Currenc Group Inc. Files Q3 2024 10-Q

TL;DR

Currenc Group Inc. (formerly InFinT) dropped its Q3 10-Q. Check financials for 9 months ending Sep 30, 2024.

AI Summary

Currenc Group Inc. filed its 10-Q for the period ending September 30, 2024. The company, formerly known as InFinT Acquisition Corp, is based in New York and operates in business services. The filing covers the third quarter of 2024 and provides financial data for the nine months ended September 30, 2024, compared to the same period in 2023.

Why It Matters

This filing provides investors with an update on Currenc Group Inc.'s financial performance and position as of the end of the third quarter of 2024.

Risk Assessment

Risk Level: medium — As a 10-Q filing, it contains detailed financial information which can be complex and subject to interpretation, requiring careful analysis.

Key Numbers

• 20240930 — Reporting Period End Date (The 10-Q covers financial data up to this date.)
• 20241119 — Filing Date (The date the 10-Q was officially filed with the SEC.)
• 20240101 — Nine Months Start Date (Beginning of the nine-month period for which financial data is reported.)
• 20230101 — Prior Year Nine Months Start Date (Beginning of the comparative nine-month period from the previous year.)

Key Players & Entities

• Currenc Group Inc. (company) — Filer
• InFinT Acquisition Corp (company) — Former company name
• 32 BROADWAY, SUITE 401 (location) — Business and mailing address
• NEW YORK (location) — City for business and mailing address
• NY (location) — State for business and mailing address
• 10004 (location) — ZIP code for business and mailing address
• 917-519-3948 (phone_number) — Business phone number

FAQ

Key Financial Figures

• $0.0001 — registered Ordinary shares, par value $0.0001 per share CURR The Nasdaq Stock Mar

Filing Documents

• form10-q.htm (10-Q) — 1439KB
• ex31-1.htm (EX-31.1) — 16KB
• ex31-2.htm (EX-31.2) — 17KB
• ex32-1.htm (EX-32.1) — 7KB
• ex32-2.htm (EX-32.2) — 7KB
• 0001493152-24-046796.txt ( ) — 7577KB
• curr-20240930.xsd (EX-101.SCH) — 59KB
• curr-20240930_cal.xml (EX-101.CAL) — 80KB
• curr-20240930_def.xml (EX-101.DEF) — 285KB
• curr-20240930_lab.xml (EX-101.LAB) — 458KB
• curr-20240930_pre.xml (EX-101.PRE) — 357KB
• form10-q_htm.xml (XML) — 1251KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 3 Item 1.

Financial Statements

Financial Statements 3 Condensed Balance Sheets 4 Condensed Statements of Operations (Unaudited) 5 Condensed Statements of Changes in Shareholders' Deficit (Unaudited) 6 Condensed Statements of Cash Flows (Unaudited) 7 Notes to Condensed Financial Statements (Unaudited) 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 29 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 45 Item 4.

Controls and Procedures

Controls and Procedures 45

OTHER INFORMATION

PART II. OTHER INFORMATION 46 Item 1.

Legal Proceedings

Legal Proceedings 46 Item 1A.

Risk Factors

Risk Factors 46 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 46 Item 3. Defaults Upon Senior Securities 47 Item 4. Mine Safety Disclosures 47 Item 5. Other Information 47 Item 6. Exhibits 47 2 PART I. FINANCIAL INFORMATION Item 1. Financial Statements. CURRENC GROUP INC. AND SUBSIDIARIES INDEX TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Page Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 (unaudited) 4 Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three and Nine Months ended September 30, 2024 and 2023 (unaudited) 5 Condensed Consolidated Statements of Changes in Shareholders' Deficit for the Three and Nine Months ended September 30, 2024 and 2023 (unaudited) 6 Condensed Consolidated Statements of Cash Flows for the Nine Months ended September 30, 2024 and 2023 (unaudited) 7 Notes to the Condensed Consolidated Financial Statements (unaudited) 8 to 28 3 CURRENC GROUP INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) September 30, 2024 December 31, 2023 US$ US$ ASSETS Current assets: Cash and cash equivalents 49,060,421 48,516,765 Short-term investments - 300,000 Restricted cash 42,421 5,428,790 Accounts receivable, net 2,640,862 2,450,871 Prepayments to remittance agents - 137,854 Escrow money receivable - 5,014,829 Amounts due from related parties 3,831,195 7,287,376 Prepayments, receivables and other assets 26,957,511 34,225,239 Total current assets 82,532,410 103,361,724 Non-current assets: Investment in an equity security - 100,000 Equipment and software, net 955,975 1,016,490 Right-of-use asset 29,725 154,234 Intangible assets 3,771,256 9,191,713 Goodwill 26,999,726 27,001,383 Deferred tax assets 675,420 664,888 Total non-current assets: 32,432,102 38,128,708 Total assets 114,964,512 141,490,432 LIABILITIE

Business

Business Combination On August 30, 2024 (the "Closing Date"), INFINT, INFINT Fintech Merger Sub Corp., a Cayman Islands exempted company and wholly owned subsidiary of INFINT ("Merger Sub"), and Seamless Group Inc., a limited liability company under the laws of the Cayman Islands (along with its wholly owned subsidiaries, "Seamless"), consummated a business combination pursuant to the business combination agreement, dated as of August 3, 2022, as amended (the "Business Combination Agreement"). On the Closing Date, INFINT completed a series of transactions (the "Closing") that resulted in the combination (the "Business Combination") of INFINT with Seamless. On August 30, 2024, pursuant to the Business Combination Agreement, the Merger Sub merged with and into Seamless, with Seamless surviving the merger as a wholly owned subsidiary of INFINT, and INFINT changed its name to Currenc Group Inc. ("Currenc"). The Company's ordinary shares are listed on the Nasdaq Capital Market under the symbol "CURR". As consideration for the Business Combination, Currenc issued to Seamless shareholders an aggregate of 40,000,000 ordinary shares (the "Exchange Consideration"). In addition, Currenc issued 400,000 commitment shares to the PIPE investor (as described below) and an aggregate of 200,000 shares to vendors in connection with the Closing, issued promissory notes for approximately $ 5.7 million to EF Hutton LLC ("EF Hutton"), approximately $ 3.2 million to Greenberg Traurig LLP ("Greenberg Traurig"), and $ 603,623 to INFINT Capital LLC (the "Sponsor"), and entered into a $ 1.75 million PIPE Offering, as set forth below. Simultaneous with the closing of the Business Combination, Currenc also completed a series of private financings, issuing a Convertible Note for $ 1.94 million, 400,000 commitment shares, and warrants to purchase 136,110 ordinary shares in a private placement to a PIPE investor (the "PIPE Offering"), which raised $ 1.75 million in net proceeds. 8 CURR

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