M-DAQ Global's Doubled Losses Overshadow Revenue Gains in 2023 - Fintech Singapore

M-DAQ Global’s Doubled Losses Overshadow Revenue Gains in 2023 – Fintech Singapore

M-DAQ Global’s Doubled Losses Overshadow Revenue Gains in 2023



by Fintech News Singapore

July 8, 2024

M-DAQ Global, a fintech firm supported by Affinity Equity Partners and China’s Ant Group, saw its consolidated net loss for the financial year ending 31 December 2023, rise to S$26.5 million (approximately US$19.7 million), as reported by DealStreetAsia.

This is more than double the S$13.1 million loss reported in the previous year, according to recent regulatory filings.

The financial performance encompasses M-DAQ Global and its subsidiaries in Singapore, Indonesia, South Korea, Japan, Hong Kong, and the UK.

These subsidiaries include M-DAQ Cashport, a forex and remittance services provider, and M-DAQ Payment Solutions, formerly known as Wallex Technologies, which focuses on cross-border payments.

Despite the increase in losses, M-DAQ reported a 22.5% rise in revenue for 2023, reaching S$59.04 million (US$43.9 million). The company also improved its gross margin from 29.1% in 2022 to 37.1% last year.

However, the surge in operating costs contributed significantly to the increased losses. Staff costs rose by 68.6% to S$33.29 million, and other expenses, including software, legal, and professional fees, tripled to S$17.96 million.

M-DAQ is a Singapore-based fintech company specialising in foreign exchange solutions for cross-border transactions.

Led by founder and CEO Richard Koh, M-DAQ’s largest shareholder is Affinity Equity Partners, which invested in the firm in 2021 during a S$200 million funding round. Affinity also acquired shares from Ant Group, a long-term backer of M-DAQ.

Other notable investors include Singapore’s EDBI, Samsung Venture, NTT Communications, and Voveo Capital.

Featured image credit: Edited from Freepik

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