filing summary

Company overview and business model

• Operates global money transfer and airtime trading in Southeast Asia, primarily through Tranglo (remittance and airtime) and Walletku (retail airtime in Indonesia).

• Tranglo provides B2B remittance services for financial institutions, with a network covering 80+ countries, 5,000+ banks, and 35 e-wallets.

• Walletku serves 130,502 users in Indonesia, offering airtime, bill payments, and e-money services via a co-branding partnership.

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

• Strategic partnership with Ripple Labs Singapore Pte. Ltd. enables On-Demand Liquidity (ODL) services 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.

• Global 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 in gross proceeds may be raised under the ELOC Purchase Agreement with Arena, at the company's discretion.

• Proceeds from ELOC sales will be used for working capital and general corporate purposes.

• No proceeds from secondary sales by selling shareholders; company only receives funds from direct ELOC share sales.