- Total Processing Value (TPV) for CURRENC Group Inc. (CURR, Financial) grew by 13.2% to $5.14 billion in 2024.
- Revenue excluding TNG Asia and GEA decreased by 3.4% to $42.0 million.
- The company reported a net loss of $38.8 million for the year 2024.
CURRENC Group Inc. (CURR) has released its financial results for the fiscal year ending December 31, 2024. The results showcase a transformative year, with significant investments in artificial intelligence (AI) solutions. Despite challenging market conditions, CURRENC reported a 13.2% increase in Total Processing Value (TPV), reaching $5.14 billion through its Tranglo operations.
However, the company experienced a 3.4% decline in total revenue, amounting to $42.0 million when excluding TNG Asia and GEA contributions. This drop in revenue was primarily due to a significant 23.8% decrease in global airtime revenue, reflecting changing consumer behaviors and increased availability of free Wi-Fi in key Southeast Asian markets.
Remittance revenue performed well, increasing by 6.4% to $18.2 million, even though the take rate fell from 0.43% to 0.37%, driven by intense competition. Meanwhile, CURRENC's global airtime business saw revenues plummet to $9.3 million.
The gross profit margin improved to 31% from 28% in 2023, driven by increased efficiency, particularly in the remittance business, where gross margins rose from 58% to 62%. Despite these improvements, the company reported a net loss of $38.8 million, primarily due to one-time expenses related to incentive share allocations and goodwill impairments following the SPAC merger.
In a strategic shift to embrace AI-driven opportunities, CURRENC launched several initiatives, including SEAMLESS AI Call Centre Solutions and the 'AI Staff for Hire' platform. The company also announced plans to construct a 500MW hyperscale AI data center in Malaysia and establish a $100 million AI-focused fund in partnership with ARC Group, aiming to solidify its position as a fintech leader in AI solutions.
Going forward, CURRENC plans to de-emphasize its declining airtime business, reallocating resources to expand its remittance operations while integrating its new AI capabilities. The company expects these strategic initiatives to open substantial cross-selling opportunities, supporting growth in new markets and enhancing its core financial services offerings.
