Revenue for the first quarter of 2022 grew 4,582% year-over-year (from $9,506 for the first quarter ended March 31, 2021 to $445,090 for the first quarter ended March 31, 2022).
Cash in hand grew more than 33% from $23.3 million on December 31, 2021 to $31.0 million on March 31, 2022.
With closed acquisitions of its Pushkart and Handycart business units, SoPa has now amassed over 1.6 million registered consumers and 5,500 registered merchants/brands in its expanding ecosystem.
SoPa is well capitalized for planned acquisitions of food and beverage delivery, travel, digital advertising and communications in VIP+T countries (Vietnam, Indonesia, Philippines and Thailand) in Southeast Asia (SEA) in the second quarter of 2022.
SoPa expects to launch the beta version of the Society Pass loyalty points platform in the second quarter of 2022, which SoPa believes will significantly help increase online users and merchants across SEA.
SINGAPORE, May 09, 2022 (GLOBE NEWSWIRE) – via NewMediaWire – Society Pass Incorporated (Nasdaq: SOPA) (“SoPa” or “the Company”), Southeast Asia’s leading loyalty and e-commerce ecosystem, today announced that first-quarter revenue of 2022 has grown 4,582% year-over-year (from $9,506 for the first quarter ended March 31, 2021 to $445,090 for the first quarter ended March 31, 2022). The company also announced that cash in the fund grew more than 33% from $23.3 million on December 31, 2021 to $31.0 million on March 31, 2022.
With closed acquisitions of its Pushkart and Handycart business units, SoPa has amassed more than 1.6 million registered consumers and 5,500 registered merchants/brands in its expanding ecosystem.
Society Pass expects to file its 1Q 2022 Form 10-Q with the Securities and Exchange Commission later this month. During the first quarter of 2022, the company completed the restructuring of its subsidiary Leflair’s Vietnam operations into the Leflair Group, an integrated lifestyle retail ecosystem, to capture the rapidly growing $100 billion Southeast Asian retail market. as well as integrating its recently introduced food and beverage delivery services. Acquisitions, Pushkart and Handycart, on the SoPa ecosystem.
Commenting on the strong business growth and future plans for Society Pass, Denis Nguyen, Founder, Chairman and CEO of Society Pass, said, “Our strong revenue growth underscores the health of an operating model focused on acquisitions. Leflair continues its role as a major contributor to revenue as we Gearing up our latest acquisitions Pushkart and Handycart to become leaders in their respective markets.As a result of the company restructuring, the Leflair Group is now set to become the next premium lifestyle retail distributor in Southeast Asia, as it evolves from a single discounted platform to an ecosystem Retail. We are poised to reach new heights in 2022 as we build the next generation platform of loyalty as well as appropriately acquire market leaders in the food and beverage delivery, travel, digital advertising and telecom sectors.”
The company plans to launch its loyalty platform Society Pass in the second quarter of 2022, which it expects will incentivize merchants to retain customers. Additionally, SoPa plans to make additional acquisitions in the second quarter of 2022 that will increase revenue and improve cost efficiency as part of the expanding SoPa ecosystem.
Society Pass leverages technology to create a more personalized customer experience on the buying journey and to transform the entire retail value chain in Southeast Asia. By acquiring market leaders and partnerships with visionary entrepreneurs in six distinct B2C e-commerce sectors: lifestyle, food and beverage delivery, travel, digital marketing, communication and food and beverage ordering, the company is meeting the growing demand for SEA to improve and service More convenient online.
About Society Pass
As a loyalty and data marketing ecosystem, Society Pass operates several e-commerce platforms across its major SEA markets. Its business model focuses on collecting user data with the anticipated launch of its Society Pass loyalty platform and trading of its global loyalty points, which seamlessly connect consumers and merchants across multiple product and service categories to boost 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 more than two years in building its own IT infrastructure with advanced components to effectively scale and support consumers, merchants and acquisitions.
Society Pass provides merchants with #HOTTAB Biz and #HOTTAB POS – a specialized POS technology solution, a comprehensive payment system, loyal customer management, user profile analytics, and convenient financial support packages for small and medium-sized enterprises.
In addition, SoPa operates Leflair.com, the leading e-commerce platform in Vietnam, Pushkart.ph, a popular grocery delivery company in the Philippines, and Handycart.vn, the leading online restaurant delivery service in Hanoi, Vietnam.
For more information, please check: http://thesocietypass.com/.
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