Vietnamese credit scoring fintech Trusting Social returned to the red in 2025, even as revenue continued to rise.
Trust IQ, its Singapore-registered parent, recorded a US$87.5 million net loss for the year, DealStreetAsia reported, citing filings with Singapore’s Accounting and Corporate Regulatory Authority.
Trusting Social provides credit scoring and data analytics services that help financial institutions assess consumers with limited traditional credit history.
The result compares with a US$33.8 million profit in 2024 and a US$31.9 million loss in 2023.
Revenue reached US$23.1 million in 2025, up from US$21.2 million a year earlier and US$18.1 million in 2023.
A revaluation of financial liabilities weighed heavily on the results.
Trust IQ booked a US$77.6 million fair value loss on those liabilities in 2025, compared with a US$41.8 million gain from the same item a year earlier.
Liabilities Climb as Assets Decline
Trust IQ’s assets fell to US$44.8 million at the end of 2025 from US$54.8 million a year earlier.
Liabilities climbed to US$201.6 million from US$123 million, while cash stood at US$23.4 million.
Filings indicate that the company expects to have enough funds to operate for at least 12 months from the date of the financial statements, helped by its 2022 funding and about US$27 million in net current assets.
The 2022 funding refers to a US$65 million Series C round, the first tranche of a planned US$105 million investment from Vietnamese conglomerate Masan Group.
The transaction was expected to give Masan a 25% stake in Trusting Social.
Trusting Social had raised about US$44 million before Masan’s investment, with earlier backers including Sequoia Capital, now Peak XV, BEENEXT, 500 Global and Tanglin Ventures.
Distribution and marketing costs declined to US$8.6 million in 2025 from US$10.3 million, while administrative expenses increased 20% to US$24.1 million.
Vietnam contributed the largest share of Trusting Social’s revenue, ahead of the Philippines and Indonesia.
The company says it has scored more than 1 billion consumers and works with over 130 financial institutions.
Featured image: Edited by Fintech News Singapore, based on image by freepik via Magnific
