Singapore-based MoneyHero Limited reported second-quarter revenue of $15.8 million, down 13 percent from a year earlier, while its registered member base grew 17 percent to 10.1 million.

The financial comparison and digital insurance group posted a $1.2 million net loss for the quarter ended June 30, compared with a $0.2 million profit a year earlier. Its adjusted earnings before interest, taxes, depreciation and amortization loss narrowed 17 percent to $1.6 million, according to the company’s unaudited results and Form 6-K filing released on September 11.

First-half revenue was broadly flat at $32.3 million. MoneyHero ended June with $28.2 million in cash and cash equivalents and no debt. A Reuters brief separately reported the company’s precise quarterly revenue of $15.752 million and adjusted EBITDA loss of $1.627 million.

Singapore and Philippines revenue declines

Singapore generated $6.2 million in quarterly revenue, down 20 percent from $7.8 million in the same period last year. First-half revenue in the market declined 8 percent to $11.8 million. MoneyHero said its Singapore segment recorded a $0.2 million profit for the first half, reversing a $0.5 million loss a year earlier.

Philippine quarterly revenue fell to $969,000 from $1.7 million, a decline of about 43 percent. First-half revenue was $2.4 million, compared with $3.5 million in the prior-year period.

The Philippines remained MoneyHero’s largest market by registered members. Membership there rose to 7.1 million from 6 million and accounted for 70 percent of the group total. Quarterly Philippine traffic declined to 2.6 million visits from 4.1 million, while monthly unique users fell to 800,000 from 1.3 million.

MoneyHero changed its analytics filters on April 1 to exclude more automated traffic and did not recast earlier periods. The company cautioned that year-over-year traffic and monthly-user comparisons therefore include the effect of the methodology change.

Cash rewards rise

MoneyHero paid $5.1 million in cash rewards during the quarter, 77 percent more than a year earlier. Singapore accounted for $4.2 million, or nearly 82 percent, of those rewards. Under the company’s application of International Financial Reporting Standards, cash rewards are deducted from revenue rather than recorded as an expense.

Adding the rewards back, MoneyHero’s total transaction value was flat at $20.9 million in the quarter and rose 9 percent to $41.5 million for the first half. Management said the reward strategy in Singapore and Hong Kong was intended to attract applicants with stronger purchase intent.

Applications fell to about 310,000 from 446,000, while approved applications declined to 148,000 from 176,000. The approval rate increased nine percentage points to 48 percent. MoneyHero said some application figures may be estimated because confirmations from commercial partners can arrive after the reporting period.

Costs and product mix

Revenue from wealth and insurance products totaled $4.7 million and made up 30 percent of quarterly revenue, up from 27 percent a year earlier. Credit card revenue fell 18 percent to $8.9 million.

Cost of revenue decreased 17 percent to $7.6 million. Combined cost of revenue, advertising and marketing, technology, employee benefits, and general administrative and other operating expenses declined 12 percent to $18.2 million.

Technology costs halved to about $500,000. MoneyHero attributed the reduction to consolidating its technology stack and using artificial intelligence in engineering and operational work. The company said one engineer working with AI agents built an internal voucher-management system in less than three months. Its comparison with a conventional 10-person development effort was a management estimate, not an independently measured benchmark.

Second-half plans

MoneyHero plans to add a home-loan comparison category in Singapore through an affiliate partnership. Other projects include an AI-assisted search interface, new insurance comparison products in Hong Kong and expansion of its voucher system to more markets.

The group operates consumer platforms including MoneyHero, SingSaver, Money101, Moneymax and Seedly across Singapore, Hong Kong, Taiwan and the Philippines. It did not provide numerical revenue or earnings guidance for the second half.

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