Q3 2024 MoneyHero Ltd Earnings Call Transcript
Key Points
- MoneyHero Ltd (MNY) improved its adjusted EBITA by over 40% quarter-on-quarter, reducing losses from GBP9.3 million in Q2 to GBP5.5 million in Q3.
- The company achieved significant growth in high-margin product categories, with personal loans and wealth and investment-related revenues growing 34% and nearly five times year-over-year, respectively.
- The launch of a centralized customer data platform provides a unified view of customers, enhancing cross-selling opportunities and marketing efficiency.
- MoneyHero Ltd (MNY) introduced a Car Insurance vertical in Hong Kong with real-time pricing capabilities, improving customer experience and strengthening its market position.
- The company rolled out a membership and loyalty program, enabling users to create accounts, apply for products with one click, and track rewards in real-time, enhancing user engagement and loyalty.
- MoneyHero Ltd (MNY) faced challenges in Singapore due to fluctuations in provider campaigns, resulting in a 13% year-over-year revenue decrease.
- The company reported an adjusted EBITA loss of negative USD 5.5 million for the quarter, impacted by investments in customer acquisition, brand building, and technology infrastructure.
- The Singapore market revamp is still in early stages, with full benefits expected in future quarters.
- The company is still in the process of realizing the full impact of its restructuring and reorganization efforts, with complete benefits anticipated in the following quarter.
- MoneyHero Ltd (MNY) experienced significant unrealized FX exchange gains, impacting net income, which may not be sustainable in future quarters.
Good day. Thank you for standing by. Welcome to Money Hero Group third quarter, 2024 earnings conference call at this time (Operator Instructions) Please be advised that today's conference is being recorded.
I would now extend the conference over to, Chadwick Dorai, Strategic Finance Lead. Please go ahead.
Thank you, Lydia. Hello everyone, very good morning or good evening, depending on where you are. My name is Chadwick Dorai. I'm Strategic Finance Lead for Money Hero Group, overseeing our Investor Relations activities.
We're excited to have you join us for Money Hero Group's third quarter, 2024 earnings conference call, today we have with us Rohit Murty, our CEO, and Hao Qian our CFO. Let's start with a few friendly reminders. First off, you can find detailed results in our earnings release located in the investor relations section of our website. Also, we are according to this webcast. So don't worry if you miss anything a replay and a transcript will be posted on our website under
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