MoneyHero Limited Class A Ordinary Shares (MNY) 10 Dec 242024 Q3 Earnings call transcript

Good day. Thank you for standing by. Welcome to MoneyHero Group Third Quarter 2024 Earnings Conference Call. [Operator Instructions]. Please be advised that today's conference is being recorded. I would now like to turn the conference over to Chadwick Dorai, Strategic Finance Lead. ahead. go Please

overseeing CFO. Hello, Third depending Lydia. Hao Murthy, Chadwick our good or Today, us with MoneyHero morning and to have activities. We're Thank you we XXXX have where everyone. CEO; Earnings you our Qian, evening, join Group for Lead on Strategic MoneyHero is Rohith Investor are. good and Relations I'm excited Group's you, for Finance Very our Quarter My us Dorai, Call. name Conference

Let's few a start with reminders. friendly

heads First currently can during release detailed future our in uncertainties risks located are in our mind, and and recording we'll worry discuss section. A results in results to we expectations replay our based Relations transcript are expect cause that of A don't we today's a statements Also, on off, website differ. could section call, if up, will find under on business. you anything. some posted for our you this webcast, so the the what earnings and these Keep Investor our website. miss and actual projections are to Investor Relations subject forward-looking be

them financial detailed some earnings required factors. Remember, views about We to you look for at unless by today, and these talk these of as law. today. we'll non-IFRS obligated of and also update SEC not filings our a to forward-looking statements encourage our Also, discussion risk release measures reflect are we

States our the Group. Hao that, Rohith and CEO time references will see QX you, performance. With reconciliation thing, on monetary MoneyHero one me unless earnings in we let And the state directly otherwise. Rohith United to press of last a will Murthy, most comparable IFRS Rohith. For non-IFRS to pass our dollars metric, please financial of to Over measures all be be Shortly, release. discussing

to of everyone Thank this year. and you, for XXth ended welcome September third quarter our that update Hello, performance Chad. the

executing in year. advancements made introduced we our This quarter, we earlier this efficiency which critical strategy

and comprehensive Our high-margin growth. QX exercise, reorganization our categories marketing, has our a adjusted team drive optimizing across optimizing customer to effectiveness expanding strategically and been improved operational sustainable enhancing operations. These and deliberate product operations focus initiatives and launch XX% structures on over and restructuring product EBITDA marked benefits the our in in fully streamlining of cost significantly $X.X base, by million loss a realized to quarters. operational QX. These $X.X us be greater from in and discipline a towards foundational to base, position expected changes quarter-on-quarter with to loss QX million of clear of enter leaner trajectory the the with QX coming cost financial leverage a a scalable

unlocks also cross-sell capability by quarter, we achieved opportunities very advanced customer single of centralizing data providing our us efficient view campaigns. strategies, all customer. into a This now critical more and with milestone a unified a This our for marketing platform, powerful

As are transformative we generation engagement, implement outcomes confident we will deliver and operational these data, we customer efficiency. revenue in

high-margin We products. continue strong momentum in to

Y-o-Y Our investment-related respectively, significantly Y-o-Y, personal focus. loans success and underscoring of XX% nearly strategic grew wealth and revenues and the our Xx

trajectory innovation group's in growth but also in capabilities, the times, a our first we approval XX% now [indiscernible] experience Hong to a with for among improves position This X% vertical insurance Kong aggregator revenue car contributing overall its Y-o-Y Our customer accelerating space. maintained the pricing aggregators. only year. Notably, launched by strengthens not leadership now nine insurance first vertical also the of the increasing months revenue and

us. our delivering that conversion flow Additionally, our commitment focus a further a seamless travel engagement remains individual solutions demonstrating financial insurance rates, align delivered with tailored improvement to customer marked for purchase in needs. User

deliver user accounts, capability, value. long-term and loyalty deepen offerings will track us engagement with incentives in time. These at we and believe their enabling introduced which right we apply to drive users products create real time, quarter, rewards and features the personalized to for one loyalty highly and This and position membership click

across fluctuations to markets, strong this Now, continue see we challenges performance in our Singapore provider while quarter. core presented campaigns certain in

expanding impacts. and portfolio resilience diversified These us have started product our partnerships a environment, mitigating agility to opportunities highlight these as already adjustments However, in market dynamic and they seize rise. our positioning navigating

leaner future. I would also confident we to higher-margin ever with in operating cost on and to growth. With achieving like sharper year. Their we've gateway EBITDA, today. value in and to dedication as a transformative Now drive our look goals. With progress continue products, build been user MoneyHero work well remain abilities disciplined this on to milestones strong we to objectives. With QX, margins Group we our management we to position, to deliver moment a for will continued data long-term so the profitable have present in data-driven credit instrumental a expect profitability improving cash operations, to positioned valuable recovering align focus our cards, and shared hard and sustainable, structure acquisition sustainable resilience our now, ability product and to both segments is our efficiency more commitment robust focus continue team, take key high-margin ahead our adapting business adjusted have a navigating a now past, are shareholder towards achieving and for to whose our thank a mission change and been to

RSU building you I'm Hao We to that, again which we're is and trust belief With rollout the Together, success your of to years business the that our that support. and turning call will come. Thank our CFO. extend our over once underscores MoneyHero XX% success now employees. This plan, deliver announce our to are growth initiative our Qian, linked to sustained Group. for a value for also the team's equity over excited of all to of will ownership

day, Rohith. resulted growth growth in USD expansion to X% you, with solid applications year-over-year Thank approved Good XX.X MoneyHero's In in XXXX, QX everyone. revenue million.

expand across we Southeast great to share strong made continue our market markets in have core We gains, particularly Asia. as

infrastructure EBITDA loss acquisition, into technology, and our investments of expanding data to X.X adjusted USD negative quarter. customer for However, the in replatform million lead brand building,

to MoneyHero Now, in X% year-over-year our delivered third performance. revenue to million. In up year-over-year of key turn quarter realized where with the strides for in we USD and growth growth XXXX, We let's XX.X Kong, and significant financial quarter mix offerings. partnership significant revenue providers other XX%, have by made expanding diversifying in Philippines, broadening XX% up third Hong our our product

period. negative their Singapore decreased XX% back absence certain during from providers scaled by Our acquisition business of campaign year-over-year paid this activities who

are We recovery in closely to positioning our up engagement, clients for ramp these coming quarter. commercial with working us the

credit USD X% Taiwan increased Our by X.X growth cards. the with marginally to year-over-year strongest million coming business from

Philippines loss we will to managed and decision around on clients' and that revenue to our key building vertical focus the building and capability the in We on QX, to Taiwan to turn exit from the of focus successfully replace new continue have long-term market.

in of BXB Our group revenue. representing million flat XX% business, X.X Creatory USD revenue, year-over-year with remained

growth of year-over-year and gradually We remains commitment to the advantage vertical, leverage as revamp million. our drive platform to performance will fastest-growing traffic revenue Creatory decrease our product marketing. Insurance and the USD Creatory competitive reliance with continue XX% increased X.X quarter to a third

offer top lines line growth. explore to will continue to opportunities the We to further and bottom-line the more product fuel new new

of differentiator user core our a to to wallet. In both in enhance aim order as further engagement use business growth, to insurance the increase frequency addition to we share and

to technology, re-platform customer prioritize of to acquisition, margin product growth quarter in balanced For number increased our to our streamline in were by from investments a adjusted gross these and adjusted The costs. XXXX million loss restructure third million. and lead investment exercise through X.X focusing QX improvements, negative X.X strategy. We for our which of one, in loss are: EBITDA operations improved a reduction loss for negative primary efficiency the yet USD infrastructure XXXX, the data the driver improved third a on by USD EBITDA quarter

partnership Second, strategy. new product and

sustained quarter product Taiwan further operation provider revenue opportunity well the our of application, adjustments making partnership the and deepen revenue key as and impact early X from our mix strides with to year diversifying per While position broadening this providers markets, our a strengthen offerings. These market and providers our expanding exit revenue their presence. us are different Philippines, our and we of other by our in major scale in key for base growth

improvement Looking EBITDA the of building made With our QX. well significant in margins recovery a the continued remainder positioned for adjusted further on in progress steadily the ahead, through very are QX XXXX, of we anticipate we we improving, year.

continuing scaling like our believe line turn come. With opportunity we right in both completed pursuing operational growth. Also, Our for strengthened consolidation we and over the we Great attention as to us growth explore comprehensive for today consolidate review the it for acquisition operator our success industry earnings industry, that in to I in to as aim to set your top are ample aid QX in consolidation the emerging our reiterate, the Operator, to please? I will opportunity believe the call, that, for is alongside our any industry is strategy thank investment actively and the timing to Southeast to by years strategic reorganization growth organization there These way. Asia. We of for lead questions. I take has you structure and X mentioned foundation QX in and strategies would that our

Ishan we have And Baptista Instructions] of with the line question Majumdar from coming Research. [Operator a

your on Southeast you What the foresee scaling wonderful integration the platform. is platform competitors for across differentiate from how Bolttech's platform Congratulations in do specifically core markets? exchange your technology Asia? Also, question focused insurance this result. the does of My car challenges insurance in

strategic Bolttech. a And our see Thank car you, rather actually scaling challenges We Ishan. thanks explain with our than let partnership in platform, bit insurance more. me to opportunities this

a the means a able seamless car and that's when Bolttech benchmark pricing to we're launched BXC journeys. And provide experiences. now And it have comes marketplace BXB in market platform. sets real-time marketplace, a actually what and by customer powered also as purchasing end-to-end new this we these are innovative first Firstly, capabilities to insurance is very

partner For here, and us, technology innovative our really enabling Bolttech superior acts us to offering. as deliver

BXB in The partnership terms the opportunity is second scale. for of

portfolio. user these our marketplace, finally, and insurance users. And partners. tools insurance network a partnership also such value exploring with by opportunities also can beyond partner capabilities of allows into our to significant a product our labeled And to achieve we BXB wider we're being ecosystem, journey, provide as comparison our embedding us Now feel scale we diversify a Bolttech white for

their a protection relevant this market-leading offer really us comprehensive coverage, most users, fast example, fulfillment device superior products with solutions to very our enable to For the service. and

only very very room. and are customer-centric Bolttech's the our at insurance looking comprehensive most a not positions in strategic we this both leveraging really expertise. this And lens, as platform, differentiates the us a in So, and partnership feel we multifaceted really marketplace but technology

up to this follow improving customer with through specific about a wanted mentioned technology. just this you I on point experience

focusing on quarters. in been have Now this you even the is something that past

mentioned also any users Are enhancements driving mobile your there a and You resonating any metrics far? your or insight updates you streams? rolling overall indicators how these to across initiatives into UI applications. Can are higher-margin revenue app with out redesigned these that provide suggest that are so

Sure.

developed time we a a we spend X about me mobile to the little consumers critical Let clear one When one mobile bank. app. vision our address app, the from very our problem bit of very and statements, from had

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So, the from that's consumer lens.

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users, and higher engagement visit, driving historically, our financial during mean, critical very they decision-making platform destination visit typically when financial are a key Now, moments. low-frequency, usually because frequency on is they high-intent we for products. I

opens not through to finally, redesign, lot insights. dynamic financial shifting unlocking real-time also does only offers, this app our weekly the by both unlock approach nearby I app to the engagement sort new and I channel now with with think for partners. And can ongoing would engage gather we think say, but value that it what go-to-market value ensure higher-margin now now value to frequent the to brand-new providing surface able proposition. GPS-enabled creates deals, We newer users. By are behavioral thoughtfully and our early product a loyalty more, we're executing consistent, we of also very deep, newer and really user consumers, sort our I aligns and opportunities stronger Now this a days. sort would say, really It's relevant daily impact. these but revenue features, personalized encourages of advertising were of streams about a to strategy services This plan users. us insights. This to as revenue delivers also of driving And opportunities. It's our very we to our very adoption with

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Instructions] [Operator Nirgunan coming the our with from Aletheia next Tiruchelvam And question of line Capital.

in in that to question quarter. By your say, $XX it XX%, like the margins profit quarter also in is ballpark. number trajectory about your would this are this, million, that ask of appears that Is positivity a net monthly hitting this breakeven to of, and $XX correct? operating a revenue million your million on positivity say, It achieved that have I assuming $XX you gross EBITDA appears results. revenue

Just corrections. a couple of

question terms we've on EBITDA haven't improved the And have revenue of way our in margins. we is your about EBITDA the revenue positivity mix. losses sort look, but to of We and think narrowed revenue, really down our achieved we our really

focus as on we quarter, This --

If million. I here. maybe may $X.XX I'm wrong reading interrupt you, of column the says It EBITDA

impact this the by is main I think FX. a

Prior sure. to Sure, that.

of So, the category. granted, the to in on is have adjusted compared materially what in was EBITDA But the preceding clearly, level losses EBITDA, it you red it contracted quarter. still

that's And yes. Difficulty] products. [Technical Absolutely, a been

So, revenue our from driving this products. higher-margin quarter, we've on been very focused

sure a about we want obsessed hit focus consumers our to making But very not we trajectory products, vertical. investment our this been great. every diversify are as mean insurance terms high-margin happy higher-margin our be insurance because newer quarter it to our is growth growing, are where We seen I we've quarter. certain and we even introducing on personal number in products wealth-related is a has product a that's insurance revenue, products insurance of how it and loans, and us. We're be the of is for

the appreciate insurance and trajectory not of to terms our the product efficiency been an on, mix we're You'll about on in is easy we've educate and that's are we consumers but high-margin products the revenue. all really of how pleased insurance other thinking with

OCI I have the you explain please? question. Can situation, another

OCI?

Other comprehensive income.

minutes Just that. on give us just a of couple

So, let in the about me impact talk this FX quarter.

prior versus negative FX X.X for the quarter income in increased million had has versus loss to USD major the mentioned. primarily saw net we dramatically FX, in a and third quite in gain. We USD the this SGD adjusted PHEV the XXXX Our on of intercompany QX. from period the unrealized and year in fluctuated unrealized the I exchange the as by million through And payable $X.X driven period has those impact the USD

other there magnitude losses in your past of comprehensive Has income this been $X listing? the million of since

I double number. check the need to

my I As memory, remember. don't

Yes.

figures. of to can that come back you we check that recollect, don't we sort recollect So you. But and as

Or which quarterly a can reflects And enacted see can preceding too costs finally, in the and your is it the you results? Where you labor quarter? in item early? that I that cost line point to in in the expenses, contraction

this executed quarter. Nirgunan, the initiative think I the reorganization, restructuring entire actually the we and

quarter. true see this of benefits benefits the in following we So, will and complete the

I'm able said we sure few were having to this are that, recognize there a things quarter. However,

restructuring doing the a Specifically, quarter. entire at of my this of very including, that we've looking that And how been phased in overall and mentioned, we've you be in sort as would approach. is our payroll. But done, the been sort recommendation we've reorg

realize of truly really sort this that We executed starting of QX. will in we've the exercise impact complete

[Operator Edison Fiona Orford-Williams from Instructions] Group.

them say X, I forward. to may, going if I'll got I've back once all please. do at

the into mean, are little higher-margin you perhaps more that marketing products, your it's last you also, detail the continuation the have so I'm where towards product the drive priorities for impact second FY far? The the success and or about to assuming Singapore 'XX. there. And talk that in color of I comprehensive is revamp. moment want on seeing going first be market. us what the of any the about a we're the to pipeline. that new the on developments take one The of might the Do you is with is a on just site but at question more in report that bit

Thank is because developments we the about for sort consumers have last the with the value around new partners. the pipeline which believe the proposition what really particular have you the in Yes. very we for our and questions. will question, this of start in strengthen excited sort we and product pipeline both are I'll order. We're of

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the excited we're ones actively of product some the about we that very working are have. on. So, These pipelines are we

think was I around your second priorities. marketing question

our Now, help is starts want it this we've us vision vision individuals what approach strategic And And want for all drive and very how to save, growth. is. grow on their do money vision, a we our protect efficient with effortlessly. by we to developed guided

I strategy think pillars. our focus would our marketing priorities, about when So, on X key

First is consumer the pull.

tactics mind, as ROI. And initiatives. how recognition. And want strategy I'll Hao few second our growth, reduce, a to I we with quite reliance believe a really we improve and We few really paid drive and to to execution here. would had enhanced in do and the mentioned, brand we operating is growth this mention Now, what but leverage. our organic through trust build like want traffic on have marketing

run particularly focus We're research-driven organic to Firstly, high-margin channel for about insurance offerings. Number for wealth on these strategies. talked campaigns, We I our really SEO like down and be to and insurance banking conversions. SEO. drive products. tactical content and two, continue products loans, we our capture high-margin high-value traffic, preferred on partners to applications want our significant and high-intent personal and a doubling

wallet the of very expand really centralized actually really we segmentation. by products. share now data This customers offering us execute With and able our platform, helps are more relevant targeting the to precision-based

lot to optimize looking paid about, network, for and our creativity, As we're trust And we really stream that our really at influencer monetization also the really eyeballs and to build will we in expanding revenue sort have this and of I'm traffic. that ad is maximize markets. And of audiences would marketing of get own like strengthen we spoke has reach, solutions. There's brand we existing us. about value open us And excited of marketplace our and of and this very and something through our ad we're target helping each tech is our a ad month, of think enable to our sort we sort solution, partners in engaged our brands about this monetization how instrumental really more for to every been exploring up effectively finally, tenancy very additional efficiency. strategies

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final I around question the your site revamp. think was

But not an make a off want our quarter. the ready we funnel is of set to And platform, experience products. discover I them and which are. want they say, that? thinking hopefully, the top these user to our for irrespective to about key set them we -- come them allows this seamless be topics, of What I of it as pages, and to topics. would to take you the this lot through very, funnel to are best the attract funnel. and content that of we of to kicked like transact best to when is content the then X and would would to lot content that like And they're there users, users objectives when want the products. We mean architecture discover is, transact, but Now, to this. Number eyeballs efficient who are ready as part be have the about of do these they and comes one there may site best we these have educated right of Now what to users the of by it we a call initiative the for very learn provide them we financial learn to

So, entire revamp revamp doing but of an they're with that we to the can content across doing UI, actually and if feel top the find learn entire we're all and funnel, they markets around UX is app, if truly, in transact. just And because our help we deals the this products, now can mobile users right offers. are not manage also ready they the this shop cards once they've so the got credit best case, by

something not just It's a it holistically, marketing. comes both to entire of when in the that are So, site. site, of content revamp thinking funnel we terms it's and the

And already? achieving is purposes those it

our we've rates mean, the of But just of how terms our early market That's they in step in our of conversion some measure convert to pages. rates already started funnel. Those was this of conversion in the many I metrics rolling once any still people improved. on on rollout. land one have next out pages, seen we encouraging of Singapore. right results very stages of We've the QX really do the very

I the really will when results. start think we QX is seeing

when But traffic the in subsequent now of going lot this quarters is our starts did of pages, new pages. you'll seeing this way. We this more QX. that's thoughtful portion this newly when As in happens our and benefit this of we A/B a we as earlier when rollout, the we'll very in and our truly through test designed traffic of pages, of We lot a do traffic, through start a the set send with the initiative. we appreciate, send ROI XXX% a

And the there now any no for I closing this over time. Murthy further turn Rohith remarks. will to are questions at back call Mr.

those questions. No, all great thank you for

and can take the a for you to As and earnings want all end the wish towards this And in you a very I see call. Merry a quarter to of happy for very the support all busy like the And enjoy we're year. guidance. us. I been opportunity time I you it's all of New and to next see, you please Christmas break, will to firstly your thank would take Year.

That Thank your does disconnect. conference may participation, for you today. you and our conclude now for