MoneyHero Limited (“MoneyHero” or the “Company”), a market leading personal finance and digital insurance aggregation and comparison platform in Greater Southeast Asia, announced the unaudited growth milestone from its market-leading insurance vertical, with its enterprise-wide revenue growth surged by 150% year-over-year (“YoY”) in the third quarter of 20231.
The significant YoY growth of MoneyHero’s insurance vertical was largely driven by increased consumer interest in travel insurance products throughout the Singapore and Hong Kong markets. The Asia Pacific region’s nearly $10B travel insurance market has expanded rapidly in recent years, with industry projections estimating a continued 17% annual growth rate over the next five years, fueled by increasing travel activity and heightened consumer awareness of travel-related risks. In response to these growth trends, MoneyHero has bolstered its insurance platform through both organic innovation and strategic partnerships, creating a diverse offering of travel insurance products that cater to the evolving needs of modern consumers—from comprehensive coverage options to tailored policies for unique travel experiences. In addition to travel insurance, MoneyHero also experienced increased YoY demand for its life insurance products.
“Over the past year, our insurance vertical has seen robust growth across all major areas, signaling a substantial demand for our unique and comprehensive platform offerings,” said Thomas Kapeller, Group Head of Insurance at MoneyHero. “By leveraging a technology-driven platform and incorporating a ‘buy versus build’ approach into our strategy, we have successfully demystified insurance for consumers throughout Greater Southeast Asia, adding new and expanded revenue streams for the business. This momentum not only underscores the strong market appetite for our platform, but also reinforces our commitment to introducing dynamic products that expand our focus beyond core personal finance solutions.”
The Company’s insurance platform is supported by a strategic partnership between MoneyHero and eBaoTech, a renowned digital solution provider to the global insurance industry. This partnership integrates the powerful technology of eBaoTech’s middleware platform, InsureMO, into MoneyHero’s platform to enable consumers to discover, compare, and purchase unbiased, transparent, and tailored insurance policies more easily.
The result is unaudited, subject to the completion of the Company’s quarterly financial reporting processes, reviews, audit, and potential adjustments that might result.
Stay Ahead of the Financial Curve with Our Latest Fintech News Updates!
