Currenc Group Inc. (CURR), formerly InFinT Acquisition Corp., reported a net loss of $38.8 million for the fiscal year ended December 31, 2024, compared to a net loss of $14.4 million in 2023. Revenue decreased by 12.9% to $46.4 million in 2024. This decrease is primarily attributed to a 55.2% decline in remittance revenue from divested subsidiaries TNG Asia and GEA, partially offset by a 6.4% increase in remittance revenue from Tranglo, its core remittance platform. The company also reported a 23.8% decrease in global airtime revenue, dropping from $12.2 million in 2023 to $9.3 million in 2024. Indonesian airtime revenue, however, saw a slight increase of 2.1% to $14.5 million.
Operating expenses increased significantly from $24.0 million in 2023 to $42.0 million in 2024. This surge resulted from a $20.9 million expense related to share-based compensation for employees upon the business combination with InFinT and a $1 million expense for shares granted to a capital market advisor. Excluding the divested subsidiaries, Tranglo's operating costs increased by 4.9% to $12.9 million, while WalletKu's operating costs decreased by 12.5% to $1.2 million. The company's legal and professional costs decreased to $1.7 million in 2024 from $4.7 million in 2023, primarily due to the completion of the business combination.
As of December 31, 2024, Tranglo processed approximately 11.4 million remittance transactions with a total processing value of $5.14 billion, representing a 3.6% increase in volume and a 13.2% increase in value compared to 2023. Tranglo's active customer count decreased slightly to 184 from 195 in 2023. The number of Tranglo unique users increased to 1,229,132 from 1,032,360 in 2023. In the airtime transfer business, Tranglo processed 4.15 million transactions with a total value of $9.3 million in 2024, a decrease of 23.8% in both volume and value compared to 2023. WalletKu served approximately 128,000 customers in 2024, distributing airtime with a total value of $14.5 million.
The company's financial statements reflect a working capital deficit of $57.9 million and a net capital deficit of $41.8 million as of December 31, 2024. These conditions, along with the net loss for the year, raise substantial doubt about the company's ability to continue as a going concern. However, Currenc plans to address this by growing its revenue base, controlling expenditures, and exploring additional funding alternatives. The company also entered into an ELOC Purchase Agreement in February 2025 to increase its liquidity by issuing additional shares. The company's outlook includes plans to launch new AI products and services, expand into new geographic regions, and pursue strategic acquisitions.
About Currenc Group Inc.
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