M-DAQ International, a fintech agency supported by Affinity Fairness Companions and China’s Ant Group, noticed its consolidated web loss for the monetary yr ending 31 December 2023, rise to S$26.5 million (roughly US$19.7 million), as reported by DealStreetAsia.
That is greater than double the S$13.1 million loss reported within the earlier yr, in line with current regulatory filings.
The monetary efficiency encompasses M-DAQ International and its subsidiaries in Singapore, Indonesia, South Korea, Japan, Hong Kong, and the UK.
These subsidiaries embody M-DAQ Cashport, a foreign exchange and remittance providers supplier, and M-DAQ Fee Options, previously often known as Wallex Applied sciences, which focuses on cross-border funds.
Regardless of the rise in losses, M-DAQ reported a 22.5% rise in income for 2023, reaching S$59.04 million (US$43.9 million). The corporate additionally improved its gross margin from 29.1% in 2022 to 37.1% final yr.
Nevertheless, the surge in working prices contributed considerably to the elevated losses. Workers prices rose by 68.6% to S$33.29 million, and different bills, together with software program, authorized, {and professional} charges, tripled to S$17.96 million.
M-DAQ is a Singapore-based fintech firm specialising in overseas alternate options for cross-border transactions.
Led by founder and CEO Richard Koh, M-DAQ’s largest shareholder is Affinity Fairness Companions, which invested within the agency in 2021 throughout a S$200 million funding spherical. Affinity additionally acquired shares from Ant Group, a long-term backer of M-DAQ.
Different notable traders embody Singapore’s EDBI, Samsung Enterprise, NTT Communications, and Voveo Capital.
Featured picture credit score: Edited from Freepik
