CURR News & Events

Currenc Group announced that its wholly owned subsidiary, Seamless Group, has executed a definitive share purchase agreement to divest its 60% controlling interest in Tranglo to New Margin Holding. The divestment represents a foundational step in Currenc's plan to monetize and spin off its existing operating businesses, allowing the Company to streamline its corporate structure and accelerate the realization of shareholder value. Under the terms of the agreement, Currenc will divest 100,465 ordinary shares of Tranglo, representing 60% of Tranglo's total issued share capital, for an aggregate purchase price of $400M, payable entirely in cash. The consideration will be paid in two installments, with $200M payable on the closing date and the remaining $200M payable on or before the date that is ninety days after closing. The Company intends to use the proceeds to reduce its debt, thereby strengthening its financial position and enhancing strategic flexibility as it advances its broader corporate roadmap into AI, Web3, and Digital Assets initiatives. As previously announced, Currenc is pursuing a multi-step restructuring strategy that includes the separation and spin-off of its existing businesses, alongside a proposed reverse-merger framework with Animoca Brands. The divestment of Tranglo represents the first executed step in this process, demonstrating Currenc's commitment to delivering on its strategic guidance.

Reports Q3 revenue $10.4M vs. $11.3M last year. Alex Kong, Founder, Chief Executive Officer, and Executive Chairman of Currenc Group, remarked, "In the third quarter, we maintained steady business momentum and further enhanced our operational efficiency. Tranglo's TPV increased 10.1% year-over-year to US$1.41 billion, while we improved take rate to 0.38%, driving 54.8% growth in remittance revenue to $7.0 million. These results underscore our remittance business's strength and resilience, as well as disciplined operational execution. Meanwhile, we continue to deemphasize lower-margin airtime transfers and reallocate those resources toward technology-driven financial solutions that better meet customers' evolving demand in the AI era. Going forward, our proposed reverse merger with Animoca Brands is poised to propel our next phase of development and unlock long-term value for our shareholders."

Currenc Group announced that it has entered into a non-binding term sheet with Animoca Brands in relation to a potential proposal for Currenc to acquire 100% of Animoca Brands' issued shares via a reverse merger. Upon completion, the Proposed Merger is expected to result in a Nasdaq-listed company with a global growth strategy spanning digital asset investments and services, real-world asset tokenization, and blockchain applications for both consumers and institutions. Under the proposed structure, shareholders of Animoca Brands would collectively own approximately 95% of the issued shares in the resulting entity, and current shareholders of Currenc would hold approximately 5%. Currenc expects to authorize a dual-class share structure in connection with the transaction, and following closing, the board is expected to include nominees of both companies. The resulting entity is expected to operate under the Animoca Brands name. The parties currently expect closing to occur in 2026, subject to shareholder and regulatory approvals and other customary conditions.

Currenc Group announced an agreement to issue and sell up to $33.0 million of the Company's unsecured convertible promissory notes due October 8, 2027. After deducting related costs and expenses, the Company would receive $30.0 million in new funding if the financing is fully funded. An initial $4.4 million of principal amount has already closed, with net proceeds to the Company of $4.0 million, with the remainder to be drawn in tranches, subject to certain conditions contained in the definitive transaction documents related to the financing. This financing strengthens the Company's balance sheet, supporting continued growth and strategic execution. The Notes were issued in a private offering and will mature on October 8, 2027, unless earlier converted, redeemed, or repurchased by the Company in accordance with their terms. The Notes are unsecured, unsubordinated obligations of the Company and include 50% warrant coverage with an exercise price of $1.85 per share. The Notes will be convertible at the option of the holders in certain circumstances at an initial conversion price of $1.85 per share. The Notes bear interest at 5.00% per annum. The Company may prepay the Notes, in whole or in part, at its option, subject to a 10% prepayment premium. The maturity date may be extended once by up to six months at the Company's election, subject to the terms of the Notes. The Company expects to use the proceeds for general corporate purposes, including working capital and growth initiatives, and may repay existing indebtedness.