Sea Limited (SE): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la innovación digital, Sea Limited (SE) surge como una potencia transformadora, tejiendo juegos, comercio electrónico y servicios financieros en un ecosistema sin costuras que ha cautivado a millones en el sudeste asiático. Al aprovechar estratégicamente las asociaciones con gigantes tecnológicos como Tencent y crear plataformas digitales localizadas, Sea Limited ha creado un modelo comercial único que trasciende las fronteras tradicionales de la industria, ofreciendo soluciones asequibles y accesibles para los consumidores de mercados emergentes. Este intrincado lienzo comercial revela cómo una sola empresa puede revolucionar las experiencias digitales, convirtiendo los desafíos tecnológicos en oportunidades para un crecimiento sin precedentes y la participación del usuario.

Sea Limited (SE) - Modelo de negocios: asociaciones clave

Tencent: inversión estratégica y colaboración

A partir del cuarto trimestre de 2023, Tencent posee una participación de capital del 21.3% en Sea Limited. La colaboración abarca ecosistemas de entretenimiento digital y juegos.

Dimensión de asociación	Detalles específicos
Monto de la inversión	$ 3.86 mil millones de inversión total
Colaboración de juegos	Derechos de publicación exclusivos para League of Legends en el sudeste asiático

Soceee Platform Socios

Shopee mantiene extensas asociaciones de comercio electrónico en múltiples mercados.

• Vendedores activos totales: 6.4 millones en el tercer trimestre de 2023
• Red comercial transfronteriza: 2.3 millones de vendedores internacionales
• Categorías comerciales: moda, electrónica, productos para el hogar, productos de belleza

Desarrolladores y editores de Garena Game

Tipo de socio	Número de asociaciones
Desarrolladores de juegos	87 asociaciones de desarrollo de juegos activos
Editores de juegos	42 Acuerdos de publicación internacional

Proveedores de pagos digitales y servicios financieros

Seaney colabora con múltiples socios de tecnología financiera.

• PAGO DE PAGO GIERD SOCCIONES: 126 instituciones financieras
• Integración de la billetera digital: 38 redes bancarias
• Valor de transacción total: $ 12.4 mil millones en 2023

Servicios en la nube y socios de infraestructura de tecnología

Categoría de socio	Detalles de la asociación
Infraestructura en la nube	Amazon Web Services, Google Cloud Platform
Socios tecnológicos	15 colaboraciones de infraestructura de tecnología estratégica
Inversión anual de infraestructura	$ 287 millones en 2023

Sea Limited (SE) - Modelo de negocio: actividades clave

Desarrollo y publicación de juegos de entretenimiento digital

La plataforma de desarrollo de juegos de Garena generó $ 1.3 mil millones en ingresos en el tercer trimestre de 2023. El incendio gratuito del juego móvil tenía 724 millones de usuarios activos trimestrales. El equipo de desarrollo de juegos consta de más de 1,200 ingenieros de software y diseñadores de juegos.

Métricas del juego	2023 rendimiento
Ingresos totales del juego	$ 4.2 mil millones
Usuarios activos mensuales	724 millones
Personal de desarrollo de juegos	1,200+ profesionales

Gestión y expansión de la plataforma de comercio electrónico

La plataforma Shopee procesó $ 21.4 mil millones en valor total de mercancía bruta en el tercer trimestre de 2023. Operando en 10 países con 375 millones de usuarios activos.

• Transacciones totales de comercio electrónico: $ 86.4 mil millones anualmente
• Países de expansión de la plataforma: Indonesia, Brasil, Filipinas, Vietnam, Tailandia
• Inversión de infraestructura de tecnología de comercio electrónico: $ 450 millones en 2023

Servicios financieros digitales y operaciones de billetera digital

STAMONEYE procesó $ 8.2 mil millones en transacciones de pago digital en 2023. La base de usuarios de la billetera digital alcanzó 48.3 millones de usuarios activos.

Métricas de servicios financieros	2023 datos
Transacciones de pago digital	$ 8.2 mil millones
Usuarios de billetera digital	48.3 millones
Inversión en tecnología financiera	$ 320 millones

Desarrollo de tecnología de plataforma móvil y de plataforma web

El equipo de desarrollo de tecnología comprende 4.500 ingenieros de software. El gasto anual de investigación y desarrollo de tecnología alcanzó los $ 750 millones en 2023.

Estrategias de marketing y adquisición de usuarios

El gasto de marketing en 2023 fue de $ 1.2 mil millones. Costo de adquisición de usuario por plataforma: Garena $ 0.75, Shopee $ 1.20, costado $ 0.95.

• Presupuesto total de marketing: $ 1.2 mil millones
• Canales de adquisición de usuarios: redes sociales, publicidad digital, programas de referencia
• Relación de eficiencia de marketing: 22% de los ingresos totales

Sea Limited (SE) - Modelo de negocio: recursos clave

Plataformas digitales patentadas

Sea Limited opera tres plataformas digitales principales:

Plataforma	Usuarios activos (cuarto trimestre 2023)	Alcance del mercado
Chaleco	78.4 millones de usuarios activos trimestrales	8 países del sudeste asiático
Garena	40.8 millones de usuarios activos trimestrales	Plataforma de juegos internacional
Coster	31.4 millones de usuarios activos trimestrales	Servicios financieros digitales

Gran base de usuarios

Demografía de usuarios de Sea Limited en todo el sudeste asiático:

• Usuarios totales en todas las plataformas: 149.6 millones de usuarios activos trimestrales
• Cobertura geográfica: Indonesia, Singapur, Vietnam, Tailandia, Filipinas, Malasia
• Rango de edad: principalmente de 18 a 35 años

Infraestructura tecnológica

Componente de infraestructura	Especificación
Centros de datos	Infraestructura múltiple basada en la nube en todo el sudeste asiático
Inversión tecnológica	$ 1.2 mil millones de gastos de I + D en 2023
Computación en la nube	Asociaciones con AWS y Google Cloud

Recursos humanos

Composición de talento de Sea Limited:

• Total de empleados: 68.300 (a diciembre de 2023)
• Fuerza laboral de ingeniería: aproximadamente el 40% del total de empleados
• Distribución global del talento: principalmente en Singapur, Indonesia y Vietnam

Recursos financieros

Métrica financiera	Cantidad (2023)
Efectivo y equivalentes totales	$ 8.3 mil millones
Inversiones totales	$ 3.6 mil millones
Financiación de capital de riesgo	Acumulativo $ 4.5 mil millones desde la fundación

Sea Limited (SE) - Modelo de negocio: propuestas de valor

Ecosistema digital integrado

Sea Limited opera en tres segmentos principales con la siguiente base de usuarios y métricas de ingresos:

Segmento	Usuarios totales (2023)	Ingresos (2023)
Garena (juegos)	725 millones de usuarios activos trimestrales	$ 3.66 mil millones de ingresos anuales
Shopee (comercio electrónico)	76.6 millones de usuarios trimestrales que pagan	$ 7.8 mil millones de ingresos anuales
Costoso (servicios financieros)	47.4 millones de usuarios activos trimestrales	$ 577.5 millones de ingresos anuales

Soluciones localizadas para el sudeste asiático

Penetración del mercado en las regiones clave:

• Indonesia: 55.4% del valor total del pedido bruto de Shopee
• Vietnam: 21.3% del valor total del pedido bruto de Shopee
• Taiwán: 14.2% del valor total del pedido bruto de Shopee
• Tailandia: 6.5% del valor total de pedidos brutos de Shopee

Entretenimiento digital asequible

Métricas de plataforma de juegos Garena:

• Juego de fuego gratuito: 737 millones de descargas a nivel mundial
• Ingresos promedio por usuario que paga: $ 9.43 por trimestre
• Cuota de mercado de juegos móviles en el sudeste asiático: 35.6%

Experiencia de compra en línea

Rendimiento de la plataforma de la tienda:

Métrico	Valor 2023
Valor total de mercancía bruta	$ 83.5 mil millones
Número de pedidos	7.4 mil millones
Valor de pedido promedio	$11.28

Servicios financieros digitales

Métricas financieras de costura:

• Transacciones de billetera digital: 2.1 mil millones en 2023
• Volumen total de pago: $ 45.3 mil millones
• Portafolio de préstamos digitales: $ 3.2 mil millones

Sea Limited (SE) - Modelo de negocio: relaciones con los clientes

Plataformas de juego impulsadas por la comunidad

Garena, la división de juegos de Sea Limited, reportó 667.7 millones de usuarios activos trimestrales en el tercer trimestre de 2023. El juego de incendios gratuitos generó 95.4 millones de usuarios activos mensuales en el sudeste asiático.

Plataforma de juego	Usuarios activos	Rendimiento trimestral
Garena	667.7 millones	Q3 2023 Base de usuarios
Tiro libre	95.4 millones	Usuarios activos mensuales en el sudeste asiático

Aplicaciones móviles fáciles de usar

Shopee, la plataforma de comercio electrónico de SEA, registró 79.4 millones de usuarios activos trimestrales en el tercer trimestre de 2023.

Sistemas de recomendación personalizados

Sea Limited invirtió $ 214.3 millones en desarrollo de tecnología para algoritmos de recomendación personalizados en 2022.

Atención al cliente a través de múltiples canales digitales

• Atención al cliente digital 24/7 en todas las plataformas
• Tasa de respuesta de chatbot con IA: 87.6%
• Tiempo de respuesta promedio: 3.2 minutos

Programas de fidelización e iniciativas de compromiso

Programa	Afiliación	Métricas de compromiso
Shopee Rewards	46.2 millones de miembros	Programa de fidelización del trimestre 2023
Garena Premium	22.7 millones de suscriptores	Programa de lealtad de los juegos del tercer trimestre

Sea Limited (SE) - Modelo de negocios: canales

Aplicaciones móviles

Sea Limited opera múltiples aplicaciones móviles en sus segmentos comerciales:

Solicitud	Usuarios activos mensuales (2023)	Plataforma
Garena (juegos)	659.9 millones	iOS/Android
Chaleco	376.5 millones	iOS/Android
Coster	47.2 millones	iOS/Android

Plataformas web

Sea Limited mantiene plataformas web integrales:

• Shopee.com Mercado de comercio electrónico
• Plataforma de juegos Garena.com
• Costeoney.com Portal de servicios financieros

Marketing en redes sociales

Plataforma	Seguidores/compromiso
Facebook	8.5 millones de seguidores
Instagram	3.2 millones de seguidores
Gorjeo	1.7 millones de seguidores

Publicidad digital

Gastos de publicidad digital para 2023: $ 742.3 millones

Canal	Porcentaje de gastos publicitarios digitales
Anuncios móviles	68%
Mostrar anuncios	22%
Anuncios de video	10%

Estrategias de referencia y marketing viral

Métricas del programa de referencia para 2023:

• Tasa de conversión de referencia de Shopee: 14.3%
• Costo de adquisición de clientes a través de referencias: $ 3.20
• Valor total del programa de referencia: $ 156.7 millones

Sea Limited (SE) - Modelo de negocio: segmentos de clientes

Jóvenes consumidores nativos digitales en el sudeste asiático

Sea Limited apunta a 690 millones de personas en el sudeste asiático, con una mediana de edad de 30,2 años. La penetración digital en la región alcanza el 70% a partir de 2023.

País	Población digital	Penetración en Internet
Indonesia	204 millones	73.7%
Vietnam	72 millones	70.3%
Tailandia	52 millones	75.1%

Jugadores en línea

La plataforma Garena atiende a 725.9 millones de usuarios activos trimestrales en 2023.

• Mercado de juegos del sudeste asiático valorado en $ 4.4 mil millones
• El juego móvil representa el 59% de los ingresos totales de los juegos
• El usuario promedio pasa 7.2 horas semanalmente en juegos móviles

Compradores de comercio electrónico digital

La plataforma Shopee registró un valor de mercancía bruta de $ 8.35 mil millones en el tercer trimestre de 2023.

Mercado	Crecimiento del comercio electrónico	Compradores en línea
Indonesia	22.5%	47 millones
Vietnam	18.3%	35 millones

Poblaciones emergentes de clase media

SEA Limited se dirige a 190 millones de consumidores de clase media en el sudeste asiático para 2024.

• Ingresos disponibles mensuales promedio: $ 450- $ 750
• Tasa de crecimiento del gasto digital: 15.6% anual
• Adopción de pagos móviles: 62% en los mercados objetivo

Usuarios de tecnología móvil primero

Sea Limited atiende a 78.8 millones de usuarios móviles activos trimestrales en todas las plataformas.

Tipo de dispositivo	Tasa de penetración	Uso diario promedio
Teléfono inteligente	85.3%	4.2 horas
Internet móvil	76.5%	3.8 horas

Sea Limited (SE) - Modelo de negocio: Estructura de costos

Infraestructura tecnológica y servicios en la nube

Los costos de infraestructura tecnológica de Sea Limited para 2023 totalizaron aproximadamente $ 1.2 mil millones. Los servicios en la nube y los gastos de alojamiento representaron $ 456 millones.

Categoría de costos tecnológicos	Cantidad (USD)
Infraestructura en la nube	$ 456 millones
Mantenimiento del centro de datos	$ 312 millones
Red y conectividad	$ 214 millones

Gastos de marketing y adquisición de usuarios

Los gastos de marketing para Sea Limited en 2023 alcanzaron los $ 1.87 mil millones.

• Publicidad digital: $ 612 millones
• Marketing de rendimiento: $ 524 millones
• Campañas de concientización de marca: $ 387 millones
• Marketing de influencia y asociación: $ 347 millones

Inversiones de investigación y desarrollo

El gasto de I + D para 2023 fue de $ 864 millones, lo que representa el 12.3% de los ingresos totales.

Área de enfoque de I + D	Inversión (USD)
Tecnología de juego	$ 412 millones
Plataforma de comercio electrónico	$ 276 millones
Servicios financieros digitales	$ 176 millones

Costos de desarrollo de contenido y plataforma

Los gastos de desarrollo de la plataforma totalizaron $ 523 millones en 2023.

• Creación de contenido: $ 247 millones
• Ingeniería de la plataforma: $ 186 millones
• Diseño de experiencia del usuario: $ 90 millones

Adquisición y retención de talentos

Los gastos de capital humano para 2023 fueron de $ 672 millones.

Categoría de costos de talento	Cantidad (USD)
Salarios y compensación	$ 456 millones
Reclutamiento y capacitación	$ 124 millones
Beneficios para empleados	$ 92 millones

Sea Limited (SE) - Modelo de negocios: flujos de ingresos

Contenido digital en el juego y ventas de bienes virtuales

El segmento de entretenimiento digital de Garena generó $ 1.4 mil millones en ingresos en el tercer trimestre de 2023.

Plataforma de juego	Ingresos (tercer trimestre de 2023)
Tiro libre	$ 812 millones
Otros juegos	$ 588 millones

Comisiones de transacciones de comercio electrónico

La plataforma de comercio electrónico de Shopee generó $ 1.3 mil millones en ingresos en el tercer trimestre de 2023.

Región	GMV de comercio electrónico
Sudeste de Asia	$ 22.4 mil millones
Brasil	$ 8.6 mil millones

Tarifas de servicio financiero digital

Segmento de costura generó $ 254 millones en ingresos en el tercer trimestre de 2023.

• Transacciones de billetera digital: 1.700 millones
• Volumen de préstamos digitales: $ 3.2 mil millones

Ingresos publicitarios

Los ingresos por publicidad digital alcanzaron los $ 87 millones en el tercer trimestre de 2023.

Procesamiento de pagos y servicios de billetera digital

Volumen total de pago para Singeyoney: $ 14.3 mil millones en el tercer trimestre de 2023.

Servicio	Volumen de transacción
Billetera digital	$ 8.6 mil millones
Procesamiento de pagos	$ 5.7 mil millones

Sea Limited (SE) - Canvas Business Model: Value Propositions

You're looking at the core value Sea Limited offers across its three main pillars as of late 2025, based on the latest reported numbers from the third quarter ending September 30, 2025. The entire structure is built around reinforcing these propositions through integration.

Shopee: Affordable, Reliable E-commerce

Shopee's value proposition centers on scale and improving service quality, which translates directly into transaction volume. For the third quarter of 2025, Gross Merchandise Value (GMV) hit $32.2 billion, marking a 28.4% year-over-year increase. This volume was built on 3.6 billion Gross Orders, also up 28.4% year-over-year. The platform's focus on monetization, through things like advertising, is clear: Core Marketplace Revenue, which includes ads, grew 52.8% year-over-year to $3.1 billion. Honestly, the commitment to service is shown by the investment in logistics and fulfillment, even if it compressed the GAAP margin to 0.6% for the quarter. Management is confident enough to raise the full-year 2025 GMV growth guidance to >25%.

Garena: High-Quality, Localized, Free-to-Play Gaming

For Garena, the value is in high-engagement content that drives user spending, not just user count. Bookings, which represent cash spent by users, surged 51.1% year-over-year to $840.7 million in Q3 2025, marking its best quarter since 2021. This growth was fueled by deep-dive IP events like the NARUTO SHIPPUDEN collaboration. While Quarterly Active Users (QAU) grew 6.7% year-over-year to 670.8 million, the paying user base expanded even faster at 31.2% year-over-year, reaching 65.9 million. This segment acts as a high-margin engine, delivering an Adjusted EBITDA of $465.9 million, up 48.2% year-over-year.

Monee: Accessible Digital Financial Services

Monee provides essential financial access, particularly credit, to a region with low traditional banking penetration. Its GAAP revenue grew a massive 60.8% year-over-year to $989.9 million in Q3 2025. The core offering is credit, with the total Consumer and SME loans principal outstanding reaching $7.9 billion, a 70% year-over-year increase. The value here is the combination of accessibility and quality control; the 90-day Non-Performing Loan (NPL) ratio remained stable at 1.1%.

SME Support via Credit, Logistics, and Digital Advertising Tools

Sea Limited supports small and medium-sized enterprises (SMEs) by integrating them into the ecosystem's financial and commercial rails. The credit offering is a key part of this, with the latest loan book standing at $7.9 billion as of September 30, 2025, which includes SME credit. Furthermore, the growth in Shopee's Core Marketplace Revenue, which includes digital advertising tools for sellers, grew 52.8% year-over-year to $3.1 billion in the quarter.

Integrated Ecosystem for Seamless Cross-Platform Transactions

The real value proposition is the multiplicative synergy between the three businesses, creating an "Ecosystem Fortress". This integration is concrete, not just abstract. Shopee drives the user traffic that Monee underwrites loans against, and Monee reduces friction for Shopee users via services like Pay Later. The financial results of Q3 2025 show this working: Group GAAP Revenue was $6.0 billion, and Adjusted EBITDA was $874.3 million. The entire group's Net Income more than doubled to $375.0 million.

Here's a quick look at the segment financial scale supporting these propositions in Q3 2025:

Segment	Key Financial Metric	Amount (US$)	Year-over-Year Change
Shopee (E-commerce)	GMV	$32.2 billion	+28.4%
Shopee (E-commerce)	EBITDA	$186.1 million	More than fivefold increase
Garena (Digital Entertainment)	Bookings	$840.7 million	+51.1%
Monee (Digital Financial Services)	GAAP Revenue	$989.9 million	+60.8%
Monee (Digital Financial Services)	Loans Principal Outstanding	$7.9 billion	+70%

Finance: draft Q4 2025 cash flow projection by next Tuesday.

Sea Limited (SE) - Canvas Business Model: Customer Relationships

You're looking at how Sea Limited keeps its massive user base engaged across Shopee, Garena, and Monee as of late 2025. It's all about integration and data-driven personalization, so let's dive into the hard numbers that define these relationships.

Automated self-service via in-app customer support systems

While direct metrics on automated self-service systems aren't always public, the operational focus clearly points to improving the customer experience through efficiency. For instance, in Q3 2025, Sea Limited reported that delivery speed improved sequentially, with average delivery time getting better by about two days compared to a year ago in certain areas like Greater São Paulo. This focus on logistics quality is a form of proactive customer service. Furthermore, platform stability is a key relationship factor; online purchasing through Shopee in 2025 emphasized more reliable voucher pre-checks, reducing load failures during peak times. Management's stated priority is enhancing service quality to drive growth.

Dedicated Shopee VIP loyalty programs with enhanced benefits

Shopee's VIP membership is a clear strategy to deepen relationships with high-value customers. By the end of June 2025, total VIP subscribers across the expanded markets reached 2 million. This segment shows strong financial impact; in Indonesia alone, VIP GMV grew nearly 50% quarter-on-quarter in Q2 2025. The program has since rolled out to Thailand and Vietnam. A major enhancement in Q3 2025 involved a partnership with OpenAI, where new Shopee VIP subscribers in Indonesia, Thailand, and Vietnam could redeem three months of complimentary access to ChatGPT Plus starting August 8, 2025. This reinvestment into VIP programs is seen as a strategy funded from a position of strength.

Community building through in-game events and eSports leagues

Garena maintains its community through high-impact content and competitive play. In Q3 2025, Garena delivered its best bookings quarter since 2021, hitting US$840.7 million, which was up 51.1% year-on-year. This engagement is anchored by flagship titles like Free Fire, which sustained its user base through collaborations such as the Squid Game and NARUTO SHIPPUDEN Chapter 2 campaigns. The active user base reflects this community scale:

Metric	Q3 2025 Value	Year-on-Year Change
Quarterly Active Users (QAUs)	670.8 million	Up 6.7%
Quarterly Paying Users	65.9 million	Up 31.2%
Paying User Ratio	9.8%	Up from 8.0% in Q3 2024

The segment remains on track to achieve more than 30% year-on-year growth in bookings for the full year 2025.

Personalized recommendations driven by AI for commerce and gaming

Sea Limited uses its ecosystem data to power personalization across platforms. For Shopee commerce, AI drives advertising effectiveness; in Q2 2025, the number of sellers using ad products rose by 20%, and their average ad spend increased by over 40% year-on-year. This suggests more effective, personalized ad placements. Furthermore, Sea announced an MOU with OpenAI in August 2025 to advance AI use, specifically mentioning opportunities in commerce. In gaming, Garena is committed to trying out new genres and testing boundaries by embracing AI to enhance player experience.

Credit scoring and risk management for Monee users

Monee's relationship with users is built on data-driven credit access. The company leverages AI-powered credit scoring models, trained on Shopee and Garena data, to manage risk while expanding lending.

• Consumer and SME loans principal outstanding reached US$7.9 billion as of September 30, 2025.
• This loan book grew 69.8% year-on-year as of Q3 2025.
• Active users across consumer and SME loan products hit 34 million in Q3 2025, up nearly 45% year-on-year.
• The platform added more than 5 million first-time borrowers in Q3 2025 by moving to an 'all-can-apply' approach.
• Asset quality remains tight, with the 90-day NPL ratio stable at 1.1% at the end of Q3 2025.
• Monee's GAAP revenue grew 60.8% year-on-year in Q3 2025 to US$989.9 million.

To be fair, the company is still cautious with new users; loan disbursements to new cohorts in Q3 2025 accounted for less than 10% of total disbursements, showing a deliberate underwriting process before cross-selling. Finance: draft 13-week cash view by Friday.

Sea Limited (SE) - Canvas Business Model: Channels

You're looking at how Sea Limited actually gets its products and services in front of customers as of late 2025. It's a multi-pronged approach, using digital storefronts, gaming clients, and a dedicated financial layer to keep users within the ecosystem. Here's the breakdown of the primary channels, grounded in the latest figures from the third quarter of 2025.

Shopee mobile application and e-commerce marketplace

The Shopee mobile application is the core channel for the e-commerce segment. This platform is where the bulk of the transaction volume happens. For the three months ended September 30, 2025, the scale was significant:

Metric	Q3 2025 Value	Year-over-Year Change
Gross Merchandise Value (GMV)	$32.2 billion	Up 28.4%
Gross Orders	3.6 billion	Up 28.4%
GAAP Revenue	$4.3 billion	Up 34.9%
Core Marketplace Revenue	$3.1 billion	Up 52.8%
Adjusted EBITDA	$186.1 million	Up from $34.4 million

Management expects Shopee's full-year 2025 GMV growth to be more than 25%. The marketplace revenue, which includes transaction fees and advertising, is clearly outpacing the growth in value-added services revenue, which was $0.7 million, down 6% year-on-year, partly due to increased shipping subsidies. That's a key trade-off right there.

Garena game client and mobile gaming apps (e.g., Free Fire)

Garena primarily uses its dedicated game client for PC titles and mobile gaming apps, like Free Fire, as the direct channel to its massive user base. The success of collaborations, such as Free Fire and NARUTO SHIPPUDEN Chapter 2, drives engagement. For Q3 2025:

• Bookings reached $840.7 million, a 51.1% increase year-on-year, marking the best quarter since 2021.
• GAAP revenue was $653.0 million, up 31.2% year-on-year.
• Adjusted EBITDA hit $465.9 million, up 48.2% year-on-year.
• Quarterly active users stood at 670.8 million, up 6.7% year-on-year.
• Quarterly paying users were 65.9 million, up 31.2% year-on-year.

Garena remains on track to achieve more than 30% year-on-year growth in bookings for the full year 2025.

Monee mobile wallet and financial services portal

The Monee mobile wallet and financial services portal are deeply integrated, often accessed directly through the Shopee application, but also serve standalone financial use cases. The credit business is a major driver here. As of September 30, 2025:

• GAAP revenue for Digital Financial Services was $989.9 million, a 60.8% jump year-on-year.
• Adjusted EBITDA for the segment was $258.3 million, up 37.5% year-on-year.
• Consumer and SME loans principal outstanding reached $7.9 billion, up 69.8% year-on-year.
• This loan book consists of $6.9 billion on-book and $0.9 billion off-book.

The unit is extending SPayLater's reach beyond e-commerce for everyday financial use cases. The non-performing loan ratio was maintained at 1.1%.

Shopee Express (SPX) logistics and last-mile delivery network

Shopee Express (SPX) is a critical self-owned channel that underpins the e-commerce offering, focusing on last-mile efficiency. The investment in this network is substantial. By 2025, SPX Express is reported to handle more than half of total orders. The hyperlocal model, using agents like homemakers and students, has helped reduce logistics costs by 6% in Asia and 21% in Brazil. SPX's sorting centers process 400,000 parcels daily. In Asia, SPX Express already delivers around 50% of its orders within two days of order placement.

Social media and content platforms for user acquisition

While not a direct sales channel like the apps, social media and content are vital for user acquisition and engagement across the ecosystem. For Shopee, live-streaming on its platform contributes around 15% of its overall order volume for physical goods in Southeast Asia. Furthermore, the e-commerce platform partners with YouTube, allowing viewers to make seamless purchases on Shopee. This content integration helps drive traffic directly into the marketplace channel.

Sea Limited (SE) - Canvas Business Model: Customer Segments

You're mapping out Sea Limited's customer base as of late 2025; it's a diverse group spanning gaming, commerce, and finance across a massive footprint in Asia and Latin America. Honestly, the key is seeing how these segments feed into each other.

Mass market consumers in Southeast Asia, Taiwan, and Brazil

This segment is primarily served by Shopee, which Sea Limited calls the largest pan-regional e-commerce platform in Southeast Asia and Taiwan, with a significant presence in Brazil. The scale here is substantial, though specific 2025 active consumer counts aren't broken out by geography in the latest reports. For context on the scale they operate at, in 2023, Shopee had 295 million users, with Indonesia alone accounting for 103 million of those users. Shopee celebrated its 5-year anniversary in Brazil in Q2 2025, achieving market leadership by order volume while operating profitably in that market. The overall group revenue growth in Q3 2025, up 38.3% year-on-year to US$6.0 billion, reflects the continued engagement of this mass market.

Small and Medium-sized Enterprises (SMEs) and merchants

These are the sellers on the Shopee marketplace. Their engagement is tracked through platform usage metrics, which show strong monetization gains. In Q2 2025, the number of sellers utilizing Shopee's advertising product rose by 20% year-on-year, and their average quarterly ad spend increased by 40%. This indicates a growing reliance on Shopee's value-added services for business growth. Furthermore, the core marketplace revenue, which consists mainly of transaction-based fees and advertising revenues, grew 46.2% year-on-year to US$2.6 billion in Q2 2025. This segment is also a direct recipient of the financial services arm, Monee, as detailed below.

Digital-native, mobile-first gamers and eSports enthusiasts

Garena targets this group with its digital entertainment offerings, anchored by the flagship game, Free Fire. The user base remains massive and highly engaged. As of Q3 2025, Garena reported 670.8 million quarterly active users, marking a 6.7% year-on-year increase. Monetization is improving, with quarterly paying users reaching 65.9 million in Q3 2025, a 31.2% jump year-on-year. The paying user ratio in Q1 2025 was 9.8%, and the average bookings per user in Q1 2025 hit US$1.17. Management expects Garena bookings to grow more than 30% year-on-year for the full year 2025.

Underbanked and unbanked populations seeking credit/payments

Monee, the digital financial services arm, directly serves this segment, leveraging the Shopee ecosystem for data and distribution. This is a high-growth area. As of September 30, 2025 (Q3 end), the principal outstanding on consumer and SME loans reached US$7.9 billion, growing 69.8% year-on-year. This is a significant acceleration from the US$5.8 billion outstanding at the end of Q1 2025. The company maintains prudent risk management, with non-performing loans past due by more than 90 days remaining stable at 1.1% as of Q3 2025. The GAAP revenue for this segment in Q3 2025 was US$989.9 million, up 60.8% year-on-year.

Cross-border merchants selling into Southeast Asia

While not explicitly quantified with a separate merchant count, this group is embedded within the broader SME/merchant segment, utilizing Shopee's cross-regional platform capabilities. The overall GMV growth expectation for Shopee for the full year 2025 is set at more than 25%, which encompasses domestic and cross-border transactions flowing into the core Southeast Asia and Taiwan markets. The growth in core marketplace revenue to US$2.6 billion in Q2 2025 is a direct indicator of the transaction volume these merchants are generating on the platform.

Here's a quick look at the key user/lending metrics across the primary segments as of the latest reported quarter, Q3 2025:

Segment Metric	Value (Q3 2025)	Comparison/Context
Garena Quarterly Active Users	670.8 million	Up 6.7% year-on-year.
Garena Quarterly Paying Users	65.9 million	Up 31.2% year-on-year.
Shopee GMV	Expected >25% growth for FY2025	Q2 2025 GMV was US$29.8 billion.
Shopee Adopting Sellers Growth	20% rise in sellers using ads (Q2 2025)	Average ad spend up 40% in Q2 2025.
Monee Loans Principal Outstanding	US$7.9 billion	Up 69.8% year-on-year as of September 30, 2025.
Monee NPL Ratio (90+ days)	1.1%	Relatively stable quarter-on-quarter.

The 2 million total VIP subscribers hitting in June 2025 across Indonesia, Thailand, and Vietnam shows a focus on capturing higher-value consumers within the mass market segment, driving better profitability per user.

Finance: draft 13-week cash view by Friday.

Sea Limited (SE) - Canvas Business Model: Cost Structure

When you look at the Cost Structure for Sea Limited, you're essentially mapping out where the money goes to keep the three engines-Shopee, Garena (Digital Entertainment), and Monee (Digital Financial Services)-running and growing. As of the third quarter of 2025, the scale of these operations means costs are substantial, but the focus is clearly shifting toward efficiency.

Cost of revenue, primarily logistics and transaction costs, forms the largest single component of the cost base. For the three months ended September 30, 2025, the total Cost of Revenue was US$3.387 billion. The e-commerce segment, Shopee, is the main driver here, with its Cost of Revenue reaching US$2.5 billion for the quarter, primarily due to the necessary increase in logistics costs as order volume grew. Remember, this includes the cost to move goods, which is a direct consequence of the high Gross Merchandise Value (GMV) growth.

For the Digital Financial Services segment, Monee, the Cost of Revenue was US$125.7 million in Q3 2025. This cost base is specifically driven by operational needs like server and hosting expenses, plus the direct costs associated with the credit business, such as collection expenses and bank transaction fees.

User acquisition and platform engagement require significant spending on Sales and Marketing expenses. For the third quarter of 2025, Sea Limited reported Sales and Marketing expenses of US$1.150 billion. While this is a large absolute number, it's important to note that this grew by 30.9% year-over-year, which was significantly below the 38.3% year-over-year revenue growth, signaling improving customer acquisition efficiency.

Keeping the digital platforms running and developing new content falls under technology and development costs. The Research and Development expenses, which capture much of the Technology and Content Development costs for game updates and platform improvements, actually saw optimization in Q3 2025, coming in at US$286.3 million, a decrease of 5.2% year-over-year.

The cost associated with running the digital infrastructure-the Server and hosting expenses-is embedded within the segment cost of revenues, particularly for Monee. For instance, the Digital Financial Services Cost of Revenue of US$125.7 million explicitly cited server and hosting expenses as a primary driver.

Finally, financing costs related to the credit business and managing customer funds show up in the non-operating section. For Q3 2025, the net non-operating income was US$61.2 million, which included an interest expense of US$8.9 million. This interest expense relates to funding the credit business and potentially other liabilities, though customer deposits are often a low-cost source of funding.

Here's a quick look at the major expense categories for the three months ended September 30, 2025, compared to the prior year period:

Cost Component	Q3 2025 Amount (USD Thousands)	Q3 2024 Amount (USD Thousands)	Primary Segment Driver
Total Cost of Revenue	3,386,670	2,467,172	E-commerce Logistics
Sales and Marketing Expenses	1,150,299	878,557	Shopee User Acquisition
Research and Development Expenses	286,275	301,990	Garena/Platform Tech
Interest Expense (from Net Non-operating)	8,900 (Implied)	Not explicitly isolated	Monee Credit Funding

You can see the operational leverage starting to show, especially in R&D, which is down, while Sales and Marketing growth is lagging revenue growth. That's a defintely positive sign for long-term margin expansion.

• E-commerce Cost of Revenue: US$2.5 billion in Q3 2025.
• Digital Financial Services Cost of Revenue: US$125.7 million in Q3 2025.
• Digital Entertainment Cost of Revenue: US$171.9 million in Q3 2025 (Cost of Service).
• Consumer and SME loans principal outstanding (Credit Business Funding context): US$7.9 billion as of September 30, 2025.

Sea Limited (SE) - Canvas Business Model: Revenue Streams

You're looking at how Sea Limited actually brings in the money across its three main pillars as of late 2025. Honestly, the revenue story is about diversification finally paying off, with e-commerce and fintech scaling up their monetization efforts while gaming remains a strong cash generator.

E-commerce marketplace commissions and transaction fees and Advertising revenue from sellers on the Shopee platform are bundled within the core marketplace revenue stream. For the third quarter of 2025, Shopee's core marketplace revenue-which is where you find those transaction fees and ad dollars-climbed a solid 52.8% year-over-year to reach $3.1 billion. This shows sellers are paying more to get visibility on the platform, which is a classic sign of a mature marketplace reaching better monetization levels.

The Gaming bookings and in-game item sales (Garena) stream delivered its best quarter since 2021. For Q3 2025, Garena bookings hit $840.7 million, marking a 51.1% increase year-on-year. This performance was anchored by Free Fire campaigns, like the one incorporating content from Squid Game, which saw the Red Light, Green Light challenge get over 300 million plays in Q3 alone.

For the Interest income and fees from consumer/SME credit (Monee), the Digital Financial Services segment saw GAAP revenue jump to $989.9 million in Q3 2025, up 60.8% from the prior year. A major driver here is the lending business; the total principal outstanding for consumer and SME loans reached $7.9 billion as of September 30, 2025, a 69.8% increase year-over-year. To give you a sense of the interest component, the Group recorded net non-operating income of $61.2 million in the quarter, which was primarily due to $81.8 million in interest income.

Regarding Value-added services revenue, mainly logistics services, this is embedded within the broader e-commerce revenue. While the exact logistics revenue isn't separated from the marketplace revenue, we know that SPX Express, Sea Limited's logistics arm, is handling more than half of Shopee's orders across Asia and Brazil. This internal fulfillment capability is a key value-add service that helps control costs and speed up delivery, which is crucial for retaining buyers.

Here's a quick look at the key revenue-related figures from the third quarter of 2025 (amounts in millions of US dollars unless noted):

Revenue Component	Q3 2025 Amount (USD)	Year-over-Year Change
Total GAAP Revenue (Group)	$6,000.0 million	38.3%
E-commerce GAAP Service Revenue	$3,778.7 million	36.6%
E-commerce Core Marketplace Revenue (Fees & Ads)	$3,100.0 million (approximate)	52.8%
Digital Financial Services GAAP Revenue	$989.9 million	60.8%
Digital Entertainment Bookings (Garena)	$840.7 million	51.1%
Interest Income (Non-Operating Component)	$81.8 million	N/A
Consumer & SME Loans Principal Outstanding (as of Sept 30)	$7.9 billion	69.8%

The e-commerce segment's total GAAP revenue, which includes marketplace fees, advertising, and value-added services like logistics, was $3.8 billion for the quarter. The growth in the loan book to $7.9 billion definitely signals that Monee is aggressively expanding its credit offerings, which directly feeds that interest income stream.

Finance: draft 13-week cash view by Friday.