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Spartan Capital: Society Pass – Southeast Asia eCommerce Super-App With Billion Dollar Potential

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:

  • Society Pass aspires to be the next major Southeast Asia (“SEA”) super-app. Comparable success stories such as Lazada, GoTo and Grab have all been accorded multi-billion valuations.
  • Spartan Capital forecasts SoPa to generate $7.2 million in revenue in 2022, $29.3 million in 2024, up 308% and $59.8 million in 2024, up 104%. Spartan Capital forecasts EBITDA loss narrowing from $10 million in 2022 to just $5.6 million in 2024, then turning positive in 2025.
  • Spartan Capital likens SoPa to what Masayoshi Son has done with SoftBank, headquartered out of Japan, although with an exclusive focus on e-commerce and SEA.
  • SoPa operates in five SEA countries (Singapore, Vietnam, Indonesia, Philippines, and Thailand), all are vibrant open economies, recovering from Covid lockdowns and now seeing dynamic growth. SEA consumers are younger and more tech-savvy than counterparts in the US.
  • SoPa owns 8 portfolio companies in food/beverage (F&B), luxury goods, telecoms, digital media, travel and merchant software sectors and ties them together with its Society Points loyalty program. The eight business units are:
    • Leflair – a Vietnam luxury goods flash sale e-commerce company akin to Groupon.
    • NusaTrip – an Indonesia travel website company serving the region akin to Expedia.
    • Thoughtful Media Group – a Bangkok-based social commerce firm serving US and Asian brands.
    • Gorilla Networks – a Singapore blockchain-enabled MVNO serving the mobile/travel markets.
    • Mangan – Philippines largest local restaurant food delivery company akin to GrubHub/DoorDash.
    • Handycart – a Hanoi, Vietnam restaurant delivery company poised to enter Saigon.
    • Pushkart – a Philippines supermarket delivery company akin to Instacart.
    • #HOTTAB – a Vietnam restaurant and hotel terminal/back-end software management platform.
  • Society Points and SoPa’s 8 subsidiaries offer multiple ways for consumers to earn loyalty points and to redeem such loyalty points for things of value.
  • Operating under a matrix management structure, SoPa is led by entrepreneurial Founder, Chairman and CEO, Dennis Nguyen, and a strong team of C-suite executives, business unit CEOs and country managers.
  • Over half of SoPa’s executives are female.

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 7 interconnected verticals (loyalty, merchant software, 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 operates #HOTTAB Biz and #HOTTAB POS – a Vietnam-based POS, CRM and analytics technology solutions provider for small and medium-sized enterprises,, 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, a leading local restaurant food delivery company in Philippines. For more information, please check out:

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