Company Overview and Business Summary

Company Identity

• Name: Currenc Group Inc.
• Incorporation: Cayman Islands (Limited Liability Company)
• Headquarters: Singapore, No. 410 North Bridge Road, City Hall
• Stock Listing: Nasdaq Capital Market under symbol "CURR"
• Fiscal Year End: December 31, 2024
• Shares Outstanding: 46,527,999 as of April 13, 2025
• Market Capitalization (as of June 28, 2024): $123.36 million

Business Description

Currenc Group Inc. is an investment holding company operating primarily in financial technology services, with a focus on digital remittance, cross-border payments, and airtime trading and transfer.

Core Business Segments & Operations

1. Remittance Services

• Primary Platform: Tranglo, a leading global money remittance hub in Southeast Asia.
• Services:
  • B2B remittance for financial institutions, banks, e-wallets, and payment providers.
  • Cross-border airtime transfer services, acting as a switching platform and wholesale reseller.
  • International airtime transfer supporting pin and pinless transactions.
• Transaction Volume & Value (2024):
  • Processed approximately 11.4 million transactions.
  • Total processing value: $5.14 billion (USD).
  • Transaction volume increased by 3.6%, value increased by 13.2% Year-over-Year.
  • Average daily transactions: $14.04 million.
• Target Countries & Users:
  • Over 150 countries.
  • 5,000+ bank partners.
  • 130,000+ cash pick-up points.
  • 35 e-wallets.
  • Served over 40 airtime corporate customers.
  • Active Customers (Tranglo): 184 as of December 31, 2024.
• Revenue & Income (2024):
  • Revenue from Tranglo declined from $31.6 million (2023) to $28.4 million.
  • Top revenue sources include foreign exchange spreads and fixed transaction fees.
  • Hong Kong revenue post-divestiture represented about 5.6% of total revenue.

2. Airtime Trading & Transfers

• Platforms & Subsidiaries:
  • Tranglo: International airtime transfer.
  • WalletKu: Retail airtime and payment platform in Indonesia.
• Tranglo Airtime Transfer:
  • Operates one of the largest networks with over 500 mobile operators across 150 countries.
  • Top corridors include Malaysia-Indonesia, Malaysia-Bangladesh, UAE-Indonesia.
  • Network supports both pin and pinless airtime transfer.
• WalletKu Retail Airtime:
  • Focused on Indonesia.
  • Offers airtime, internet data top-ups, electricity, bill payments, and remittance.
  • Customers (2024): Approximately 128,000.
  • Transactions (2024): $14.5 million in airtime value.
  • Focus on small retail outlets, with active partners:
    • 300 active WalletKu Digital merchants
    • 2,600 active WalletKu Indosat merchants
• Market & Distribution:
  • Operates as Level 1 authorized distributor with Indosat, managing over 2,600 active outlets.
  • Revenue in Indonesia from WalletKu business: $14.5 million for 2024.
  • Gross profit margins around 9.33% in 2024.

3. Technology & Platforms

• Tranglo API & Platforms:
  • Unified API supporting real-time payouts and remittance.
  • Payout network includes over 5,000 partners globally.
• Risk Management & Compliance:
  • Global licenses: Malaysia (Money Services Business), UK (Payment Institution), Singapore (Payment Institution), Indonesia (Non-bank Fund Transfer).
  • Strong AML/CTF and data protection protocols.
• Innovation:
  • Uses Ripple’s On-Demand Liquidity (ODL) service leveraging XRP cryptocurrency.
  • ODL contributed to about 35% of remittance volume before market disruptions; now significantly lower.

4. Key Metrics

• Customer Base:
  • Total active Tranglo customers: 184 (as of Dec 31, 2024).
  • WalletKu customers: approx. 128,000.
  • WalletKu active merchants: 2,600.
• Employees:
  • Tranglo: 244 employees (Dec 2024).
  • WalletKu: 89 employees (Dec 2024).
• Financials:
  • 2024 Revenue: Approximately $28.4 million (declined from $31.6 million in 2023).
  • 2024 Transactions: 11.4 million transactions.
  • Total Transaction Value: $5.14 billion.
  • Profitability: Margins around 9.33% in 2024 (post-divestitures the revenue contribution from Hong Kong diminished).

Summary

Currenc is a fintech holding company with a focus on cross-border digital remittance and airtime transfer services primarily in Southeast Asia. Its flagship platform, Tranglo, provides B2B remittance infrastructure and international airtime transfer, with broad geographic coverage, extensive banking and payout partners, and advanced technological integrations including Ripple’s XRP-based solution. Its Indonesian retail platform WalletKu serves over 128,000 merchants nationwide, offering airtime, bill payments, and remittance services. As of April 2025, it has approximately 46.5 million shares issued and an enterprise valuation of about $123 million (as of June 2024).