Loyalty app Yuu grows partners tenfold, lifts revenue 30% in FY25

You don’t earn loyalty in a day, as the saying goes. But Yuu certainly did it quickly.

Between March to December 2024, the Singapore-based customer loyalty app, run by Minden.ai, grew its monthly active user base in Singapore from 1 million to 1.8 million.

Photo credit: Minden.ai

Increased marketing efforts and an expansion of its brand partners contributed to this.

In the 12 months ending March this year (FY2025), the revenue of Minden International Pte. Ltd. – the parent company of Minden Singapore Pte. Ltd., grew by 30% year on year to US$12.6 million.

Audited financial statements for the parent company also show that its loss before taxes fell to US$7.1 million, a 38% decrease compared to FY2024.

Minden.ai, a joint venture between Temasek and Hong Kong retail major DFI Retail Group, launched Yuu in 2020 to address the fragmented loyalty space in Singapore. DFI Retail Group operates brands like Ikea and 7-Eleven in Hong Kong.

Yuu members earn points when they spend at partner stores, which include supermarket chains Cold Storage, food delivery platform Foodpanda, and ride-hailing platform Gojek. Loyalty points can be used to offset purchases or redeem cash vouchers and other rewards at other merchants in its network.

From having 18 partner brands in 2024, Yuu has rapidly expanded that number to about 192 companies, according to its website. This includes both in-store and online merchants.

Notable new partners are Suntec City mall and the city-state’s national carrier Singapore Airlines. Yuu also allowed DBS Yuu card users to earn rewards on trips using transit and travel card platform SimplyGo as well as tea and beverage brand Chagee.

See also: Demystifying Yuu, the Temasek-backed consumer loyalty program

This expansion comes as retail sales in the country rose by 4.8% month on month in July this year, according to data from Singapore’s Department of Statistics. Supermarkets and hypermarkets saw the highest month-on-month growth, at 9.8%, in part driven by government vouchers to spur household spending at local businesses.

Minden.ai declined to comment on this story when contacted by Tech in Asia.

Tech overtakes headcount

Minden.ai’s revenue growth was primarily driven by program contributions, which refers to the fees it charges participating merchants for marketing and loyalty point management. That figure rose by 9.3% to US$9 million.

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