MoolahGo’s gross transaction value grows more than 700% to reach S$0.5 Billion for FY2021
- FY2021 has been a record year with the number of business clients increasing by 400%
- Despite its challenges, the COVID19 pandemic has also spurred digitalization for SMEs which has helped generate new revenues
Leading multi-currency digital payments specialist MoolahGo Pte Ltd (“MoolahGo” or the “Company”) would like to announce that its gross transaction value (“GTV”) for its financial year ended 31 March 2021 (“FY2021”) grew by 733% to hit S$500 million from S$60 million in previous financial year ended 31 March 2020 (“FY2020”).
“We are heartened that our business clients have relied on our payment services during this challenging time of the COVID-19 pandemic. This market response has given the greater impetus to continue to enhance our capabilities and services to further support our business clients, especially the SMEs, in their digitalization efforts. We will forge ahead to expand our B2B market share while also seeking out opportunities in other segments which can ostensibly benefit from our services and technology”, Mr John Hakim, Founder and CEO of MoolahGo commented.
With its specialty in cross-border multi-currency digital payments for the Business-to-Business (“B2B”) market, MoolahGo has seen a 400% increase in the number of its corporate clients, which includes Financial Institutions (“FI”), Fintech startups, FMCG retailers, trading and trade logistics companies. These clients are seeing the benefits of joining MoohlaGo’s fast expanding network that reaches customers in over 40 countries and is serviced by a payout network of over 1,000 banks and agents.
The Company has also seen a surge in revenue after launching its API platform in early 2020 and successfully integrating it with FI clients in mid-2020. Additionally, the Company has also managed to reach out to more SME clients, especially those in the engineering and transportation related sectors.
The COVID19 pandemic also had its part to play in the increase in transaction volumes as it has driven existing and new SME clients to adopt digital services. These SMEs that used to engage in traditional payment processing using cash and cheque payments, have been driven by the COVID19 pandemic to start digitalizing. MoolahGo has been able to support their digitalisation adoption by lowering the bar for them with its customized onboarding process and easy-to-use system. To support Singapore’s fight against COVID19 by promoting more cashless payments, the Company has also stopped its currency notes exchange service and established its online foreign exchange (“FX”) with direct credit to bank accounts service for major currencies such as USD, GBP, EUR, AUD, JPY, CHF, and CAD at highly competitive rates.
MoolahGo has continuously been enhancing its capabilities and services as it grows from strength to strength. It has expanded its FX liquidity partners across the region, allowing the Company to source for more competitive rates and pricing to offer to its end-customers. The Company has also recently integrated its platform with its local banking partner, DBS Bank to achieve seamless transaction processing capabilities.