MoneyHero (NASDAQ:MNY) reported a second-quarter net loss of $1.2 million as foreign-exchange results moved unfavorably from the prior year, while management highlighted lower operating costs, improved approval rates and progress in its Hong Kong and Singapore businesses.
Interim CEO and CFO Danny Leung said the company’s adjusted EBITDA loss narrowed 17% year over year to $1.6 million in the second quarter. For the first half of 2026, adjusted EBITDA loss narrowed 49% to $2.7 million. MoneyHero ended June with $28.2 million in cash and cash equivalents, no debt and $32.6 million in net current assets.
Cash rewards totaled $5.1 million in the second quarter, up 77% from $2.9 million a year earlier. When those rewards are added back, MoneyHero’s total transaction value was flat year over year at $20.9 million for the quarter and increased 9% to $41.5 million for the first six months of 2026, according to the company.
Core markets and product mix
Hong Kong remained MoneyHero’s largest market, generating $7.8 million of quarterly revenue, or about half of group revenue. Revenue in the market increased 15% year over year to $16.3 million in the first half, while Hong Kong transaction volume rose 21%, Leung said. Segment profit in Hong Kong increased to $0.5 million in the first six months from $0.1 million in the prior-year period.
Singapore revenue fell 20% year over year to $6.2 million in the second quarter, primarily because cash rewards were concentrated in that market. However, Singapore’s total transaction value, including cash rewards, rose 9% in the first half. The Singapore segment produced a $0.2 million profit for the first six months, compared with a $0.5 million loss a year earlier.
Credit-card revenue declined 18% year over year to $8.9 million during the quarter, reflecting the shift toward cash rewards. Combined wealth and insurance revenue totaled $4.7 million, representing 30% of quarterly revenue compared with 27% a year earlier. Insurance revenue fell 7% to $2.4 million, meaning the increased share reflected greater relative resilience than credit cards rather than absolute growth, Leung said.
For the first half, combined wealth and insurance revenue rose 11% to $9.3 million, with wealth revenue increasing 22% to $4.8 million. Quarterly personal-loan and mortgage revenue declined 2% to $2 million.
Cost reductions and conversion metrics
MoneyHero said it continued to prioritize higher-margin customer conversions and more selective acquisition spending. Approval rates increased by 9 percentage points from a year earlier to 48%, while approved applications fell 15%. Leung said revenue per approved application increased in both the quarter and the first half, indicating that the company was converting a smaller but higher-quality customer funnel.
Total operating costs and expenses, excluding net foreign-exchange differences, declined 12% year over year to $18.2 million. Cost of revenue fell 17% to $7.6 million, and cost of revenue as a percentage of revenue improved by three percentage points to 48%.
- Technology costs fell 50% year over year to $0.5 million, which management attributed to platform consolidation and AI-driven automation.
- Advertising and marketing expenses declined 12% to $4 million as the company used more data-driven campaign allocation.
- Employee benefit expenses increased 6% to $3.9 million, reflecting targeted investments in capabilities supporting higher-margin verticals and AI initiatives.
The quarterly net loss compared with net income of $0.2 million a year earlier. Leung said the change was mainly due to net foreign-exchange differences, which swung from a $3 million gain in the prior-year quarter to a $0.1 million loss. Constant-FX EBITDA loss, excluding unrealized foreign-exchange effects, narrowed 64% year over year to $0.9 million in the second quarter.
Technology initiatives and new offerings
Management described AI and internal technology development as central to its effort to lower costs and improve customer engagement. In July, MoneyHero launched an in-house voucher management system in Hong Kong for Apple Gift Cards, its largest reward type. Leung said the system reduced customer delivery time by half and eliminated third-party handling fees.
The company plans to expand the voucher system to Singapore and additional reward categories, including travel, e-commerce and supermarket vouchers. It is also developing an AI-assisted conversational tool intended to combine customer support and product discovery, as well as a rebuilt member dashboard for tracking rewards and receiving personalized suggestions.
The dashboard went live in Singapore during the current month and is expected to expand to Hong Kong and other markets later in 2026. Management said future releases are expected to add insurance-policy information and single-login capabilities. The company said reducing reward-status inquiries could lower support costs, while improved member engagement could reduce the need to reacquire customers.
MoneyHero also said it secured exclusive partnerships with two large retail banks in Singapore, entered a fixed-fee arrangement with a global banking group and signed an exclusive partnership with a digital brokerage platform. Leung said exclusivity and fixed-fee arrangements could make partner revenue more predictable and reduce exposure to auction-based customer-acquisition costs.
Second-half priorities
In Singapore, the company expects its SingSaver platform to launch a home-loan comparison category through an affiliate partnership with mortgage broker and comparison platform RateCity. MoneyHero will earn a percentage of loan value disbursed for successful conversions, while RateCity will manage broker relationships and bank-panel operations, according to Leung. He said the arrangement carries no underwriting or balance-sheet risk for MoneyHero.
In Hong Kong, MoneyHero launched a life-insurance marketplace during the second quarter and said early traffic, policy sales and insurer interest have been encouraging. Leung said the marketplace’s 2026 run rate is roughly double last year’s level. The company plans to add critical-illness products in the third quarter, followed by short-term savings, tax-deductible medical and personal-accident insurance offerings.
For the remainder of 2026, management said it will focus on further adjusted EBITDA improvement, stabilizing and reaccelerating Singapore volumes, rebuilding Taiwan volume on a more profitable basis, increasing organic traffic, and expanding higher-margin product categories. MoneyHero’s member base reached 10.1 million at the end of the quarter, up 17% year over year.
About MoneyHero (NASDAQ:MNY)
MoneyHero Group Ltd (NASDAQ: MNY) operates an online comparison marketplace that helps consumers research, compare and select a broad array of financial and lifestyle products. Through its digital platform, MoneyHero presents side-by-side comparisons for credit cards, personal loans, mortgages, various insurance policies, broadband and mobile plans, as well as utility services. The site features interactive tools such as personalized calculators, user reviews and curated offer alerts, designed to simplify complex product information and enhance consumer decision making.
Founded in Hong Kong in 2014, MoneyHero has expanded its presence to serve customers in Singapore and Malaysia.
