Photo credit: MoneyHero Group
MoneyHero Group, formerly known as Hyphen Group, posted revenue of around US$35 million for the fourth quarter of 2023, marking a 50% jump from the same period in the previous year.
Its business in Singapore, in particular, recorded a revenue increase of more than 100% year on year. The fintech firm also said that its approved overall applications surged by over 80% in the same period.
“Based on broad feedback from our partners, MoneyHero’s ascendance has also led to a notable reduction in the market share of the company’s competitors,” said Prashant Aggarwal, CEO of MoneyHero, in a statement.
Additionally, the company announced that it has promoted chief product officer Rohith Murthy to chief business officer. Murthy has been with the company for almost a decade, MoneyHero said.
In 2024, MoneyHero plans to ramp up its talent acquisition, including hiring senior executives and supporting team members in engineering and tech, marketing and sales, finance, and operations.
MoneyHero rebranded from Hyphen Group and merged with Bridgetown Holdings – a blank-check firm backed by PayPal co-founder Peter Thiel – in May 2023. The fintech firm went public on the Nasdaq in October last year.
Backed by Hong Kong billionaire Richard Li, MoneyHero provides a personal finance aggregation and comparison platform. It operates in Singapore, Hong Kong, Taiwan, Malaysia, and the Philippines, with different brands for each local market.
See also: Why ‘save now, buy later’ apps need to look beyond just savings to survive
Editing by Miguel Cordon and Dhania Putri Sarahtika
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