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Spartan Capital: Society Pass (Nasdaq: SOPA) Revenue up 5,700% as Acquisitions Start Kicking in

New York, NY - (NewMediaWire) - August 08, 2022 - Spartan Capital Securities LLC (“Spartan Capital”) issues Equity Research Report on Society Pass Inc. (Nasdaq: SOPA) (“SoPa”).


Click Here (on Society Pass website) to view the full Spartan Capital Equity Research Report.


Summary Points:

• Q2 revenue was $500k, versus less than $10k in the year-ago period as revenue from the flurry of acquisitions the company is engaged in starts to flow in. With several more acquisitions that have closed or are scheduled to close in Q3, so just with acquisitions, Spartan Capital sees revenue increasing significantly.


• A year ago, SoPa’s only operating business unit was #HOTTAB, and its business serving hotels and restaurants was negatively impacted by the pandemic.


• In 3Q last year, its Leflair business unit, purchased out of bankruptcy, relaunched and is the main driver of revenue. Leflair operates in Vietnam and offers flash sales on luxury fashion, beauty, and home products with several sales daily to keep consumer interest high. With an app relaunch soon, the re-entry into the Philippines market, the entry into the Indonesia market, and the holiday shopping season approaching, Spartan Capital sees significant growth for Leflair.


• The Q2 numbers included a full quarter of revenue from Pushkart, which offers supermarket delivery in Philippines, and Handycart, which offers restaurant delivery, also in Vietnam. Handycart plans to relaunch with a new app and new business model; Spartan Capital looks for its growth to accelerate.


• In Q2 SoPa acquired Gorilla Networks, which is a blockchain-based mobile phone service provider targeting the regional travel market. It is presently generating minimal revenue, but its app is on track to launch in the Fall, so it too should accelerate.


• During Q3, SoPa has already closed on the acquisitions of Mangan, restaurant delivery in the Philippines, and Thoughtful Media Group (TMG), social influencer marketing company covering Southeast Asia, so both should deliver partial quarters of revenue in Q3 and full quarters of revenue in 4Q. TMG generated $5.8 million in revenue in 2021, so it alone should add roughly $1.5 million to quarterly revenue.


• SoPa has also announced the acquisition of online travel provider Nusatrip in Indonesia with closing, adding a partial quarter of revenue to 3Q and a full quarter to 4Q. Regional leisure travel is picking up rapidly, although a few quarters behind the current US boom; Spartan Capital looks for this business to grow rapidly as well.


• The acquisition-driven revenue surge looks like it is only starting. Spartan Capital sees additional acquisitions as the company still had $28 million in cash on June 30, and strong organic growth from each business. Further out, as the Society Pass loyalty program is launched and synergies are realized, Spartan Capital sees even faster growth.


About Society Pass

As a loyalty and data marketing ecosystem in Singapore, Vietnam, Philippines, and Thailand and with offices located in Singapore, Hanoi, Ho Chi Minh City, Manila, Angeles and Bangkok, SoPa is an acquisition-focused e-commerce holding company operating 6 interconnected verticals (loyalty, lifestyle, F&B, telecoms, digital media, and travel), which seamlessly connects millions of consumers and thousands of merchants across multiple product and service categories throughout SEA.


SoPa’s business model focuses on analysing user data through its Society Pass loyalty platform and circulation of its universal loyalty points or Society Points. The Society Pass loyalty platform drives customer acquisition and retention for merchants. Since its inception, SoPa has amassed over 2.1 million registered consumers and over 6,700 registered merchants/brands onto its platform. It has invested 2+ years building proprietary IT architecture with cutting edge components 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 Southeast Asia.SoPa, Vietnam’s leading lifestyle e-commerce platform,, a popular grocery delivery company in Philippines,, a leading online restaurant delivery service based in Vietnam, Gorilla Networks, a Singapore-based, web3-enabled mobile blockchain network operator, Thoughtful Media Group, a Bangkok-based, a social commerce-focused, premium digital video multi-platform network, and Mangan, the leading local restaurant delivery service in Philippines.


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Media Contacts:

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