Recent Business Highlights
Currenc capped a year of decisive transformation by building a suite of AI products now positioned for commercial rollout, exiting lower-margin businesses, and announcing a proposed merger with Animoca Brands that would create Nasdaq's first diversified digital assets conglomerate.
Agreed to convert Chairman and Chief Executive Officer ("CEO") Alex Kong's US$54.6 million in related party loans to equity in in August 2025, which closed in March 2026, issuing 35,653,995 ordinary shares to strengthen the Company's net asset position, eliminate the significant related party debt from the Company's balance sheet, and align his interests with shareholders.
Announced a proposed reverse merger with Animoca Brands Corporation Limited in November 2025, which upon completion would create the world's first Nasdaq-listed, diversified digital assets conglomerate spanning digital asset investments, real-world asset (RWA) tokenization, and blockchain applications.
Announced the planned sale of Tranglo to New Margin Holding Limited ("New Margin") for US$400 million as part of the Company's strategic realignment toward its AI-driven and Web3 solutions.
FY2025 Financial Highlights
Total Processing Value (TPV) through Tranglo was US$5.6 billion for FY2025, increasing by 1.2%1 year-over-year. The total number of transactions increased by 1.0% to 11.5 million in FY2025, compared with 11.4 million for FY2024.
Total revenues, excluding TNG Asia and GEA2, were US$37.8 million for FY2025, representing a year-over-year decrease of 10.3%3, primarily due to a 14.9% decline in global airtime revenue and a 47.1% decline in local airtime revenue.
For the year ended December 31,
2025
20242
US$
US$
(dollars in thousands)
Remittance revenue excluding TNG Asia & GEA
22,176
18,174
Global Airtime Revenue
7,942
9,336
Local Airtime Revenue
7,678
14,505
Other Revenue
16
122
Total Revenue excluding TNG Asia & GEA
37,813
42,137
_______________________1 Change in TPV is calculated based on the local currency. TPV would increase by 8.5% year-over-year, if it is calculated by converting the local currency to US dollars. USD translation convention used for displaying TPV levels are based on month end exchange rate.2 Currenc divested TNG Asia and GEA in August 2024 and July 2024, respectively. As such, from the fourth quarter of 2024 onward, only Tranglo's (digital remittance and global airtime transfer businesses) and WalletKu's (local airtime business) results will be consolidated and reported in the Company's financial statements.3 Total 2024 revenues include intercompany transactions.
Total remittance revenues2 contributed by Tranglo were US$22.2 million for FY2025, an increase of 22% year-over-year. The increase in remittance revenue was mainly due to an increase in TPV. Tranglo's overall take rate was 0.37% in 2025, in line with 0.37% in the same period of 2024.
Currenc's global airtime transfer revenues were US$7.9 million for FY2025, representing a year-over-year decrease of 14.9%. The growing availability of free Wi-Fi in Southeast Asian countries, especially Malaysia and Indonesia, has led to declining demand for Malaysia-Indonesia airtime transfers, resulting in a decline in global airtime business in 2025. As Currenc expects this trend to continue in Southeast Asian markets, the Company's management plans to deemphasize airtime transfer and reallocate its resources and capital to expand its new AI product offerings.
Total direct costs of revenue were US$22.4 million for FY2025, representing a year-over-year decrease of 23.4%.
The direct payout rate for Tranglo's remittance business was 0.13% for FY2025, a slight increase compared with 0.12% for the same period of 2024.
Gross profit was US$15.4 million for FY2025, with a gross profit margin of 40.8%, compared with US$14.6 million and a margin of 31.4% for FY2024, reflecting increases in both gross profit and gross margin.
Total operating expenses decreased to US$23.4 million for FY2025 from US$42.0 million for the same period of 2024. The substantial decrease was mainly due to the divestiture of TNG Asia and GEA, which incurred operating costs of $3.7 million. In addition, there was also a reduction in expenses related to incentive shares granted to employees of $16.9 million (FY2025: $4 million; FY2024: $20.9 million).
As Currenc divested TNG Asia and GEA in August and July 2024, respectively, its operating costs now reflect the operating costs of Tranglo, WalletKu and the Company's headquarters only. With the rollout of its new AI initiatives, Currenc incurred US$2 million in operating costs related to these new businesses in 2025.
Tranglo's operating costs for FY2025 were US$13.7 million, representing an increase of 6.2% from US$12.9 million in the same period of 2024
WalletKu's operating costs were US$0.6 million for FY2025, compared with US$1.2 million for the same period of 2024, reflecting tighter cost control over the operation.
Professional fees were US$1.9 million for FY2025.
Net loss was US$18.5 million for FY2025, primarily driven by the net loss of US$20.5 million incurred by headquarter expenses and adjustments.
EBITDA analysis
For the year ended December 31, 2025
Tranglo
WalletKu
Headquartersand adjustments
GroupTotal
US$
US$
US$
US$
(dollars in thousands)
Net income (loss)
2,470
(446)
(20,528)
(18,504)
Add:
Income tax expenses
519
-
(370)
149
Interest expense, net
58
-
3,052
3,110
EBIT
3,047
(446)
(17,846)
(15,245)
Depreciation and amortization
-
-
2,036
EBITDA
3,047
(446)
(17,846)
(13,209)
The Company's total EBITDA for FY2025 was a loss of US$13.2 million.
Tranglo and WalletKu's combined EBITDA for FY2025 was US$2.6 million.
Headquarter expenses and adjustments recorded an EBIT loss of US$17.8 million, mainly contributed by
US$4 million in "Operating Expenses" related to incentive shares granted to employees.
US$4.8 million loss on loan extinguishment.
US$2.3 million of Goodwill impairment loss.
US$1.5 million for amortization of intangible assets (Tranglo).
US$2 million for the expenses incurred on developing AI projects.
US$1.9 million for professional fees.
For the year endedDecember 31, 2024
Tranglo
WalletKu
TNG AsiaGEA
Headquartersand adjustments
GroupTotal
(dollars in thousands)
Net income (loss)
2,215
(1,137
)
(3,740
)
(36,165
)
(38,827
)
Add:
Income tax expenses
535
413
-
(370
)
578
Interest expense, net
27
1,762
6,726
8,515
EBIT
2,750
(697
)
(1,978
)
(29,809
)
(29,734
)
Depreciation and amortization
-
-
-
-
3,280
EBITDA
2,750
(697
)
(1,978
)
(29,809
)
(26,454
)
Management Comments
"2025 marked a defining period of strategic transformation for Currenc," said Alex Kong, Chairman and CEO of Currenc. "While global demand for digital remittance continues to grow, competition across major corridors has intensified, compressing pricing across the industry. Against this backdrop, we remained disciplined, maintaining Tranglo's take rate at 0.37% and delivering approximately US$5.6 billion in full-year TPV, demonstrating the enduring strength and resilience of our core remittance platform. Equally important was the decisive progress we made in reshaping our business mix. We deliberately deemphasized lower-margin airtime services, redirecting capital and talent toward our AI portfolio. These initiatives are not merely product launches; they represent the foundation of a higher-value, higher-margin growth engine that we are building for the long term. As we enter 2026, Currenc is a fundamentally different company, one with a global Web3 and AI strategy, and a strengthened remittance franchise. Alongside the proposed Animoca Brands merger, we enter the year with more strategic momentum than our FY2025 numbers alone convey."
Wan Lung Eng, Chief Financial Officer of Currenc Group, commented, "The FY2025 numbers that matter most are the structural ones: gross margin expanded from 31.4% to 40.8%, and total operating expenses fell from US$42.0 million to US$23.4 million. Tranglo and WalletKu delivered combined positive EBITDA of US$2.6 million, demonstrating the health of our core businesses. The headline net loss of US$18.5 million was driven primarily by US$16.5 million of headquarter expenses and adjustments, not by operational weakness. We invested US$2 million in AI product development in 2025; those products are now ready to generate revenue. Our 2026 priorities are clear: scale AI revenue, complete the US$400 million Tranglo divestment, advance the Animoca merger, and build toward the higher-margin business mix that delivers sustainable shareholder value."
Recent Developments
1. Currenc Announces Proposed Reverse Merger with Animoca Brands (November 3, 2025)
Under the proposed structure, Animoca Brands shareholders would own 95% of the merged entity. Animoca Brands brings a portfolio of 600+ companies spanning RWA tokenization and blockchain applications, including platforms such as The Sandbox and Open Campus.
2. Currenc Announces Planned Sale of Tranglo to New Margin for US$400 Million (January 2, 2026)
The sale of Currenc's 60% Tranglo ownership stake to New Margin, a major Chinese private equity firm, provides US$200 million at closing, with the remaining US$200 million to be funded within 90 days of closing. Proceeds are allocated for debt reduction and for funding AI and Web3 operations. The agreement has a deadline of September 30, 2026 to close. Completion requires Bank Negara Malaysia and Monetary Authority of Singapore approval.
3. Currenc Converts Chairman and CEO's US$54.6 Million in Related Party Loans to Equity (March 17, 2026)
Currenc completed a US$54.6 million Debt-for-Equity Transaction with Chairman and CEO Alex Kong and Regal Planet Limited, the Company's controlling shareholder. The Company issued 35,653,995 ordinary shares at ...
