Saturday, 20 April 2024

MoneyHero promotes Shravan Thakur to chief commercial officer

5 min read

MoneyHero, a personal finance and digital insurance aggregation and comparison platform in Greater Southeast Asia, announced the promotion of distinguished global executive, Shravan Thakur, to chief commercial officer (CCO), effective 20 March.

Prior to this appointment, Thakur had previously served as MoneyHero’s group co-head of commercial since November 2022, where he oversaw the company’s commercial strategies in Hong Kong and Taiwan, as well as the formation of a strategic partnership with TransUnion for MoneyHero’s pivotal credit scoring offerings. He joined the company in April 2021 as the general manager of Hong Kong.

In his new role as CCO, Thakur will work directly with MoneyHero’s CEO, Rohith Murthy, the company’s management team, and the board of directors to optimise all MoneyHero’s commercial operations throughout Greater Southeast Asia. Specifically, Thakur will oversee:

· Development and implementation of MoneyHero’s go-forward commercial strategies;
· Growth and diversification of revenue streams across the company’s integrated business units;
· Improvement of enterprise-wide profitability;
· Development and enhancement of corporate partnerships; and
· Scaling the company’s commercial and analytics departments with top talent, technology, and other strategic resources.

Thakur brings more than 20 years of senior commercial and operational experience to this CCO role, including three years with MoneyHero. Prior to joining the company, Thakur previously held executive roles with several prominent global companies, including American Express and PricewaterhouseCoopers. His areas of expertise include growth and transformational strategies, business development, P&L management, partnership programs, team building, and broader corporate affairs. He will split his time between Hong Kong and MoneyHero’s headquarters in Singapore.

Thakur said: “I am thrilled to take this next step with MoneyHero, which has become the largest and most dynamic player in the personal finance aggregation and comparison sector in Greater Southeast Asia.”

He added: “Between our existing infrastructure, stellar reputation, years of sustained performance, and unique and deep access to capital through our successful US listing last year, MoneyHero has never been better positioned for the future. I am excited about the opportunities that lay ahead and look forward to scaling the business—while improving profitability—against a complex backdrop of accelerated digitisation, product innovation, and ever-evolving consumer preferences."

The promotion of Thakur to CCO comes as part of MoneyHero’s efforts to expand its executive team and platform after its successful listing on Nasdaq. The company, which has dramatically outpaced the performance of peers in the marketplace, saw unaudited fiscal year 2023 enterprise-wide revenue growth of more than 20% year-over-year (yoy) and Q4 2023 revenue growth of more than 60% yoy. In the key markets of Singapore and Hong Kong, MoneyHero saw over 130% and 40% YoY Q4 revenue growth, respectively.

This positive performance was driven by continued investments that enhance and diversify the MoneyHero platform, while efficiently capturing greater market share. These investments include significant initiatives with the company’s insurance offerings and substantial scaling of MoneyHero’s unique business-to-business-to-consumer (B2B2C) platform, Creatory, which is now a major contributor to the company’s integrated revenue streams. The company will continue to execute on this ‘buy-versus-build’ approach throughout 2024 and beyond to maintain its growth rate and further-dominate market share across Greater Southeast Asia.

Murthy said: "On behalf of MoneyHero, I want to congratulate Shravan on his well-deserved promotion as we cap off another year of strong performance and embark on a new journey of ambitious growth." 

Murthy added: "Looking forward in 2024, we are poised for accelerated revenue increases across our platform, fueled by our team's proven ability to scale efficiently and organically. In fact, subject to the risks regarding forward-looking statements highlighted by the company in this press release and its public filings, MoneyHero is set to surpass the key threshold of $100 million in enterprise-wide revenues this year, aiming also to achieve adjusted EBITDA positivity—a feat unmatched by any personal finance aggregation platform in our region. Our strategic approach is proving successful, keeping us committed to delivering exceptional value to all our stakeholders."

Re-disseminated by The Asian Banker

Diary of Activities
Finance Vietnam 2024
18 July 2024
Finance Thailand 2024
25 July 2024