CURRENC Group (CURR) Registration filing summary

Company overview and business model

• Operates as a leading B2B remittance and airtime trading platform in Southeast Asia, with core subsidiaries Tranglo and Walletku.

• Tranglo provides cross-border payment and airtime transfer services to financial institutions and non-financial businesses, with a network spanning over 5,000 banks, 35 eWallets, and 130,000 cash pick-up points in 100+ countries.

• Walletku focuses on retail airtime and payment services in Indonesia, serving 128,000 customers and 2,150 active outlet partners as of March 31, 2025.

• The company divested non-core subsidiaries (GEA and TNG Asia) in 2024 to focus on scalable, tech-enabled remittance and airtime operations.

• Strategic partnerships, including a 40% stake in Tranglo by Ripple Labs Singapore, enable blockchain-based liquidity solutions for cross-border payments.

Financial performance and metrics

• For the three months ended March 31, 2025, revenue was $10.1M, down 23% year-over-year, mainly due to divestitures and declining airtime demand.

• Gross profit for the same period was $3.2M, with an EBITDA loss of $2.8M, reflecting increased operating expenses and share-based compensation.

• As of March 31, 2025, cash and cash equivalents were $62.3M, with a working capital deficit of $59.8M and net capital deficit of $43.9M.

• For the year ended December 31, 2024, revenue was $46.4M, gross profit $14.6M, and net loss $38.8M, with a goodwill impairment of $14.9M.

• The company’s remittance take rate for Q1 2025 was 0.35%, and the airtime business continued to decline due to market saturation and technology shifts.

Use of proceeds and capital allocation

• Will receive up to $10M in gross proceeds under the ELOC Purchase Agreement with Arena, to be used for working capital and general corporate purposes.

• No proceeds from the resale of shares by selling securityholders; proceeds from PIPE and ELOC financings are intended to support liquidity and business expansion.

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