Sea’s Monee Expands Lending as Second-Quarter Revenue Rises 59%
Sea’s digital financial services business Monee reported $1.4 billion in revenue for the second quarter of 2026, up 59% year over year, as outstanding loan principal reached $11 billion. Sea is reportedly considering an IPO for the business. Monee is expanding beyond Shopee, while credit provisions and the costs of operating independently remain key questions for investors.
Monee, the digital financial services business of Sea Group (Sea), generated $1.4 billion in revenue in the second quarter of 2026, up 59% year over year. Outstanding principal on consumer and small and medium-sized enterprise loans rose 62% to $11 billion; more than 40 million users regularly used its credit services. Sea is reportedly considering an initial public offering for Monee, though no such plan has been confirmed.
In the same period, Monee’s adjusted earnings before interest, taxes, depreciation and amortization were $288 million, up 13% year over year. Credit risk provisions were $554 million, close to 40% of quarterly revenue, while sales and marketing expenses were $294 million. At the end of June, its nonperforming loan ratio for loans more than 90 days past due was 1%. In 2025, Monee generated nearly $4 billion in revenue and $973 million in segment operating income, while credit risk provisions exceeded $1 billion. Neither of these profit measures is equivalent to the net profit that a separately listed company would report.
Chart of Monee business data based on Sea’s consolidated financial reports.（VietVance）
Shopee gives Monee access to buyers and sellers, transaction activity and channels for offering financial products. Consumers can use an electronic wallet or pay in installments with SPayLater, while merchants can obtain working capital. During Sea’s second-quarter earnings briefing, management said Monee uses behavioral and transaction data from across the group’s ecosystem to assess credit risk. Its latest underwriting models reportedly increased loan approval rates by about 10% while maintaining the same level of risk. Monee also uses external data to assess new customers.
Chart of digital financial services data based on Sea’s consolidated financial reports.（VietVance）
Monee is expanding beyond Shopee. In the second quarter of 2026, transactions outside the platform accounted for more than 20% of its SPayLater portfolio, reaching 35% in some markets. Monthly transacting users of the standalone ShopeePay app more than doubled year over year. Monee added about 5.3 million first-time borrowers during the quarter. If a separate listing moves forward, further clarity will be needed on customer acquisition and repayment behavior outside Shopee, the allocation of shared costs and the cost of funding loans.
Chart of Monee business data based on Sea’s consolidated financial reports.（VietVance）
Source: VietVance
