Singapore-based blockchain payments company Party All Losses for 2023 recorded a significant 75% increase, mainly due to a large increase in expenses. Deal Street Asia I learned.
Despite this, the company is reporting revenue of $285,000 for 2023, a significant increase compared to the previous year’s revenue shortfall.
The increase in losses was mainly due to higher expenses, including large employee benefits and other operating costs, according to regulatory filings.
Employee benefits alone amounted to $11.2 million, with wages and salaries accounting for $8.1 million. Additional costs included $1.3 million in technology fees and $1.35 million in professional fees.
The company is backed by Temasek, DBS and JP Morgan and is actively expanding its platform development and network reach.
Partior plans to integrate more currencies and add new features such as intraday FX swaps and programmable corporate liquidity management.
For 2023, Partior secured financing of US$56.3 million, significantly increasing its cash and cash equivalents to US$24.5 million.
Recently, the company First close of Series B round exceeds $60 million The project was led by Peak XV Partners and has raised a total of US$105.4 million, according to DealStreetAsia’s DATA VANTAGE.
Paltior CEO Humphrey Walenbrader acknowledged the challenges facing early-stage fintech companies, saying:
“As a young company, we are focused on building a strong foundation for long-term growth and success.”
Walenbreder further highlighted Paltior’s commitment to redefine financial infrastructure through a global unified ledger, a complex endeavor that will take time to fully realize.
Despite the mounting losses, Paltior remains optimistic about future growth prospects.
Walenbreder expressed confidence in the company’s progress, saying, “We are building strong relationships with leading financial institutions and partners, enhancing the depth and interoperability of our network.”
As Partior continues to innovate and expand its offerings, the fintech company’s path to profitability remains a key focus for investors and industry players.
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