MoneyHero Limited

Ladies and gentlemen, thank you for standing by and welcome to Money Heroes' fourth quarter and full year 2024 earnings conference call. At this time, all participants are in the listen-only mode. After the speaker presentation, there will be a question and answer session. To ask a question during this session, you would need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would like now to turn the conference over to Meena Pan, Head of Corporate Development. Please go ahead.

Thank you, Michelle. Hello, everyone. Good morning and good evening, and welcome to Money Hero's full quarter and full year 2024 earnings conference call. Joining me on the call today are Rogan Murphy, CEO, and Daniel Leung, Interim CFO. Our earnings release was issued earlier today and is now available on our IR website, as well as WireGrowth Newswire services. Before we begin, I would like to remind you that today's call will include forward-looking statements made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These refer to the safe harbor statement in our earnings press release, which applies to this call. In addition, please note that today's discussion will include both IFRS and non-IFRS financial measures. For comparison purposes only, for reconciliation of these non-IFRS measures to the most seriously comparable IFRS measures, please refer to our earnings release and SEC followings. All monetary references will be in United States dollars, unless otherwise states. Lastly, a webcast replay of this conference call will be available on our IR website. I will now turn the call over to Raohe, CEO of Money Hero Group. Please go ahead.

Thank you, Minho. Hello, everyone, and thank you for joining us today to discuss Money Hero Group's fourth quarter and full year 2024 financial results. We closed out the year with a robust quarter of financial and operational results, reflecting the clear progress we have made on our path to profitability. As we continue to focus on diversifying our revenue mix towards high margin products, lowering operating expenses, and improving operational efficiency. Adjusted EBITDA loss during the quarter improved substantially to $2.9 million, our best quarterly performance since going public, underscoring our improving trajectory throughout the year from losses of $6.4 million in Q1, $9.3 million in Q2, and $5 million in Q3. At the same time, Our gross margin expanded by 25 percentage points year over year, while net loss narrowed sharply to $18.8 million from $94.3 million during the same period last year. Registered members reached 7.5 million, up 42% year on year, reflecting strong user engagement while approved applications grew 21% year over year to 767,000, underscoring increasing user trust and robust demand across our platform. With such solid results heading into 2025, we are confident in our ability to regain top-line growth momentum and have set a target of achieving $100 million in revenue in 2025. and generating a positive adjusted EBITDA in the second half of the year. Now, these results directly reflect the impact and disciplined execution our efficiency strategy is having since we rolled it out in mid-2024. Our objective is clear, to transform Money Hero into a leaner, more focused, resilient, and sustainable, profitable business. We have made meaningful progress across the five strategic pillars we outlined then, consumer pull, conversion expertise, operating leverage, strong provider partnerships, and insurance brokerage. We remain the largest credit card digital acquisition partner for the majority of the banks across our geographies and are leveraging the strong market position to strategically pivot towards higher margin verticals. Revenue during the quarter fell as a result of the strategic pivot and the high base set during the same period last year is substantially improved in quality and is fueling our transformation. We launched seamless end-to-end purchasing journeys in travel and car insurance and developed targeted strategic collaborations resulting in insurance revenue growing an impressive 40% to $8.2 million in 2024, now accounting for a double-digit share of total revenue. Wealth revenue surged by 138% to $8.5 million in 2024, driven by our deepening banking relationships and robust demand for investment products, stock, and banking accounts. These verticals strengthen our margin profile while generating consistent and recurring revenue streams, both of which are key pillars of long-term sustainability. We also laid the foundation for scalable growth by materially lowering operating expenses and improving unit economics with an optimized cost structure across all markets, streamlined operations, and reduced paid marketing and reward spend. Now, looking ahead to 2025, we will maintain our focus on scaling higher margin verticals, particularly insurance, while continuing to tighten cost controls and simplifying workflows. Our product and tech strategy continues to follow a buy-over-bill philosophy, enabling faster innovation through strategic partnerships, including new initiatives in AI and automation that are already underway. Our commitment to becoming An AI-first organization is already translating into several impactful initiatives across the business. We're actively working on deploying AI-powered customer service tools designed to significantly reduce inquiry volumes and achieve higher first contact resolution rates. Additionally, we're piloting generative AI solutions to accelerate and scale content production efficiently. Throughout the organization, we are exploring opportunities to automate workflows using advanced AI tools and agentic AI to boost productivity, reduce operational overhead, and enable our teams to focus more strategically. We operate in a rapidly growing billion dollar addressable market across banking and insurance, where we've only begun tapping into our full potential. With a debt-free balance sheet $42.5 million in cash, and a more efficient, profitable, and scalable business model, we have considerable runway ahead and are ideally positioned to capture a greater share of this large and growing addressable market and deliver sustainable, longer-term value to shareholders. With that, I will now turn the call over to Daniel Leong, our CFO.