NEW YORK, Jan. 10, 2024 (GLOBE NEWSWIRE) -- Society Pass Inc. (Nasdaq: SOPA) ("SOPA" or the "Company"), Southeast Asia's (SEA) next generation, data-driven, loyalty, fintech and e-commerce ecosystem, continues to capture the attention of financial analysts and investors, receive positive recommendations and achieve significant milestones.
SOPA has accomplished annual triple digit revenue growth over the past four years through its innovative business model by acquiring high growth companies such as: Thoughtful Media Group, a Thailand-based, a social commerce-focused, premium digital video multi-platform network; NusaTrip, a leading Indonesia-based Online Travel Agency; VLeisure, Vietnam's leading provider of hotel management and payment solutions; Gorilla Global, a Singapore-based, mobile network operator; and Leflair, Vietnam's leading lifestyle e-commerce platform.
SOPA's diversification strategy is mainly due to the fact that roughly 70% of SEA's population is unbanked or underbanked and more people are connected everyday looking for services offered by SOPA. SOPA looks to continue to increase its portfolio of value-added brands within this rapidly expanding consumer market.
Recent Analyst Recommendations:
- Litchfield Hills Equity Research Report (22 December 2023) summarised that SOPA is a high-growth acquisitive internet services company offering advertising, travel, retail, telecom and fintech services in fast growing SEA. Litchfield Hills forecasts positive EBITDA in 2024 as SOPA shifts from its early growth strategy to a focus on profitability under its new CEO.
- Ascendiant Capital Markets recommended a bullish outlook for SOPA stock as highlighted in their recently issued Ascendiant Capital Markets Equity Research Report (05 December 2023), emphasising the company's innovative subscription model and strategic partnerships as key drivers for its potential growth.
- Given that SOPA beat its 3Q 2023 estimates and cash balance remains strong, Maxim Group remains positive on SOPA's organic growth and M&A strategy in its 3Q 2023 Maxim Group Equity Research Report (15 November 2023).
- Greenridge Global initiated coverage with a target price based on an EV/Revenue multiple of roughly 3 times the 2025 revenues Greenridge Global Equity Research Report (01 November 2023). It also affirmed SOPA's potential for significant upside believes the market is not fairly valuing SOPA's assets at this time and believes listing some of its subsidiaries provides greater transparency to SOPA's overall business model.
Structured Financing with Strattners:
Society Pass Inc. recently executed a transformative structured financing agreement with Strattners, securing access to $40 million in funding. This strategic partnership empowers SOPA's subsidiaries to embark on NASDAQ IPOs in 2024. "The financing agreement with Strattners positions Society Pass Inc. for substantial expansion, providing avenues for growth and value creation," stated Raynauld Liang, SOPA CEO. The advantages of this collaboration extend to:
- Augmented financial flexibility to support subsidiary expansion;
- Accelerated growth and development of innovative services;
- Increased opportunities for shareholders to participate in the success of subsidiaries.
A Year of Solid Achievements:
Society Pass Inc. achieved numerous milestones over the past year, focusing on technological innovation, customer satisfaction, and shareholder value. Notable recent announcements include spinning out both Thoughtful Media Group and NusaTrip into publicly traded entities via NASDAQ IPOs in 1H 2024. The company also revealed product launches. Additionally, the company secured a $40 million financing from financing group Strattners FZCO.
Society Pass Inc. remains steadfast in delivering excellence in the subscription-based economy. The company invites investors to join in its journey of growth, innovation, and value creation.
About Society Pass Inc.
Founded in 2018 as a data-driven loyalty, fintech and e-commerce ecosystem in the fast growing markets of Vietnam, Indonesia, Philippines, Singapore and Thailand, which account for more than 80% of the SEA population, and with offices located in Bangkok, Ho Chi Minh City, Jakarta, Manila, and Singapore, Society Pass Incorporated (Nasdaq: SOPA) is an acquisition-focused holding company operating 5 interconnected verticals (loyalty, digital media, travel, telecoms, and lifestyle), which seamlessly connects millions of registered consumers and hundreds of thousands of registered merchants/brands across multiple product and service categories throughout SEA.
Society Pass completed an initial public offering and began trading on the Nasdaq under the ticker SOPA in November 2021.
SoPa acquires fast growing e-commerce companies and expands its user base across a robust product and service ecosystem. SoPa integrates these complementary businesses through its signature Society Pass fintech platform and circulation of its universal loyalty points or Society Points. Society Pass loyalty program members earn and redeem Society Points and receive personalised promotions based on SoPa's data capabilities and understanding of consumer shopping behaviour. SoPa has amassed more than 3.7 million registered consumers and over 650,000 registered merchants and brands. It has invested 2+ years building proprietary IT architecture to effectively scale and support its consumers, merchants, and acquisitions.
Society Pass leverages technology to tailor a more personalised experience for customers in the purchase journey and to transform the entire retail value chain in SEA. SOPA operates Thoughtful Media Group, a Thailand-based, a social commerce-focused, premium digital video multi-platform network; NusaTrip, a leading Indonesia-based Online Travel Agency; VLeisure, Vietnam's leading provider of hotel management and payment solutions; Gorilla Global, a Singapore-based, mobile network operator; and Leflair, Vietnam's leading lifestyle e-commerce platform.
For more information on Society Pass, please visit:
Website at https://www.thesocietypass.com or
LinkedIn at https://www.linkedin.com/company/societypass or
Facebook at https://www.facebook.com/thesocietypass or
Twitter at https://twitter.com/society_pass or
Instagram at https://www.instagram.com/societypass/.
Cautionary Note Concerning Forward-Looking Statements
This press release may include "forward-looking statements," within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as "anticipate", "believe", "estimate", "expect", "intend" and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company's management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company's filings with the SEC. All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and prospectus relating to the Company's initial public offering filed with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Media Contact:
Rokas Sidlauskas
Chief Marketing Officer
rokas@thesocietypass.com
