Miguel Cordon · · 2 min readGrab’s payments arm posts 27% revenue growth in 2022, losses widen
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The net loss of GPay Network, the entity behind Grab’s payments unit GrabPay, widened to US$34.4 million in 2022 as operating costs grew 33% year on year, according to VentureCap Insights, which tracks regulatory filings in Singapore.
While GPay Network’s revenue jumped 27% year on year, the company’s spending on vouchers almost doubled in 2022 compared to the previous year. It also incurred 26.7% more in payments processing fees in the reporting year.
Tech in Asia has reached out to Grab to know more.
GPay Network’s revenue comes from its contracts with customers. These include its rewards redemption support services and payment processing services.
For the financial year, GPay Network’s transaction-based segment remained its biggest contributor, pulling in US$58.4 million in revenue for the company. This comes from the fee GPay Network charges its clients and third-party merchants for its managed payments solutions.
Through GrabPay, the company offers in-store payments and online shopping support, as well as its Mastercard-powered GrabPay Card, among others.
GPay Network also brought in US$14.1 million in loyalty program revenue. The company generates this by charging a fixed fee when users spend their points, which they earn from using Grab’s services and mobile purchases made through GrabPay.
Meanwhile, the parent firm logged a revenue of US$525 million for its whole business in the first quarter of 2023. Grab’s adjusted losses for the quarter also narrowed by 77% year on year.
For FY 2022, the tech titan posted US$1.43 billion in revenue and US$793 million in adjusted EBITDA losses.
Editing by Dhania Putri Sarahtika
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