Terence Lee · · 1 min readM-Daq grew revenue, made hefty staff bets in 2023
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Singapore-based fintech company M-Daq sunk deeper into the red in 2023 even as it grew its revenue and held its gross margins steady, its latest audited numbers reveal.
The bulk of M-Daq’s growing losses can be attributed to staff costs, which have been increasing since 2021. Whether these investments translate to revenue growth down the line is something to watch out for.
M-Daq, which provides currency exchange services, has gradually diversified its clientele. A large chunk of its revenue now comes from the financial services sector rather than just ecommerce.
The company’s shareholders include tech titans and telco giants like Ant Financial, Samsung, and NTT.
For more insights into M-Daq’s performance, check out the rest of the charts below, which are updated every year.
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M-Daq, which provides currency exchange services, has gradually diversified its clientele.
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