Wadiz Achieves Q3 Profit: AI-Driven Growth in Crowdfunding Platform

Seoul, South Korea - The crowdfunding platform Wadiz has announced that it has achieved its first quarterly operating profit, which was attained in the third quarter of 2024. 

This follows a positive EBITDA result in the second quarter and the initial attainment of monthly operating profits in November 2023.

The company recorded a 15% increase in revenue year over year during the third quarter while simultaneously reducing operational costs by 22%. 

This resulted in the successful conversion of previous losses into operating profit. 

Since 2023, the company has demonstrated an average annual reduction in its quarterly losses of approximately 10%.

Commission revenue from crowdfunding operations increased 15% year over year, driven by a 60% surge in project volume through the third quarter. 

The company's advertising business, which began operations in 2023, exhibited a 36% increase compared to the preceding year.

The e-commerce division of Wadiz, Wadiz Store, has experienced a notable expansion of its merchant base, encompassing 5,000 vendors, representing a 110% increase from the previous year. 

The mean monthly transaction volume in the third quarter increased by 35% compared to January. 

In September 2024, the platform expanded its eligibility criteria for merchants to include new brands beyond those engaged in crowdfunding.

The introduction of AI-powered automation in project screening and monitoring procedures has enabled the company to manage increased funding demand while effectively reducing operational expenses.

In a statement, CEO David (Hye Sung) Shin asserted that the company had achieved quarterly operating profit by implementing enhanced app services and internal stability measures.

Notable recent projects include publishing ventures incorporating reader demand data and adapting premium dining membership models from a high-end golf club and hotel membership structures.