MoneyHero’s new playbook: CEO Rohith Murthy lays out path towards sustainable profitability

In a market where conventional wisdom keeps failing, MoneyHero chief executive officer Rohith Murthy is banking on the oldest playbook in business – diversify revenue, slash costs.

MoneyHero Group, which boasts a diverse portfolio that includes the personal finance site SingSaver, Singapore’s largest personal finance community Seedly, and the B2B platform Creatory, has implemented a clear strategy to diversify its revenue streams and to significantly reduce financial losses, he said in a recent interview. 

Listed on the Nasdaq in October 2023, MoneyHero joined a growing number of Singapore-based start-ups marking their presence on the US stock exchange. While the stock price has faced headwinds since being listed, MoneyHero maintains zero debt and strong cash reserves, positioning it well for future growth.

In this interview, Mr Murthy discusses how MoneyHero is actively reshaping its business model to drive long-term growth and enhance shareholder value amid a volatile market environment. To achieve profitability, MoneyHero is strategically focusing on higher-margin areas such as insurance and wealth management. 

Q: Let’s start by sharing your journey. What’s the original vision behind MoneyHero, and what was the motivation for taking the company public in the US?   

A: The MoneyHero journey spans nearly a decade long, driven by a straightforward vision: to simplify personal finance and make it a lot more accessible to everyone.

Today, we operate across Singapore, Hong Kong, Taiwan and the Philippines, holding the largest market share by revenue in these markets. In Hong Kong, our brand is MoneyHero; in Singapore, SingSaver and Seedly; in Taiwan, Money101; in the Philippines, Moneymax; and the B2B platform Creatory operating across our markets.

Our platform serves approximately 7.5 million registered members, and we have facilitated more than 1.7 million financial applications. Achieving this scale has helped us build strong trust – not only with consumers, but also with financial institutions. 

We believe that we need to build a comprehensive ecosystem so we are constantly looking at enhancing it. For instance, we have a strategic partnership with credit bureau TransUnion in Hong Kong that allows us access to credit scoring data so we can make personalised recommendations to our Hong Kong users. Similarly, our collaboration with Bolttech significantly accelerates our insurance growth, empowering us to offer seamless, end-to-end insurance purchasing journeys. Bolttech’s integration strengthens our ecosystem by seamlessly connecting banking and insurance services, further improving customer experience and overall value.

Additionally, as a licensed insurance broker in three of our markets, we enable users to buy travel and other forms of general insurance or get real-time pricing for car insurance on our platform.

Listing on Nasdaq was a deliberate decision that aligns us with global fintech best practices and gives us access to deeper, more sophisticated capital markets. It also allows us to cultivate strong relationships with investors who have a deep understanding of the fintech sector. 

Q: Since the Initial Public Offering (IPO), MoneyHero has faced scrutiny over its financial performance and share price. There are concerns over the expenses, growth sustainability and the risk of delisting. What would you say to the shareholders and the broader market so that they understand the journey you’re on?  

A: We have been listed for over 18 months now and we’re navigating a challenging environment. More importantly, we’re undergoing a very meaningful internal transformation. Investor concerns are completely understandable, especially given how volatile market conditions are. What matters most is that we’ve been addressing these things directly and proactively – this has been my top priority since taking over as CEO.

Despite recent market challenges, we’ve sharpened our focus on revenue quality, margin improvement, and tightened cost management. Looking at our full-year 2024 results, we significantly improved our adjusted Ebitda (earnings before interest, taxes, depreciation, and amortisation) loss in Q4 2024. When I took over in Q2 2024, the adjusted Ebitda loss stood at US$9.3 million (S$12 million). By Q4 2024, we had reduced that loss to US$2.9 million –marking substantial progress and clearly demonstrating our trajectory towards sustainable profitability.

A key part of this transformation lies in our evolving revenue mix. Previously, credit cards were a primary revenue source, but we have pivoted towards higher-margin, recurring revenue streams such as insurance and wealth, which contributed over 20 per cent of our FY2024 revenue. Notably, revenue from our insurance products alone grew nearly 40 per cent year-on-year in FY2024, underscoring the success of our diversification efforts.

Operationally, we made some tough decisions last year to restructure and significantly optimise our operating expenses. We are committed to maintaining a lean cost structure while sustaining our growth, all aimed at improving adjusted Ebitda and building long-term shareholder value. 

As at end 2024, we remained strongly capitalised with ample cash reserves and cash equivalents of approximately US$42.5 million and no debt. This solid financial position enables us to strategically invest in the next phase of growth.

I want shareholders and potential investors to recognise that we are strongly backed by prominent investors such as Pacific Century Group (PCG), which fully support our strategic direction and long-term vision. Our leadership team, including myself, holds significant personal stakes in MoneyHero, ensuring full alignment with the goal of creating sustainable shareholder value.

Q: What is your timeline for a clear path to profitability, and how do you hope to pivot the business into long term growth? 

A: Profitability is our absolute priority and lies at the core of the efficiency-focused strategy I introduced shortly after becoming CEO approximately 15 months ago. We target to progress toward positive adjusted Ebitda in the latter part of 2025 – a milestone we’re increasingly confident of achieving, given our consistent quarterly improvements.

To support this, we have adopted an artificial intelligence (AI) first strategy. Our teams are actively leveraging AI tools to boost productivity across areas such as content production, customer service, design and engineering. 

Another key focus is shifting our revenue mix towards higher-margin segments like insurance, lending and wealth management. We’ve already started that trajectory. As a digital platform, enhancing user experience remains a priority. 

Last year, we placed significant emphasis on data. We now operate a central data platform that enables us to better understand and serve our 7.5 million members through personalised recommendations and tailored services. This approach has helped reduce our reliance on paid marketing, which declined by 23 per cent year-over-year in Q4 2024. 

With AI-driven content production ramping up, we expect organic traffic growth to be a major driver of profitability.

Globally, we’ve seen fintech aggregation platforms in the Western markets successfully emerge as consolidators, streamlining fragmented markets into sustainable, profitable ecosystems. MoneyHero is well positioned to lead similar transformation across Greater South-east Asia.

Q: MoneyHero recently announced a strategic collaboration with OSL in the digital assets space. What’s the rationale behind this, are you considering further investments in digital assets?

A: This announcement marks an exciting and important first step for us as we strategically explore the digital assets space. The region is witnessing growing interest in digital asset accounts licensed by regulators such as the Securities and Futures Commission (SFC) of Hong Kong. Digital assets are increasingly viewed alongside traditional insurance, stocks and banking products, offering enhanced user experiences, greater product diversification and new monetisation opportunities for our platform.

On a personal note, I’ve been closely studying companies like Strategy and Metaplanet that have successfully implemented digital asset strategies and subsequently delivered impressive stock performance. Their examples highlight the potential shareholder value that can be unlocked through well-considered moves that MoneyHero can make in this space.

While we have not yet made definitive decisions regarding additional investments, we remain proactive and open-minded. Given our strong cash position and disciplined capital allocation approach, we are actively evaluating strategic opportunities in digital assets, carefully assessing risks, potential benefits and alignment with our long-term objectives.

Q: In the next 12 months, what are the key markers of progress you hope to achieve, and how should stakeholders and customers evaluate them? 

A: The first is our focus on moving towards positive adjusted Ebitda during the latter part of the second half of the year. We are targeting US$100 million in full-year revenue for this year. Improving margins is going to be critical as we focus on both profitability and top-line growth. 

Second, we aim to scale our insurance business, particularly car insurance, which offers a recurring revenue stream. This is why we have prioritised rapid growth in this market and plan to apply this model more broadly across insurance and wealth management verticals. Additionally, we want to invest in membership strategies to reduce our reliance on paid marketing. 

While quarterly results provide updates on our strategic progress, it’s important not to focus solely on these short-term figures. Examining our trailing 12-month trajectory offers a clearer view of how we are consistently improving across these key markers. By focusing on these broader trends and long-term indicators, stakeholders can gain a more accurate and meaningful understanding of our growth momentum and operational efficiency.

Fintech is a massive term, and often, attention is given to businesses without clear business models or paths to profitability. This is why fintech aggregators are less frequently highlighted. But when you look around, fintech aggregators have proven globally to be profitable models, with numerous successful examples in Western markets.

Q: What’s the biggest learning moment in the transition from a private to public company, and what keeps you motivated as a leader in times of challenge and change? 

A: The journey so far has been truly transformative. Transitioning to a public company has instilled a new level of discipline in how we operate. While we’ve always been a metrics-driven company, the process has made us a lot more precise in our forecasting and planning. It’s not easy, especially as a relatively small market cap company, but it has strengthened our approach. 

Our decision to go public in the US was a tough but deliberate one. We’re not just building our own company – we’re helping build confidence in the entire regional fintech ecosystem. We want fintech startups from Singapore, the Philippines, and beyond to know that they too can build successful companies and list on global exchanges. That’s why I actively engage with many of these startups, offering partnership opportunities when they have unique technology or valuable data assets.

Observing successful global fintech peers – where disciplined execution, clear paths to profitability, and strategic acquisitions have been key – reinforces our strategic clarity. Understanding these market dynamics globally helps us confidently navigate challenges and strategically position MoneyHero as a leading player in the region.

The past 15 to 18 months have been challenging. However, how we successfully turn these obstacles into opportunities is what builds market-leading brands. Our belief in our mission is fundamental to overcoming these challenges. I’m privileged to lead a mission-driven, energetic and passionate team that embodies this belief every day. No matter how the landscape evolves, I am confident that we will remain a resilient organisation.