Morus Technologies, the Singapore-based parent of fintech platform Stashfin, has posted a profit for the financial year ended 31 March 2024, reversing a steep loss from the previous year.
The turnaround was fueled by a sharp rise in interest income from its lending operations.
The group reported a total comprehensive profit of US$2.6 million for FY2024, compared to a restated loss of US$13.2 million a year earlier, according to financial statements reviewed by DealStreetAsia.
Revenue more than doubled to US$100.3 million, up from US$42 million, as loan disbursements scaled significantly across markets.
Interest income contributed US$77.2 million, while service and other fees rose to US$5.1 million.
Expenses grew alongside revenue. Finance costs jumped to US$18.8 million from US$10.5 million, reflecting higher borrowings to fund loan growth.
Impairment losses on financial instruments widened to US$52.6 million, while salaries and employee benefits remained steady at around US$14 million.
The company also restated its FY2023 numbers after making several corrections, including the reclassification of customer loans and adjustments to branding costs and share-based payments.
Its previously reported loss of US$17.7 million for FY2023 was revised to US$13.2 million.
Founded in New Delhi in 2016 by Tushar Aggarwal, Stashfin offers personal loans and credit lines ranging from Rs500 to Rs500,000 (about US$5.8 to US$5,800), with repayment periods of three to 36 months.
Acquired by Morus Technologies in 2017, the startup operates in seven Indian cities and partners with Visa to offer credit line cards with flexible instalments and no annual fees.
Aggarwal remains the largest shareholder in Morus Technologies with a 47.6% stake, followed by Tencent Holdings and Blowfish Ventures, according to DealStreetAsia’s DATA VANTAGE platform.
Stashfin faces competition from players like Slice, Lendingkart, FlexiLoans, Money View, and LendenClub.
It last raised US$100 million in venture debt from InnoVen Capital and Trifecta Capital in 2023, following a US$270 million Series C round in 2022 that valued the company at over US$730 million.
As of March 2024, Morus Technologies held total assets of US$213 million and liabilities of US$124.6 million.
Featured image credit: Edited from Freepik
