MoneyHero (MNY.US), a personal finance and digital insurance comparison platform, announced its Q1 performance for the period ending March 31st. Adjusted EBITDA loss expanded to $6.44 million, up from a loss of $0.3 million in the same period last year. Operating losses also widened to $12.291 million, compared to a loss of $0.883 million in the first quarter of 2023.

Q1 revenue increased by $22.175 million, up 23.9% YoY. Online wealth management comparison platform revenue reached around $18.1 million, up 22% YoY. By market segment, Singapore's Q1 revenue increased by 61% YoY to $8.9 million, while Hong Kong's revenue increased by 37% YoY to $7.7 million, mainly driven by private lending business.

As of the end of March, the number of MoneyHero Group members increased by 59% YoY to 5.9 million people. The number of approved applications in the first quarter increased by 72% YoY to 206,000, mainly for credit cards and insurance products. CFO Qian Hao stated that based on the group's development strategy, the adjusted EBITDA loss in the first half of this year is expected to remain high, but the profit margin is expected to recover in the second half of the year and continue to expand for the rest of the year, driving a potential adjusted EBITDA profit in the second half of the year.