Society Pass Inc (NASDAQ: SOPA) is a Southeast Asia-focused digital commerce holding company that operates online travel, telecommunications reselling, and social media content platforms across the region. Revenue comes from transaction commissions, spread margins on travel bookings, subscription packages for mobile data, and advertising on social media channels. The company reported $6,173,970 in social media advertising and content revenue for FY2024, up from $5,966,611 in FY2023, with additional revenue streams from online travel agency services and hotel technology software. SOPA operates through acquired subsidiaries including Nusatrip, an Indonesian online travel agency established in 2013 that has onboarded over 1.2 million registered users, and Gorilla, a Singapore-founded mobile virtual network operator established in 2019 that offers mobile data subscriptions across more than 160 countries using blockchain-based token rewards. The company has office leases in Singapore, Vietnam, the Philippines, Thailand, and Indonesia as of the FY2024 10-K filed April 16, 2025.

Revenue model

Transactional commissions and spread margins on hotel and air ticket bookings (reported net); subscription fees for mobile data packages through the Gorilla MVNO; hotel technology platform software service fees; and advertising revenue from social media content published on platforms including YouTube, recognized at the point content is published.

Products and services

Nusatrip online travel agency platform (air tickets, hotels, car, train bookings for corporate and retail customers in Indonesia and Southeast Asia); Gorilla MVNO mobile data subscription packages (local and international roaming, SMS, voice) with blockchain-based SwitchBack feature converting unused data into Gorilla GO Tokens redeemable for eVouchers or bill offsets; hotel technology platform software services; social media content and advertising channels.

Customers and end markets

B2B and B2C travel customers in Indonesia and broader Southeast Asia; individual consumers purchasing mobile data subscriptions across Southeast Asia with roaming coverage to over 160 countries; hotel suppliers receiving technology platform software services; social media platform audiences monetized through advertising impressions.

Value-chain role

Intermediary platform operator sitting between travel suppliers (airlines, hotels) and end customers, earning net commissions; MVNO reseller purchasing wholesale network capacity and selling packaged mobile data to consumers; social media content publisher monetizing advertising impressions.

Geographic exposure

Operations and office leases in Singapore, Vietnam, Philippines, Thailand, and Indonesia as of the FY2024 10-K. Gorilla offers network coverage to over 160 countries. U.S. entity holds bank deposits exceeding FDIC limits, with uninsured non-U.S. deposits of $7,330,486 as of December 31, 2024.

Source: SEC 10-K, filed 2025-04-16

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