SINGAPORE, Oct. 12, 2023 /PRNewswire/ -- MoneySmart Group, Southeast Asia's leading personal finance group comprising two dynamic brands, MoneySmart and Bubblegum, announces remarkable growth and exciting future prospects following a strong H1 2023 financial performance despite challenging prevailing market conditions.
Continued Revenue Growth and Robust Financial Performance
Building on the success of 2022, marked by a significant revenue increase of 27%, MoneySmart Group continued its upward trajectory in H1 2023. Overall revenue growth surged to an impressive 37%, outpacing industry peers in the region. During this period, MoneySmart Group experienced record-breaking months of revenue growth, which culminated in revenues of SGD24 million. This strong first-half growth was bolstered by a 53% growth in margins, resulting in increased profitability.
MoneySmart Group also reached a major financial milestone in H1 2023 by successfully generating positive operating cash flow.
Raymond Ong, Chief Financial Officer, MoneySmart Group said, "Our strong first-half performance reflects our commitment to financial sustainability and operational excellence. This growth underscores our ability to execute on strategic initiatives and positions us favourably for the future. We are excited about the path ahead and remain focused on delivering value to our stakeholders while maintaining our financial strength and efficiency."
Investing in Future Growth and Innovation
As part of the company's ongoing mission to push the boundaries of how customers discover and purchase financial products, MoneySmart Group will be enhancing customer-focused initiatives aimed at elevating the customer experience and driving further growth and profitability. These initiatives include:
Strategic Focus on Scalable Growth
In remaining steadfast in its mission to build a sustainable and profitable business, the Group is also announcing its intention to pursue a public listing within the next two years, signaling a strong commitment to long-term growth.
Pre-IPO Round for International Expansion
To fuel international expansion, strategic tuck-in acquisitions and the enhancement of product and technology capabilities, MoneySmart Group will be looking to raise a meaningful Pre-IPO funding round.
Vinod Nair, Founder and CEO, MoneySmart Group, shared, "While we are in a strong position and do not strictly need to fundraise, we believe that it is the right time to look at international expansion organically and inorganically to accelerate our growth. We are eager to partner with investors and partners who share our clear vision—that technology is poised to revolutionise the way consumers discover and purchase financial products in the near future."
About MoneySmart Group
MoneySmart Group is one of Southeast Asia's largest personal finance portals, helping millions of people on their journey to achieve their financial goals.
MoneySmart provides a financial marketplace, comparison and content platform for consumers to make informed product choices across a range of banking, insurance and investment products. We do the hard work of compiling the information and facts to make it easy for you to compare and choose what's best for you.
Under our Bubblegum brand, we aim to create desirable insurance products and experiences and to become the winning digital insurance brand of the future.
For more information, please visit www.moneysmart.com.
