MoneySmart CEO Vinod Nair / Photo credit: MoneySmart
As MoneySmart Group gears up for a potential IPO, the company said it has seen revenue increase for a “record-breaking” number of months, which culminated in proceeds of S$24 million (about US$17.6 million) for the first half of 2023 – a 37% increase compared to the same period last year.
The company, which runs personal finance platform MoneySmart and insurance product Bubblegum, previously generated US$29.7 million in revenue for the 2022 financial year, according to data from VentureCap Insights.
MoneySmart also said it hit operating profitability for the first half of this year. After aborting a US$161.7 million reverse takeover deal to go public late last year, the company said it intends to pursue an IPO within the next two years.
Vinod Nair, founder and CEO of MoneySmart, said the company is looking to raise a “meaningful” pre-IPO funding round. He noted that the company does not “strictly need to fundraise” given its current financial position but believe “it is the right time to look at international expansion organically and inorganically to accelerate our growth.”
Founded in 2009 by Nair, MoneySmart offers a financial comparison and content platform that helps consumers make informed decisions on banking, insurance, and investment products. It then branched into digital insurance through Bubblegum.
See also: MoneySmart posts two profitable quarters in the thick of a pandemic
Currency converted from Singapore dollar to US dollar: US$1 = S$1.36.
Editing by Putra Muskita and Jaclyn Tiu
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