Society Pass (SoPa) Reports Full Year 2021 Financial Results, Sees 891% Year on Year Revenue Growth
Society Pass Incorporated (SOPA) reported an impressive 891% revenue growth, rising from $52,453 in 2020 to $519,885 in 2021, primarily due to the successful relaunch of its LeFlair lifestyle platform. The company is financially robust with cash on hand increasing over 4,400% to $23.2 million, following its Nasdaq IPO and a follow-on public offering. SOPA plans to launch the Society Pass loyalty points platform in 2Q 2022, aiming to enhance its user base and merchant network in Southeast Asia. The company also anticipates further growth through strategic acquisitions.
- 891% revenue increase attributed to the LeFlair lifestyle platform acquisition.
- Cash on hand surged to $23.2 million, up over 4,400% due to successful IPO and follow-on offering.
- Plans to launch Society Pass loyalty points in Q2 2022, expected to boost user and merchant engagement.
- None.
- Revenue grew
891% (from$52,453 for fiscal year ended December 31, 2020 to$519,885 for fiscal year ended December 31, 2021) driven primarily from revenues generated by the LeFlair lifestyle platform - SoPa is well capitalized for planned acquisitions of food & beverage, lifestyle, travel, merchant software companies in VIP (Vietnam, Indonesia, and Philippines) countries of SEA
- SoPa expects to launch the Society Pass loyalty points platform in 2Q 2022, which SoPa believes will help substantially increase it online users and merchants across the VIP region
Singapore, March 22, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- Society Pass Incorporated (SoPa) (Nasdaq: “SOPA”), a leading Southeast Asia loyalty and ecommerce ecosystem, reported its financial results for its fiscal year ending 31 December 2021.
The Company’s total revenues increased over eight hundred and ninety percent year on year mainly as a result of the relaunch of its Leflair lifestyle e-commerce business in September 2021. “2021 has been a strong year for SoPa in spite of the impact from the Delta and Omicron variants. Despite only operating in only the last four months of 2021, Leflair recognized monthly double digit revenue growth in the fourth quarter. With the region rapidly pivoting to recovery, we expected to see robust eCommerce growth in both transaction volume and basket size. SoPa’s healthy pipeline and strategy for acquiring rapidly growing eCommerce platforms will allow us to capture that exciting growth. We expect 2022 to be a stellar year for SoPa as we continue to build out our next generation loyalty platform and acquire more leading e-commerce companies in SEA,” said Dennis Nguyen, Founder, Chairman and CEO of Society Pass.
Key Highlights:
- Total revenue grew by
891% primarily attributed to the acquisition of the Leflair lifestyle platform - The Company is well capitalized to rollout its business plan with cash on hand growing over 4,
400% to$23.2 million , primarily due to the completion of its Nasdaq listing IPO in November 2021 (SoPa also completed a$11.5 million (gross proceeds) follow-on public offering in February of 2022) - Since its inception, Society Pass has acquired 4 eCommerce businesses in Southeast Asia namely; #HOTTAB, Leflair, and Handycart in Vietnam, as well as Pushkart in Philippines
In 2022, SoPa expects further growth as the SEA countries shift to focus on economic recovery. The Company also expects to launch of Society Points in Q2 2022, which it expects to increase profit margins and drive customer retention for merchants. In addition, SoPa plans to make additional acquisitions in 2022 that will generate additional revenue synergies and create cost efficiencies as part of the expanding SoPa ecosystem.
About Society Pass
Society Pass is a loyalty and data marketing ecosystem that operates multiple e-commerce and lifestyle platforms across its key markets. Its business model focuses on collecting user data through the expected circulation of its universal loyalty points. It seamlessly connects consumers and merchants across multiple product and service categories fostering organic loyalty. Since its inception, SoPa has amassed over 1.6 million registered consumers and over 5,500 registered merchants/brands on its platform. It has invested 2+ years building proprietary IT architecture with cutting edge components to effectively scale and support its Platform’s consumers, merchants, and acquisitions.
Society Pass provides merchants with#HOTTAB Biz– a convenient order management app for business partners on SoPa.asia, and#HOTTAB POS– a specialized POS technology solution, a comprehensive system for payment, loyal customer management, user profile analytics, and convenient financial support packages for small and medium-sized enterprises.
In addition, SoPa operates Leflair.com, Vietnam’s leading lifestyle e-commerce platform, Pushkart.ph, a popular grocery delivery company in Philippines, and Handycart.vn, a leading online restaurant delivery service based in Hanoi, Vietnam.
For more information, please check out:http://thesocietypass.com/
Media contact
PRecious Communications for SoPa
sopa@preciouscomms.com
FAQ
What were Society Pass's revenue figures for fiscal year ending December 31, 2021?
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