SINGAPORE, Oct. 09, 2025 (GLOBE NEWSWIRE) -- Currenc Group Inc. (Nasdaq: CURR) (“Currenc” or the “Company”), a fintech pioneer empowering financial institutions worldwide with artificial intelligence (AI) solutions, today announced an agreement to issue and sell up to $33.0 million of the Company’s unsecured convertible promissory notes due October 8, 2027 (the “Notes”). After deducting related costs and expenses, the Company would receive $30.0 million in new funding if the financing is fully funded. An in ...

Core Viewpoint - Currenc Group Inc. has announced a leadership change with Alex Kong returning as CEO, succeeding Dr. Ronnie Hui, who has stepped down. This transition is expected to support the company's growth in AI solutions for financial institutions [1][2]. Company Overview - Currenc Group Inc. is a fintech pioneer focused on transforming global financial services through artificial intelligence (AI). The company provides comprehensive AI solutions to financial institutions, including the SEAMLESS AI Call Centre and other AI-powered agents aimed at reducing costs and enhancing customer satisfaction [3]. - The company's digital remittance platform facilitates real-time, 24/7 global payment services, promoting financial access in underserved communities [3]. Leadership Transition - Alex Kong, the founder and Executive Chairman, will take over as CEO, ensuring a seamless transition. His previous experience and expertise are expected to accelerate Currenc's growth initiatives and strengthen its position in the AI-driven financial solutions market [2]. - The board expressed gratitude for Dr. Ronnie Hui's leadership, highlighting his role in guiding the company through significant market challenges and laying a strong foundation for future growth [2].

Core Viewpoint - Currenc Group Inc. has entered into a $54.6 million Shares-for-Debt Transaction to eliminate outstanding related party loans, aligning the interests of its Chairman with those of shareholders [1][2][3]. Group 1: Transaction Details - The Company will issue 35,653,995 ordinary shares at a price of $1.53 per share to settle approximately $54,550,612.30 in loans owed to Mr. Alex Kong and Regal Planet Limited [2]. - This transaction will completely remove the debt from the Company's balance sheet, which originated from various loan agreements [2]. Group 2: Strategic Implications - Mr. Kong emphasized that this transaction strengthens the capital structure and reflects his confidence in Currenc's long-term growth prospects [3]. - By converting loans into equity, Mr. Kong is reinforcing his commitment to the Company's mission of empowering financial institutions with AI-driven solutions [3]. Group 3: Company Overview - Currenc Group Inc. is a fintech pioneer focused on transforming global financial services through AI, offering solutions that enhance efficiency and customer satisfaction for various financial institutions [4]. - The Company's digital remittance platform facilitates real-time global payment services, improving financial access for underserved communities [4].

Core Viewpoint - Currenc Group Inc. has completed a $54.6 million Shares-for-Debt Transaction, significantly strengthening its capital structure and demonstrating confidence in its long-term growth prospects [1][2][3]. Financial Transaction Details - The Company issued 35,653,995 ordinary shares to settle outstanding related party loans totaling approximately $54,550,612.30, effectively eliminating this debt from its balance sheet [2]. - The transaction aligns the interests of the Chairman, Mr. Alex Kong, with those of all shareholders, reinforcing a unified vision for the Company's future [2][3]. Company Overview - Currenc Group Inc. is a fintech pioneer focused on transforming global financial services through AI solutions, including AI Call Centres and other agents aimed at enhancing efficiency and customer satisfaction for various financial institutions [4]. - The Company also offers a digital remittance platform that facilitates real-time global payment services, promoting financial access in underserved communities [4].

Core Insights - Currenc Group Inc. reported its financial results for Q2 2025, highlighting a year-over-year decline in total revenue but an increase in remittance revenue, driven by growth in Total Processing Value (TPV) and improved take rates [1][4][12]. Financial Performance - Total revenue excluding TNG Asia and GEA for Q2 2025 was US$8.7 million, a decrease of 10.3% from US$9.7 million in Q2 2024 [4]. - Remittance revenue, excluding TNG Asia and GEA, was US$5.2 million, reflecting an increase of 8.3% year-over-year [5]. - Global airtime revenue decreased to US$2.0 million, down 16.7% from US$2.4 million in the previous year [5]. - Indonesian airtime revenue saw a significant decline of 39.6%, dropping from US$2.5 million to US$1.5 million [4]. Operational Metrics - Total Processing Value (TPV) through Tranglo reached US$1.46 billion, marking a 6.9% increase year-over-year [4]. - The total number of transactions increased to 3.1 million in Q2 2025, up from 2.9 million in Q2 2024 [4]. - The overall take rate improved to 0.36% in Q2 2025 from 0.35% in the same period of 2024 [5]. Cost Management - Total direct costs of revenue decreased by 24.1% year-over-year to US$5.5 million [5]. - Operating expenses rose to US$7.6 million, primarily due to a one-time incentive share expense of US$2.2 million related to the de-SPAC merger and US$1.0 million for AI initiatives [5][12]. EBITDA Analysis - The total EBITDA for Q2 2025 was a loss of US$3.4 million, with Tranglo and WalletKu together delivering positive EBITDA of US$0.53 million [10]. - The net loss for the quarter was US$5.0 million, driven by headquarters losses and adjustments [9][10]. Strategic Focus - The company plans to deemphasize lower-margin airtime services and reallocate resources to expand its AI product offerings [5][12]. - Management aims to pair consistent remittance execution with an expanding AI portfolio to create a healthier revenue mix and sustainable long-term value for shareholders [12].

Core Viewpoint - Currenc Group Inc. is taking proactive measures to investigate potential naked short selling of its shares to protect shareholder value while executing its growth strategy globally [1][2][3] Company Overview - Currenc Group Inc. is a fintech pioneer focused on transforming global financial services through artificial intelligence (AI) solutions [4] - The company provides comprehensive AI solutions to financial institutions, including a digital remittance platform that enables real-time global payment services [4] Strategic Initiatives - The company has retained Shareholder Intelligence Services, LLC to assist in monitoring and investigating trading irregularities [1][2] - Currenc aims to enhance shareholder communication, regulatory compliance, and trading surveillance capabilities through ShareIntel's patented DRIL-Down™ process [2] Management's Commitment - The founder and executive chairman, Alex Kong, emphasized the company's commitment to protecting investors and maximizing shareholder value amid observed irregular trading patterns [3] - Currenc intends to pursue regulatory and legal recourse if necessary to address any illegal trading or market manipulation [2][3]

Group 1 - CURRENC Group Inc. has entered a strategic partnership with Galaxy Payroll Group Limited to develop AI-powered human resources solutions for its "AI Staff for Hire" platform [1][2] - The new modules, AI HR Manager and AI Recruitment Manager, aim to enhance HR operations and recruitment processes within the financial industry [2][3] - The partnership is expected to help clients in various financial sectors scale efficiently, reduce costs, and improve customer experiences through AI innovation [3] Group 2 - CURRENC's "AI Staff for Hire" platform automates core functions, reduces operational costs, and enables data-driven decision-making for businesses in the financial industry [2] - The AI HR Manager will streamline HR operations, while the AI Recruitment Manager will optimize candidate screening and interview scheduling [2] - CURRENC is committed to exploring additional AI-driven opportunities to facilitate digitalization and sustainable growth across industries [3] Group 3 - CURRENC Group Inc. is dedicated to transforming global financial services through comprehensive AI solutions, including AI-powered agents and digital remittance platforms [4] - The company's offerings aim to reduce costs, increase efficiency, and enhance customer satisfaction for various financial institutions [4]

Financial Performance - For the three-month period ended March 31, 2025, the Company reported revenue of $10.055 million, a decrease of 23.4% compared to $13.104 million for the same period in 2024[154]. - The net loss for the three-month period ended March 31, 2025, was $4.487 million, compared to a net loss of $2.632 million for the same period in 2024, indicating a worsening financial position[154]. - For the three-month period ended March 31, 2025, the Company's revenue decreased by 23% to $10.1 million compared to $13.1 million for the same period in 2024[155]. - Remittance revenue excluding divested entities TNG Asia and GEA declined by 8% to $4.6 million for the three-month period ended March 31, 2025, compared to $5.0 million in 2024[158]. - Global airtime transfer revenue decreased by 23% to $2 million for the three-month period ended March 31, 2025, down from $2.6 million in 2024[156]. - The Indonesian retail business recorded a decrease of 8% to $3.4 million for the three-month period ended March 31, 2025, compared to $3.7 million in 2024[160]. - EBITDA loss increased to $2.8 million for the three-month period ended March 31, 2025, compared to a loss of $0.2 million in 2024[175]. Transaction and User Metrics - The total processing value (TPV) for Tranglo's remittance business was $1.30 billion for the three-month period ended March 31, 2025, down 3.7% from $1.35 billion in the same period of 2024[129]. - The Company processed approximately 2.77 million remittance transactions in the three-month period ended March 31, 2025, representing a decline of 5.8% from 2.94 million transactions in the same period of 2024[129]. - Tranglo processed 2.77 million remittance transactions with a total value of $1.30 billion for the three-month period ended March 31, 2025, down from 2.94 million transactions valued at $1.35 billion in 2024[157]. - The number of unique users for Tranglo increased to 579,684 as of March 31, 2025, compared to 575,941 as of March 31, 2024, indicating a slight growth[130]. - The overall take rate decreased to 0.35% during the three-month period ended March 31, 2025, compared to an average total take rate of 0.37% for the year of 2024[157]. Cost and Expenditure - The Company's cost of revenue was $6.9 million for the three-month period ended March 31, 2025, a decrease of 20.7% from $8.7 million in 2024[161]. - The direct costs for remittance revenue decreased by 41.4% to $1.7 million for the three-month period ended March 31, 2025, compared to $2.9 million in 2024[161]. - The Company's capital expenditures were $0.2 million for the three-month period ended March 31, 2025, compared to $0.01 million for the same period in 2024[192]. Cash Flow and Liquidity - As of March 31, 2025, the Company had cash balances of $62.3 million, a working capital deficit of $59.8 million, and a net capital deficit of $43.9 million[182]. - The Company had net cash used in operating activities of $1.5 million for the three-month period ended March 31, 2025, primarily due to a net loss of $4.5 million, offset by non-cash expenses of $2.2 million[187]. - The Company reported a net loss of $4.5 million and net cash provided by operating activities of $1.5 million for the three-month period ended March 31, 2025[182]. - The Company had cash and cash equivalents of $62.3 million as of March 31, 2025, compared to $59.2 million as of March 31, 2024[184]. - The Company entered into an ELOC Purchase Agreement on February 10, 2025, allowing it to issue additional shares for extra liquidity[183]. - Net cash provided by financing activities was $0.1 million for the three-month period ended March 31, 2025[191]. - The Company believes its current cash and cash equivalents, along with anticipated cash flows from operations, will be sufficient to meet its cash needs for at least the next 12 months[185]. Strategic Initiatives - The Company plans to launch new AI products and services through SEAMLESS AI Lab, aimed at providing comprehensive solutions for financial institutions[146]. - The Company aims to expand its market reach into the Middle East and Africa, focusing on B2C markets to enhance profitability[142]. - The Company completed a private placement raising $1.75 million in net proceeds through the issuance of a Convertible Note and warrants[137]. - The Company intends to develop its AI Data Center (AIDC) business with a planned capacity of 500MW, catering to diverse client needs[151]. Company Classification - The Company is classified as an "emerging growth company" and a "smaller reporting company," allowing it to take advantage of reduced reporting requirements[215].

Core Viewpoint - Currenc Group Inc. reported a decline in financial performance for the first quarter of 2025, with total revenue decreasing by 11.5% year-over-year, primarily due to a significant drop in global airtime revenue and remittance revenue from the Hong Kong market. The company is focusing on AI initiatives and reallocating resources to enhance higher-margin growth opportunities [1][5][12]. Financial Performance Summary - Total revenue for Q1 2025 was $10.0 million, down from $11.34 million in Q1 2024, reflecting an 11.5% decrease [3][5]. - Remittance revenue, excluding TNG Asia and GEA, was $4.6 million, an 8% decline year-over-year [6]. - Global airtime revenue fell to $2.0 million, representing a 23.1% decrease compared to the previous year [6]. - Total processing value (TPV) through Tranglo was $1.30 billion, a decrease of 3.7% year-over-year [5]. - Operating expenses increased to $7.5 million from $5.8 million in Q1 2024, largely due to a one-time share-based incentive expense of $2.2 million [6][10]. Operational Insights - The decline in TPV and revenues was attributed to reduced business volume from the Hong Kong market and increased competition in the digital remittance space [5][12]. - The company’s gross profit margin ratio for Q1 2025 was 31.8%, down from 33.6% in Q1 2024 [6]. - The overall net loss for Q1 2025 was $4.5 million, primarily driven by losses from headquarters and adjustments [11][20]. Strategic Focus - Management emphasized the importance of scaling AI product offerings and expanding remittance services into major corridors to drive higher-margin growth [12]. - The company plans to deemphasize airtime transfer services and redirect resources towards AI initiatives [6][12]. - Currenc aims to maintain a healthy take rate for Tranglo while navigating a competitive environment [12]. EBITDA Analysis - The total EBITDA for Q1 2025 was a loss of $2.8 million, with Tranglo and WalletKu achieving a combined EBITDA of $1.2 million [10][25]. - The EBITDA loss was influenced by increased operating expenses and the impact of the de-SPAC merger [10][12]. Market Position - Currenc Group Inc. is positioned as a fintech pioneer, focusing on AI solutions to enhance financial services globally [15]. - The company’s digital remittance platform aims to improve financial access across underserved communities [15].

Financial Data and Key Metrics Changes - The total processing value (TPV) for the digital remittance business reached $5.14 billion in 2024, a 13.2% increase from $4.54 billion in 2023 [10][15] - Total revenues excluding TNG Asia and GEA were $42 million in 2024, reflecting a 3.4% decline from the previous year, primarily due to a 23.8% drop in global airtime revenue [16][21] - The gross profit margin for the remittance business improved to 62% in 2024 from 58% in 2023, while the overall gross profit margin increased to 31% from 28% [26][27] - The net loss for the year was $38.8 million, largely attributed to a $32 million loss at the headquarters level [37] Business Line Data and Key Metrics Changes - The digital remittance business processed 11.4 million transactions in 2024, with revenues of $18.2 million, a 6.4% increase from 2023 [15][18] - The global airtime transfer revenue was $9.3 million in 2024, representing a 23.8% decline compared to 2023 [21] - The direct costs for revenue, excluding TNG Asia and GEA, were $28.9 million in 2024, an 8% decline from 2023 [25] Market Data and Key Metrics Changes - Strong demand was noted in key corridors such as the UK, Hong Kong, Singapore, and Korea, contributing to the growth in remittance transactions [11] - The airtime transfer segment faced declining demand due to increased availability of free Wi-Fi in Southeast Asia, particularly in Malaysia and Indonesia [21][22] Company Strategy and Development Direction - The company is focusing on enhancing its AI-driven solutions to improve operational efficiency and customer experience while maintaining its core mission of serving financial institutions [9][39] - A strategic shift is underway to prioritize the digital remittance business and AI solutions over the airtime transfer business, which has lower growth potential and profitability [24][39] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the robust demand for digital remittance services and the potential synergies from AI initiatives, particularly in regions like the Middle East and Africa [39][40] - The company aims to maintain profitability while growing remittance revenue by at least 12.5% in the coming year, without further sacrificing the take rate [66] Other Important Information - The company recognized a significant increase in operating expenses due to non-cash items related to incentive shares granted to employees, totaling $20.9 million [28] - The EBITDA loss for the full year was $26.5 million, but isolating Triangle and Watercool showed a profit of $2.05 million [33] Q&A Session Summary Question: Expectations for the partnership with CONCOF and revenue timeline - Management expects to establish a clear revenue stream from CONCOF in the second half of 2025, with additional clients anticipated by the end of the year or early next year [53] Question: Details on the 500-megawatt AI data center partnership - The company is collaborating with a renowned operator for the AI data center, focusing on sourcing land and government support in Malaysia, with potential for high returns [61] Question: Margin trajectory and tech stack improvements - The company plans to stabilize the take rate and grow remittance revenue without further sacrificing margins, while also selecting more competitive payout agents to maintain profitability [66]