MoneyHero’s Filipino users hit 7.1M as of June

MONEYHERO Group saw its Filipino members increase to 7.1 million as of end-June despite lower volumes.

This was up from six million a year earlier, representing 70% of the group’s 10.1 million total and making the Philippines its largest market in terms of members, it said.

MoneyHero Group operates in the Philippines through financial comparison platform Moneymax.

However, the company said it saw lower volumes in the Philippines as well as Singapore amid a shift toward cash rewards.

This resulted in lower second-quarter revenues for MoneyHero from its Philippine operations at $1 million from $1.7 million a year ago, representing just 6.2% of the group’s top line.

First-half revenues likewise went down to $2.4 million from $3.5 million, cornering 7.6% of group total.

Despite the higher member count, MoneyHero’s traffic from Filipino users went down to 2.6 million sessions in the quarter versus 4.1 million a year ago, and to 5.2 million for the first half from 9.4 million.

Monthly unique users averaged 0.8 million, down from 1.3 million in the same period last year.

It said this was part of a group-wide shift towards users more likely to complete an application and away from low-intent paid acquisition.

MoneyHero Group’s total revenue sank by 13% year on year to $15.8 million in the second quarter, while its first-half top line was flat at $32.3 million.

Total transaction value was steady at $20.9 million during the quarter but was up 9% year on year to $41.5 million for the first half.

Cash rewards rose by 77% to $5.1 million, concentrated mostly in Singapore and Hong Kong.

MoneyHero Group reported a net loss of $1.2 million in the second quarter. — A.M.C. Sy

MoneyHero’s Filipino users hit 7.1M as of June
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