MoneyHero reported continued improvement in profitability, customer quality and operating efficiency during the second quarter of 2026, with Adjusted EBITDA loss narrowing 17% year over year to $1.6 million as the company focused on higher-intent customers and reduced its cost base.
Excluding unrealized foreign exchange effects, Constant FX EBITDA loss narrowed 64% year over year to $0.9 million from $2.6 million. For the first six months of 2026, Adjusted EBITDA loss improved 49% to $2.7 million from $5.3 million a year earlier.
MoneyHero’s approval rate increased nine percentage points to 48% during the quarter, with approximately 148,000 approved applications out of 310,000 total applications. The company also reported continued growth in revenue per approved application, which management said reflects better customer-acquisition quality and its shift toward consumers with stronger purchase intent.
That strategy has involved deliberately reducing lower-intent paid traffic. Monthly unique users averaged 3.7 million during the quarter compared with 5.3 million a year earlier, but revenue per average monthly unique user increased 24% year over year.
At the same time, MoneyHero Group Members increased 17% to 10.1 million as of June 30, expanding the company’s registered customer base despite the reduction in lower-quality traffic.
Operating expenses also moved materially lower.
Combined cost of revenue, advertising and marketing, technology, employee benefits and general administrative and other operating expenses decreased 12% year over year to $18.2 million from $20.6 million.
Cost of revenue declined 17% to $7.6 million and represented 48% of revenue, improving three percentage points from 51% in the prior-year quarter.
MoneyHero said the improvement reflected greater use of cash rewards as well as stronger conversion efficiency among the customers entering its platform.
Technology expenses fell 50% year over year to approximately $500,000 as the company continued consolidating its technology stack and automating engineering and operational workflows using artificial intelligence.
One example is MoneyHero’s internally developed Voucher Management System, which the company said was built by one engineer using AI agents in less than three months.
Management estimated that a conventional development process could have required a team of approximately 10 people working for much of a year. The system has already launched in Hong Kong, reduced voucher delivery times and eliminated third-party handling fees.
MoneyHero is also developing an AI-assisted conversational experience combining customer support and product discovery while restructuring its data so third-party generative AI platforms and next-generation search engines can reference MoneyHero information directly.
The company’s revenue mix continued shifting toward higher-margin categories.
Combined Wealth and Insurance revenue reached $4.7 million during the second quarter and accounted for 30% of total revenue, up from 27% in the prior-year period.
For the first six months, combined Wealth and Insurance revenue increased 11% to $9.3 million, while Wealth revenue alone grew 22% to $4.8 million.
MoneyHero also continued expanding its product and financial institution partnerships.
In Singapore, the company secured exclusive partnerships with two large retail banks, transitioned to a fixed-fee arrangement with a global banking group and established an exclusive partnership with a digital brokerage platform.
MoneyHero is also preparing to enter home loan comparisons through an affiliate relationship with a mortgage broker and comparison platform, allowing it to expand into the category without underwriting risk or balance-sheet exposure.
In Hong Kong, the company is broadening its online life insurance offering to include Critical Illness products and plans to add short-term savings, tax-deductible medical and personal accident products.
Hong Kong remained MoneyHero’s largest market during the quarter, with revenue of $7.8 million, representing approximately half of company revenue.
First-half Hong Kong revenue increased 15% to $16.3 million, while segment profit increased to $500,000 from $100,000 in the prior-year period.
Singapore also showed improving profitability despite the company’s heavier deployment of cash rewards there. Second-quarter reported revenue declined 20% to $6.2 million, but the market generated segment profit of approximately $200,000 compared with a $500,000 loss in the prior-year period.
Overall second-quarter revenue was $15.8 million, down 13% from $18 million a year earlier.
However, management said the reported figure was significantly affected by MoneyHero’s deliberate shift toward cash rewards in Singapore and Hong Kong. Under IFRS accounting, those rewards are deducted from revenue rather than reported as an operating expense.
Cash rewards totaled $5.1 million during the quarter, increasing 77% from $2.9 million a year earlier. First-half cash rewards rose 66% to $9.2 million from $5.6 million.
When cash rewards are added back, MoneyHero’s total transaction value was $20.9 million during the second quarter, approximately flat year over year, while first-half transaction value increased 9% to $41.5 million.
The underlying transaction performance was particularly strong in MoneyHero’s core markets. First-half total transaction value increased 21% year over year in Hong Kong and 9% in Singapore.
Revenue for the first six months of 2026 remained essentially flat at $32.3 million despite the increased use of cash rewards.
MoneyHero reported a second-quarter net loss of $1.2 million compared with net profit of $200,000 a year earlier.
Management attributed much of that change to foreign exchange movements. The latest quarter included a $100,000 foreign exchange loss compared with a $3 million FX gain in the prior-year period.
The company ended the quarter with $28.2 million in cash and cash equivalents and no debt, maintaining financial flexibility as it continues investing in higher-margin products, AI automation and customer-acquisition efficiency.
KEY QUOTES:
“Our second quarter delivered continued improvement in unit economics, approval quality and cost discipline, as well as our total transaction value in core markets, Hong Kong and Singapore. Net loss was US$(1.2) million, reflecting foreign exchange volatility rather than a change in our operating trajectory, and Adjusted EBITDA loss narrowed 17% year-over-year to US$(1.6) million in the quarter, while Constant FX EBITDA loss, which excludes unrealized foreign exchange impacts, narrowed 64% year-over-year to US$(0.9) million. We ended the period with US$28.2 million in cash and no debt.”
Danny Leung, Interim Chief Executive Officer and Chief Financial Officer of MoneyHero
