It utilised some IPO proceeds for its general working capital.
Fintech firm Ayondo’s Q2 revenue dipped 9% to $6.49m (4.67m swiss francs) and garnered a net loss of $5.23m (3.78m swiss francs), an announcement revealed. Because of this, the firm decided to reallocate some IPO proceeds utilised for general working capital purposes.
The firm said that upon review of the group’s Q2 cash flow position and immediate business expansion given the below expectations Q2 performance, they have moved to reallocate $1.51m of the IPO proceeds from platform enhancement spend and $3.98m from marketing spend and use them to sustain the general working capital of the Ayondo.
Despite the 6% rise in their active clients, the firm saw a 15% slip in average revenue per client to $267,000 (193,226 swiss francs).
Meanwhile, Ayondo’s trading revenue for H1 jumped 26% YoY to $16.59m (11.98m swiss francs) whilst its average revenue per client inched up 1% YoY to $453,000 (27,000 swiss francs). Its number of active clients also soared 24% to 36,580.
Ayondo debuted in the Singapore Exchange’s (SGX) Catalist Board in March.
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