FY2025 Revenue
US$16.7M
+45% YoY
Blended Take-Rate
~38 bps
+16 bps YoY
Cumulative Clients
7,810
+1,328%
Top-10 Concentration
35%
-13 pp
Licences 2025
LU · HK · AU
Series A Raise
US$20M
Headquarters
Singapore
Financials · dtcpay
Financial Performance
FY24A Net Revenue
US$11.6M
+567% YoY
FY25A (Actual)
US$16.8M
+44.7% YoY · –16.1% vs VCG underwriting model
FY26F EBITDA
US$6.4M
20.8% margin
Unrestricted Cash (Aug-25)
US$-2.4M
P&L
Revenue, EBITDA & margin progression
- Net Revenue
- EBITDA
- EBITDA margin
P&L Detail
Full statement (US$MM) — management model only
| Line | FY22A | FY23A | FY24A | FY25A | FY26F |
|---|---|---|---|---|---|
| Net Revenue | 0.5 | 1.7 | 11.6 | 16.8 | 30.6 |
| YoY Growth | 0% | 274% | 567% | 45% | 82% |
| Cost of Services | 0.0 | 0.0 | -1.5 | -2.3 | -4.1 |
| Gross Profit | 0.5 | 1.7 | 10.1 | 14.5 | 26.5 |
| Gross Margin | 100% | 100% | 87% | 87% | 87% |
| S&M | 0.0 | -0.1 | -0.5 | -0.5 | -3.2 |
| G&A | -2.8 | -4.5 | -8.2 | -11.4 | -17.0 |
| EBITDA | -2.3 | -2.8 | 1.3 | 2.6 | 6.4 |
| EBITDA Margin | -499% | -163% | 11% | 15% | 21% |
| D&A | -0.0 | -0.4 | -0.3 | -0.7 | -1.1 |
| EBT | -2.3 | -3.2 | 1.0 | 1.9 | 5.3 |
| Net Income | -2.3 | -3.2 | 1.0 | 1.6 | 4.3 |
| Net Margin | -501% | -185% | 9% | 9% | 14% |
Revenue Mix
Segment breakdown (US$MM) — FY22A–FY26F
- B2B
- B2C
- B2B2C
FY23A
TPV · US$650M
FY24A
TPV · US$3948M
FY25A
TPV · US$6017M
FY26F
TPV · US$12500M
Balance Sheet
Light, asset-efficient model
| Item | FY23A | FY24A | FY25A | FY26F |
|---|---|---|---|---|
| Total Assets | 14.0 | 51.8 | 47.4 | 70.0 |
| Net Assets | -2.1 | -2.2 | -3.4 | 28.4 |
| Cash | 3.3 | 4.6 | -2.4 | 47.0 |
| Debt | 5.0 | 8.1 | 15.1 | 0.0 |
| Net Debt | 1.7 | 3.5 | 17.5 | -47.0 |
| Equity | -2.1 | -2.2 | -3.4 | 28.4 |