v3.25.2
Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Current assets:        
Cash and cash equivalents $ 62,300,298 $ 63,821,397 $ 48,516,765  
Short-term investments     300,000  
Restricted cash 40,978 40,742 5,428,790  
Accounts receivable, net 2,103,924 2,115,681 2,450,871  
Other financial assets 3,171,000    
Prepayments to remittance agents     137,854  
Escrow money receivable     5,014,829  
Prepayments, receivables and other assets 25,874,112 20,948,216 34,225,239  
Total current assets 93,939,406 87,486,859 103,361,724  
Non-current assets:        
Investment in an equity security   100,000  
Equipment, net 1,118,661 1,055,520 1,016,490  
Right-of-use asset 294,965 349,240 154,234  
Intangible assets, net 3,000,978 3,386,117 9,191,713  
Goodwill 12,059,428 12,059,428 27,001,383  
Deferred tax assets 344,291 342,822 664,888  
Total non-current assets 16,818,323 17,193,127 38,128,708  
Total assets 110,757,729 104,679,986 141,490,432  
Current liabilities:        
Borrowings 20,128,362 20,150,058 17,804,093  
Receivable factoring 480,225 258,415 423,483  
Other financial liabilities 3,329,550    
Escrow money payable     360,207  
Client money payable     4,645,290  
Accounts payable, accruals and other payables 51,411,453 55,329,740 53,988,231  
Convertible bonds 1,750,000 1,750,000 10,000,000  
Lease liabilities 177,505 171,909 152,325  
Total current liabilities 153,749,761 145,357,196 173,862,148  
Non-current liabilities:        
Borrowings     2,506,974  
Deferred tax liabilities 784,479 876,912 1,246,760  
Employee benefit obligation 39,259 45,289 59,849  
Lease liabilities 111,833 156,647  
Other payables      
Total non-current liabilities 935,571 1,078,848 3,813,583  
Total liabilities 154,685,332 146,436,044 177,675,731  
Commitments and contingencies (Note 22)  
Mezzanine equity     2,957,948  
Shareholders’ deficit:        
Common stock, value 4,653 [1] 4,653 [1] 3,398 [2]  
Additional paid-in capital 67,797,587 [1] 65,638,838 [1] 29,227,005  
Accumulated deficit (136,197,260) (131,522,902) (92,075,379)  
Accumulated other comprehensive income 7,873 (108,122) 88,366  
Total shareholders’ deficit attributable to Seamless Group Inc. (68,387,147) (65,987,533) (62,756,610)  
Non-controlling interests 24,459,544 24,231,475 23,613,363  
Total deficit (43,927,603) (41,756,058) (39,143,247) $ (24,735,379)
Total liabilities and shareholders’ deficit 110,757,729 104,679,986 141,490,432  
Seamless Group Inc [Member]        
Current assets:        
Cash and cash equivalents     48,516,765 62,798,729 [3]
Short-term investments     300,000 2,000,000 [3]
Restricted cash     5,428,790 6,756,989 [3]
Accounts receivable, net     2,450,871 3,067,697 [3]
Prepayments to remittance agents     137,854 92,485 [3]
Escrow money receivable     5,014,829 4,443,985 [3]
Prepayments, receivables and other assets     34,225,239 37,563,550 [3]
Total current assets     103,361,724 121,206,663 [3]
Non-current assets:        
Investment in an equity security     100,000 100,000 [3]
Equipment, net     1,016,490 1,321,621 [3]
Right-of-use asset     154,234 342,432 [3]
Intangible assets, net     9,191,713 9,849,778 [3]
Goodwill     27,001,383 27,001,383 [3]
Deferred tax assets     664,888 768,617 [3]
Total non-current assets     38,128,708 39,383,831 [3]
Total assets     141,490,432 160,590,494 [3]
Current liabilities:        
Borrowings     17,804,093 13,404,390 [3]
Receivable factoring     423,483 677,640 [3]
Escrow money payable     360,207 250,013 [3]
Client money payable     4,645,290 6,250,070 [3]
Accounts payable, accruals and other payables     53,988,231 58,946,385 [3]
Convertible bonds     10,000,000 9,192,140 [3]
Lease liabilities     152,325 174,061 [3]
Total current liabilities     173,862,148 172,652,016 [3]
Non-current liabilities:        
Borrowings     2,506,974 7,879,279 [3]
Deferred tax liabilities     1,246,760 1,616,343 [3]
Employee benefit obligation     59,849 61,392 [3]
Other payables     158,895 [3]
Total non-current liabilities     3,813,583 9,715,909 [3]
Total liabilities     177,675,731 182,367,925 [3]
Commitments and contingencies (Note 22)      
Mezzanine equity     2,957,948 2,957,948 [3]
Shareholders’ deficit:        
Common stock, value     58,030 58,030 [3]
Additional paid-in capital     29,172,373 29,172,373 [3]
Accumulated deficit     (92,075,379) (76,768,829) [3]
Accumulated other comprehensive income     88,366 61,298 [3]
Total shareholders’ deficit attributable to Seamless Group Inc.     (62,756,610) (47,477,128) [3]
Non-controlling interests     23,613,363 22,741,749 [3]
Total deficit     (39,143,247) (24,735,379) [3]
Total liabilities and shareholders’ deficit     141,490,432 160,590,494 [3]
Previously Reported [Member]        
Current assets:        
Cash and cash equivalents   63,821,397    
Short-term investments      
Restricted cash   40,742    
Accounts receivable, net   2,115,681    
Prepayments to remittance agents      
Escrow money receivable      
Prepayments, receivables and other assets   24,738,392    
Total current assets   91,277,035    
Non-current assets:        
Investment in an equity security      
Equipment, net   1,055,520    
Right-of-use asset   349,240    
Intangible assets, net   3,386,117    
Goodwill   12,059,428    
Deferred tax assets   342,822    
Total non-current assets   17,193,127    
Total assets   108,470,162    
Current liabilities:        
Borrowings   20,150,058    
Receivable factoring   258,415    
Escrow money payable      
Client money payable      
Accounts payable, accruals and other payables   59,119,916    
Convertible bonds   1,750,000    
Lease liabilities   171,909    
Total current liabilities   149,147,372    
Non-current liabilities:        
Borrowings      
Deferred tax liabilities   876,912    
Employee benefit obligation   45,289    
Lease liabilities   156,647    
Other payables      
Total non-current liabilities   1,078,848    
Total liabilities   150,226,220    
Commitments and contingencies (Note 22)      
Mezzanine equity      
Shareholders’ deficit:        
Common stock, value [2]   4,653    
Additional paid-in capital   65,638,838    
Accumulated deficit   (131,522,902)    
Accumulated other comprehensive income   (108,122)    
Total shareholders’ deficit attributable to Seamless Group Inc.   (65,987,533)    
Non-controlling interests   24,231,475    
Total deficit   (41,756,058) (39,143,247) (24,735,379)
Total liabilities and shareholders’ deficit   108,470,162    
Related Party [Member]        
Current assets:        
Amounts due from related parties 449,094 560,823 7,287,376  
Current liabilities:        
Amounts due to related parties $ 76,472,666 67,697,074 86,488,519  
Related Party [Member] | Seamless Group Inc [Member]        
Current assets:        
Amounts due from related parties     7,287,376 4,483,228 [3]
Current liabilities:        
Amounts due to related parties     86,488,519 83,757,317 [3]
Related Party [Member] | Previously Reported [Member]        
Current assets:        
Amounts due from related parties   560,823    
Current liabilities:        
Amounts due to related parties   $ 67,697,074    
InFint Acquisition Corporation [Member]        
Current assets:        
Cash and cash equivalents     43,509 271,467
Prepayments, receivables and other assets     94,553
Total current assets     43,509 366,020
Non-current assets:        
Cash and marketable securities held in Trust Account     83,523,112 208,932,880
Total assets     83,566,621 209,298,900
Current liabilities:        
Working capital loan- related party     325,000
Total current liabilities     4,559,556 2,854,360
Non-current liabilities:        
Deferred underwriter fee payable     5,999,964 5,999,964
Total liabilities     10,559,520 8,854,324
Commitments and contingencies (Note 22)      
Mezzanine equity     83,523,112 208,932,880
Shareholders’ deficit:        
Preferred shares, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding    
Additional paid-in capital    
Accumulated deficit     (10,516,594) (8,488,887)
Total shareholders’ deficit attributable to Seamless Group Inc.     (10,516,011) (8,488,304)
Total deficit     (10,516,011) (8,488,304)
Total liabilities and shareholders’ deficit     83,566,621 209,298,900
InFint Acquisition Corporation [Member] | Common Class A [Member]        
Shareholders’ deficit:        
Common stock, value    
InFint Acquisition Corporation [Member] | Common Class B [Member]        
Shareholders’ deficit:        
Common stock, value     583 583
InFint Acquisition Corporation [Member] | Related Party [Member]        
Current liabilities:        
Accrued expenses     256,407 66,587
InFint Acquisition Corporation [Member] | Nonrelated Party [Member]        
Current liabilities:        
Accrued expenses     $ 3,978,149 $ 2,787,773
[1] Retrospectively restated to reflect Reverse Recapitalization – See Note 1 and Note 2.
[2] Retrospectively restated to reflect Reverse Recapitalization - See Note 1 and Note 2.
[3] Periods presented have been adjusted. Additional information regarding the adjustment may be found in Note 3 - Restatement of Previously Issued Financial Statements, included elsewhere in the notes to the financial statements.