CURRENC Group Inc.

What they do

Currenc operates two main businesses: Tranglo, a B2B remittance platform that processes cross-border money transfers for financial institutions and also provides global airtime transfer services; and WalletKu, an Indonesian airtime distribution platform serving end users. As of March 31, 2025, Tranglo had over 5,000 bank partners, 35 eWallets, 130,000 cash pick-up points, and 113 corporate remittance clients, with a network covering 100+ countries. WalletKu served approximately 128,000 customers in Indonesia.

Revenue drivers

• Tranglo remittance — B2B remittance services; revenue was $4.5M in Q3 2024, down 1.0% YoY; processing volume (TPV) in Q3 2024 was $1.21B; take rate 0.37%.
• Tranglo global airtime transfer — Wholesale cross-border airtime transfer; revenue was $2.3M in Q3 2024, down 22.1% YoY; volumes declining due to increased Wi-Fi access.
• WalletKu Indonesian airtime — Direct-to-consumer airtime top-ups and utility payments; revenue was $4.0M in Q3 2024, up from $3.4M a year earlier.
• Other services — Includes legacy businesses TNG Asia and GEA, divested in July/August 2024; no revenue contribution going forward.

Recent performance

For fiscal year 2025, annual revenue declined to $37.8M from $46.4M in 2024, and net loss narrowed to $-18.4M from $-39.5M. Operating cash flow improved to $7.9M in 2025 versus $3.5M in 2024. In Q1 2025, revenue was $10.1M versus $13.1M in Q1 2024; Tranglo processing value declined 3.7% YoY to $1.30B and transaction volume fell 5.8% to 2.77 million. As of December 31, 2025, cash and equivalents were $75.2M, total assets $114.1M, and shareholder equity was negative at $-5.7M.

Strategy

Management is executing a divestiture of TNG Asia and GEA (completed in 2024) to focus on the higher-margin Tranglo remittance business and WalletKu. The company is pursuing a proposed merger with Animoca Brands and the sale of the Tranglo business, as noted in forward-looking statements. It also emphasizes cost discipline, as reflected in narrowing Adjusted EBITDA losses. The company is relying on its foreign private issuer status to file Form 20-F, reducing reporting burden.

Risks

• Merger/Delisting risk — The proposed merger with Animoca Brands and sale of Tranglo may not be completed; the company received a delisting notice in June 2025 and faces Nasdaq listing maintenance risk.
• Airtime decline — Global airtime transfer revenue is falling due to improved internet access in Southeast Asia, reducing demand for airtime top-ups.
• Negative equity — Shareholder equity was negative $5.7M as of December 31, 2025, indicating accumulated losses exceeding assets.
• Litigation — The company faces claims from Ripple Labs Singapore Pte. Ltd., which could result in material adverse effects.

Outlook

Management expects revenue to consist mainly of Tranglo’s remittance and airtime businesses and WalletKu’s Indonesian airtime business after divestitures. They anticipate continued pressure on airtime volumes due to structural changes. The outcome of the proposed merger with Animoca Brands and sale of Tranglo is a key determinant of future direction.