M-DAQ Global, a fintech company backed by Affinity Equity Partners and China’s Ant Group, reported its consolidated net loss for the financial year ending Dec 31, 2023 widened to S$26.5 million (about US$19.7 million). Deal Street Asia.
This is more than double the loss of S$13.1 million reported a year earlier, according to a recent regulatory filing.
Financial performance includes: M-DAQ Global and subsidiaries in Singapore, Indonesia, South Korea, Japan, Hong Kong and the UK.
These subsidiaries include M-DAQ Cashport, a foreign exchange and remittance services provider, and M-DAQ Payment Solutions, formerly known as Wallex Technologies, which focuses on cross-border payments.
Despite the rising losses, M-DAQ reported a 22.5% increase in revenue to S$59.04 million (US$43.9 million) for 2023. The company also improved its gross profit margin from 29.1% in 2022 to 37.1% last year.
However, a sharp rise in operating costs contributed significantly to the increased loss, with staff costs increasing 68.6% to S$33.29 million, while other expenses such as software, legal and professional fees tripled to S$17.96 million.
M-DAQ is a Singapore-based fintech company that specializes in foreign exchange solutions for cross-border trading.
M-DAQ, led by founder and CEO Richard Koh, has one of the largest shareholders, Affinity Equity Partners, which invested in the company in a S$200 million funding round in 2021. Affinity also acquired a stake from Ant Group, a long-term backer of M-DAQ.
Other notable investors include Singapore’s EDBI, Samsung Venture, NTT Communications and Voveo Capital.
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