MoolahGo’s gross transaction value reachs S$0.5 Billion for FY2021

By Leandra Monteiro

Multi-currency digital payments Company MoolahGo has announced that its gross transaction value (“GTV”) for the financial year ended 31 March 2021 grew by 733% to hit S$500 million from S$60 million in previous financial year ended 31 March 2020.

“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” shared Mr John Hakim, Founder and CEO of MoolahGo.

With its expertise lying in cross-border multi-currency digital payments for the Business-to-Business market, MoolahGo has witnessed a 400% increase in the number of its corporate clients, which includes Financial Institutions, FinTech start-ups, FMCG retailers, trading and trade logistics companies. These clients are experiencing 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 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 COVID-19 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. MoolahGo has been able to support their digitalisation adoption by lowering the bar for them with its onboarding process and easy-to-use system.  To support Singapore’s fight against COVID-19 by promoting more cashless payments, the Company has also stopped its currency notes exchange service and established its online foreign exchange 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.