Moolahgo’s Gross Transaction Value Soared Past S$1 Billion
Moolahgo Pte Ltd (“Moolahgo” or the “Company”), one of Asia’s leading multi-currency digital payments Fintech announced that its gross transaction value (“GTV”) for the financial year ended 31 March 2022 (“FY2022”) doubled the previous year to cross the S$1 billion mark.
Underpinning this strong growth was an increase in client activities across all segments. Moolahgo continues to gain market share in the Business-to-Business (“B2B”) Payments market with a 78% increase in business user accounts. Its recently launched Payment-as-a-Service (“PaaS”) offering also experienced successes, seeing several leading payment firms joining its platform to take advantage of Moolahgo’s payment technologies for their own clients.
FY2022 also saw major technology developments from Moolahgo where the company launched its consumer eWallet mobile app in Q2-2022 and within a short span of 2 months, it rolled out the industry’s 1st instant payment to Indonesia using just a mobile number. The success of Moolahgo’s strategy to expand into the consumer space is evident by the fact that its eWallet transactions now account for almost half of its total transactions.
“This past FY had been an exceptionally fruitful year and marks an interesting milestone for our Company. We were razor-focused on driving a differentiated strategy in this crowded space. Instead of rolling out ‘me-too’ products, we focused on coming up with payment technologies to transform the industry. We are proud of being the first to offer an instant cross-border payment service to Indonesia with just a mobile number last year. Following this success, a number of global leading payment firms from Taiwan to as far as the UK have reached out to us to tap into our technology. We will continue to invest resources in new payment technology innovations that revolutionalize the current systems.”, Mr John Hakim, Founder and CEO of Moolahgo commented.
The easing of COVID restrictions which in turn re-ignited economic activities contributed to Moolahgo’s sharp increase in transaction volumes as well. Barring any surprises, the continued lifting of border restrictions amongst countries should continue to support the Company’s growth in the current financial year.
One of Moolahgo’s goals is to continuously research and develop new products to benefit its customers and to bring about new ways of payment. The Company is currently working on a number of new products which will position it as a first in the market. Customers can look forward to the new launches in the near future.