Currenc Group reports Q3 EPS (13c) vs. (11c) last year

Reports Q3 revenue $11.3M vs. $12.7M last year. “We are delighted to report a strong start to our journey as a publicly-listed company, highlighted by notable strategic achievements and operational excellence in the third quarter,” said Alex Kong, Founder and Executive Chairman of CURRENC. “Prior to our Nasdaq listing, we divested two subsidiaries, GEA and TNG Asia, streamlining our operations to prioritize Tranglo, our sole remaining digital remittance platform. Having positioned digital remittance as the primary driver of CURRENC’s future growth, we are now focused on expanding Tranglo’s business scope and coverage network. Tranglo’s TPV was $1.21 billion for the third quarter and $3.92 billion for the first nine months, up 6.1% and 18.8% compared with the same periods last year, respectively. This growth not only underscores our success in elevating our position in the global remittance market but also reflects our clients’ growing trust and confidence in our technology and compliance. While our overall transaction fees take rate declined year over year for both periods as we offered more competitive pricing to gain market share, this was offset by improvements in forex take rates and payout agency rates, driven by our unwavering commitment to cost- and operational efficiency. As a result, Tranglo recorded a net income of $1.53 million for the first nine months of 2024, up 13.2% year over year. With an approach that delivers maximum value to both our customers and shareholders, we’re confident of maintaining our robust growth trajectory in the increasingly competitive digital remittance landscape.”