OxPay loss widens to $2.1m as gross margin drops 13 points

Cash was $5.0m at 30 Sept, with $3.6m earmarked for settlements; OxPay raised $2.4m in 2025.

OxPay Financial reported a net loss of $2.1m for the nine months ended 30 Sept. 2025, widening 7% YoY, as margin pressure offset revenue growth.

The SGX-listed payment solutions provider said gross margin declined to 54%, down 13 percentage points YoY, as a larger share of revenue came from lower-margin digital commerce enabling solutions, particularly in Malaysia.

Despite weaker profitability, revenue rose 21% YoY to $3.4m, supported by higher transaction activity. Total payment processing volume increased 9.7% to $741.4m over the period, driven mainly by growth in Malaysia, which accounted for $620.7m of processing volume, compared with $120.7m in Singapore.

Operational scale continued to expand. OxPay reported 1,089 active merchants, up 12.3% YoY, defined as merchants that completed at least one transaction in the past 12 months. Thailand operations remained immaterial to overall group volumes during the period.

Liquidity remained supported by capital raising activity. OxPay raised $2.4m in gross proceeds in 2025, comprising $2.0m from a convertible loan facility and $0.4m from a share placement.

Cash and cash equivalents stood at $5.0m as at 30 Sept. 2025, including $3.6m earmarked for merchant funding settlements.

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