Society Pass Incorporated (SOPA): Business Model Canvas [Dec-2025 Updated]

You're looking to cut through the noise and figure out the real engine driving Society Pass Incorporated (SOPA) right now, and honestly, it's less about building a single giant and more about strategic asset sales. The core play, as we see it through late 2025, is monetizing intrinsic value by spinning off subsidiaries-look at the $13.5 million net cash from the recent NusaTrip IPO-while simultaneously trying to grow that universal Society Points ecosystem across Southeast Asia's +650K merchants. Still, you have to watch the burn; Q3 2025 saw $6.0 million in General and Administrative expenses, so understanding how those IPO proceeds fuel the next steps is defintely key to valuing this whole structure. Dive in below to see the full nine blocks of this unique, asset-heavy model.

Society Pass Incorporated (SOPA) - Canvas Business Model: Key Partnerships

You're looking at the critical external relationships Society Pass Incorporated (SOPA) relies on to power its ecosystem across Southeast Asia. These aren't just vendor agreements; they are strategic anchors for capital, scale, and market access. Honestly, the strength here is in the breadth of integration.

The capital structure is directly supported by a major financing agreement. Society Pass Incorporated secured a structured financing agreement for an equity line of credit with Strattners FZCO. This facility allows Society Pass Incorporated to sell its common stock, upon request, up to a total of $40,000,000 over a period of 36 months, with shares issued at a 6% discount to the prevailing market price. This capital is earmarked for deploying into operating subsidiaries.

The core of the ecosystem's value proposition-the loyalty and data network-is built on merchant adoption. As of the latest available data points, the platform has integrated over 650,000 Partner Merchants & Brands across Southeast Asia. This massive network feeds the Society Points loyalty program, which is central to the business model.

The travel vertical, NusaTrip, has secured a significant operational partnership in Indonesia. This is a key piece of infrastructure integration for the region.

The partnership with the Jakarta-Bandung Fast Train service, facilitated through NusaTrip, formalizes ticket sales, payment systems, and accessibility integration for the KCJB service. This is a concrete example of how Society Pass Incorporated integrates physical infrastructure into its digital ecosystem.

The travel booking platform, NusaTrip, also focuses on expanding its reach through carrier agreements. While specific numbers for ULCC integrations aren't public, the platform is undergoing technical re-platforming aimed at increasing its potential market size by up to 800%.

Here are the key partnership elements:

• Strattners FZCO Financing: Facility size of $40,000,000.
• Merchant Network: Reached +650K Partner Merchants & Brands.
• Fast Train Agreement: MoU signed with KCIC for KCJB ticket sales.
• Ecosystem Financial Scale: 2Q 2025 Revenue reported at $2.5 million.
• NusaTrip Expansion Goal: Aiming for linguistic localization to reach over 700 million users in Southeast Asia.

The overall platform performance, which these partnerships feed, shows Society Pass Incorporated's 2025 revenue estimate raised to $8.8 million. Finance: draft 13-week cash view by Friday.

Society Pass Incorporated (SOPA) - Canvas Business Model: Key Activities

You're looking at the core engine driving Society Pass Incorporated (SOPA) right now-the hands-on work they do to build out their ecosystem. This isn't just about holding assets; it's about actively engineering value through corporate actions and platform development. The key activities are centered on monetizing their incubator model, which has seen significant action in 2025.

Executing Subsidiary IPOs

The primary activity has been the strategic separation and public listing of their most promising subsidiaries. This unlocks capital and provides clearer valuation for those specific business units. The NusaTrip initial public offering (IPO) is a concrete example of this strategy in action.

NusaTrip Incorporated completed its IPO on the Nasdaq in August 2025, trading under the ticker NUTR. This offering generated gross proceeds of $15.0 million at $4.00 per share, with the total raise, including the over-allotment option, reaching $17.25 million. Society Pass Incorporated received net proceeds of approximately $13.5 million from this transaction. Following the listing, Society Pass retained 14 million shares of NusaTrip, which, based on a later reported price of $7.42 per share, represented an asset value of approximately $103.8 million for SOPA.

The next major activity in this vein is the planned IPO for Thoughtful Media Group (TMG). Ascendiant Capital Markets expects this digital advertising ecosystem spinout to complete by the end of 2025, with a valuation projected to be comparable to NusaTrip's.

Developing and Integrating the Universal Society Points Loyalty Platform

Underpinning the entire ecosystem is the development and integration of the universal Society Points loyalty platform. This is the connective tissue that encourages cross-vertical spending and data aggregation. While the platform entered beta testing earlier, its scale as of the latest reports shows significant user adoption across the network.

The platform's reach, as documented in early 2025 reports, includes:

• More than 3.3 million registered consumers.
• Over 650,000 registered merchants and brands.

This activity involves leveraging proprietary IT architecture, which the company invested over 2+ years in building, to support this scale and facilitate personalized promotions based on consumer shopping behavior.

Acquiring and Integrating Market-Leading Companies in SEA Verticals

Society Pass Incorporated's core operational activity involves acquiring fast-growing e-commerce companies across Southeast Asia (SEA) and integrating them into the fintech platform via the Society Points circulation. The financial results for the second quarter of 2025 reflect the performance of these integrated operations.

Here's a look at the reported Q2 2025 financial performance, which is a direct result of these integrated activities:

Analysts revised the full-year 2025 revenue estimate upward to $8.8 million from $6.2 million based on this performance.

Technical Re-platforming of Core Subsidiaries like NusaTrip

A critical supporting activity is the technical overhaul of acquired assets to ensure they can scale and integrate effectively. NusaTrip's technical re-platforming is a prime example of this, aimed at positioning it as a leading travel booking platform in SEA by market share by 2026.

The technical re-platforming efforts for NusaTrip specifically focused on:

• Upgrades to server infrastructure for platform stability.
• Improved UI/UX interface.
• Integration with leading payment gateway providers in Southeast Asia.

These technical enhancements are projected to increase NusaTrip's potential market size by up to 800%. Furthermore, the localization efforts are designed to make the platform available to over 700 million users across Southeast Asia.

Finance: draft 13-week cash view by Friday.

Society Pass Incorporated (SOPA) - Canvas Business Model: Key Resources

You're looking at the core assets Society Pass Incorporated (SOPA) relies on to run its Southeast Asian e-commerce ecosystem. These aren't just line items; they are the tangible and intangible foundations of the business as of late 2025.

Financially, the immediate liquidity position is important. As of September 30, 2025, Society Pass Incorporated held $6.55 million in cash and cash equivalents. This figure, reported in their Q3 2025 filings, gives you a direct look at their on-hand liquid assets for operations and investment.

The primary intangible asset is the proprietary Society Points open-loop loyalty technology platform. This platform is the connective tissue for their data-driven loyalty, fintech, and e-commerce operations across Vietnam, Indonesia, Philippines, Singapore, and Thailand. It's designed to capture and utilize consumer data across multiple touchpoints.

The most significant tangible resources are the subsidiaries, which have been strategically positioned for capital events. NusaTrip, the Online Travel Agency (OTA) component, successfully completed its NASDAQ IPO in August 2025, raising $17 million. Furthermore, the Thoughtful Media Group (Digital Media) subsidiary is expected to complete its own IPO by the end of 2025, with an anticipated valuation comparable to NusaTrip's $17 million raise. This strategy of subsidiary spin-offs is a major driver of the company's current asset value.

Here's a quick look at the financial snapshot surrounding these key resources:

The technology platform underpins the entire structure, enabling the ecosystem's function. Key attributes of the resource base include:

• Proprietary Society Points open-loop loyalty technology platform.
• Asset value derived from the August 2025 NusaTrip NASDAQ IPO.
• Expected capital event from the Thoughtful Media Group IPO.
• The operational footprint covers key Southeast Asian markets.

The company's market capitalization was only approximately $5 million as of early October 2025, which, when weighed against the $29 million in estimated cash, highlights the valuation placed on the remaining SOPA entity and its technology stack separate from the spun-out assets. Finance: draft 13-week cash view by Friday.

Society Pass Incorporated (SOPA) - Canvas Business Model: Value Propositions

For Consumers: Universal loyalty points across multiple SEA verticals and countries

The value proposition here centers on the scale and interoperability of the Society Pass ecosystem across Southeast Asia. You gain access to a network that, as of late 2023 data, had amassed more than 3.3 million registered consumers and over 650,000 registered merchants and brands across its verticals. This scale is key to making the universal loyalty points, which entered beta testing around the start of 2023, a meaningful currency for earning and redemption across lifestyle, travel, and e-commerce activities.

For Merchants: Real-time customer data and personalized marketing campaigns

Merchants on the Society Pass platform benefit from the data aggregation across the ecosystem, enabling tailored promotions. The digital media arm, Thoughtful Media Group, which was preparing for an IPO, had projected 2025 revenue of $17.5 million based on earlier estimates. This capability is supported by the overall company performance, with Q3 2025 revenues reported at $1.38 million.

For Investors: Monetization of intrinsic value via subsidiary spin-off IPOs

The monetization strategy is heavily weighted on realizing value through public listings of key subsidiaries. The NusaTrip Incorporated IPO was completed in August 2025, resulting in net proceeds of approximately $13.5 million received by Society Pass Incorporated (SOPA). Furthermore, SOPA is estimated to own approximately 75% ownership in NusaTrip, with the estimated value of this stake being approximately $100 million as of late 2025. The second planned IPO for Thoughtful Media Group was expected by the end of 2025, with a valuation anticipated to be comparable to NusaTrip.

For Advertisers: Access to a large, targeted Southeast Asia digital media network

Advertisers gain access through the Thoughtful Media Group subsidiary, which focuses on Multi-Channel-Network and Influencer marketing solutions in key Southeast Asian markets. The platform's travel component, NusaTrip, is specifically targeting localization for over 700 million users in Southeast Asia.

Here's a quick look at some of the key financial and operational figures relevant to the business structure as of late 2025:

The operational scale is supported by the company's presence across several high-growth markets in the region:

• Operates in Vietnam, Indonesia, Philippines, Singapore, and Thailand.
• NusaTrip aims to dominate the regional travel booking market by 2026.
• Thoughtful Media Group focuses on key Southeast Asian markets.
• Q3 2025 Net Loss was $5.12 million.
• Trailing Twelve Months Revenue was $7.23 million.

Finance: review the cash burn rate against the $17 million raised from the NusaTrip IPO by end of Q3 2025.

Society Pass Incorporated (SOPA) - Canvas Business Model: Customer Relationships

You're looking at how Society Pass Incorporated (SOPA) manages its connections with customers across its ecosystem, which is heavily reliant on data and its loyalty program.

Automated, data-driven personalization via the loyalty platform

Society Pass Incorporated (SOPA) ties its offerings together under its Society Points loyalty program, where members earn and redeem points. Society Pass Incorporated (SOPA) leverages technology to tailor a more personalised experience for customers in the purchase journey. The loyalty program members receive personalised promotions based on SoPa's data capabilities and understanding of consumer shopping behaviour.

Self-service merchant tools for direct marketing and data tracking

The foundation of the merchant relationship involves onboarding to the ecosystem where they can issue loyalty points. At one point, Society Pass Incorporated (SOPA) had onboarded over 650,000 registered merchants and brands, though a prior report from Q3 2022 cited over 5,500 registered merchant/brands.

High-touch relationship management for key advertising clients (TMG)

For its digital advertising arm, Thoughtful Media Group (TMG), relationship management is key. TMG boasts a client list of over 500 brands, ranging from local to globally recognized entities. The client satisfaction rate reported for TMG was 98%. A late 2023 projection estimated TMG's 2025 Revenue at $23 million for valuation purposes, while another projection put it at $17.5 million for 2025.

Digital, app-based interactions for travel and lifestyle services

Interactions for travel and lifestyle services are heavily channeled through digital properties like NusaTrip, which completed its NASDAQ IPO in August 2025, raising $17 million. The revenue contribution from the online ticketing and reservation segment in 2Q 2025 was $431,699. The digital marketing segment, also a key digital interaction point, generated $2.06 million in 2Q 2025 revenue.

Here's a quick look at the scale metrics that underpin these relationships:

The overall reported revenue for Society Pass Incorporated (SOPA) in 2Q 2025 was $2.5 million.

Society Pass Incorporated (SOPA) - Canvas Business Model: Channels

Subsidiary-specific e-commerce and travel platforms (e.g., NusaTrip)

NusaTrip Incorporated, which completed its NASDAQ IPO in August 2025, raised $17 million in the offering. Society Pass Incorporated received net proceeds of approximately $13.5 million from the transaction as of June 30, 2025. Society Pass Incorporated owns an estimated 75% ownership stake, equating to approximately 12 million shares of NusaTrip Incorporated. Prior to the IPO, NusaTrip had onboarded over 1.2 million registered users and connected with over 80 million unique visitors. The platform offers over 500 airlines and over 650,000 hotels. Technical re-platforming aims to increase its potential market size by up to 800% and offer linguistic localization for over 700 million users in Southeast Asia. NusaTrip targets becoming the leading travel booking platform by market share in Southeast Asia by 2026.

Digital media network and social commerce channels (Thoughtful Media Group)

Thoughtful Media Group (TMG) is expected to complete its IPO by the end of 2025, with a valuation projected to be comparable to NusaTrip's $17 million raised. TMG recorded revenues of $5.8 million in 2021, and its revenue for the twelve months ending June 30, 2024, was $7.37 million. In 2023, TMG had annual revenue of $6.84 million with 10.98% growth. Management believed TMG's revenue would double and reach profitability in 2023, with roughly $5.4 million in revenue reported in the last four reported quarters prior to June 30, 2024. As of 2022, the network included 263 YouTube channels, onboarding over 85 million subscribers, achieving an average monthly viewership of over 600 million views.

• TMG Network YouTube Channels: 263
• Subscribers Onboarded: Over 85 million
• Average Monthly Viewership: Over 600 million views

Direct-to-consumer mobile applications and websites

Society Pass Incorporated reported total revenues of $2.5 million for 2Q 2025, a 46% year-on-year increase. The revenue breakdown for 2Q 2025 shows digital marketing contributed $2.06 million, and online ticketing and reservation generated $431,699. As of late 2023, Society Pass had amassed over 3.6 million registered consumers across its ecosystem. The company's overall 2025 revenue estimate was raised to $8.8 million from $6.2 million following 2Q 2025 results.

Merchant-facing sales and onboarding teams across SEA

The merchant base across the Society Pass ecosystem reached over 650,000 registered merchants and brands as of late 2023. The digital marketing segment, which serves merchants and brands, was the strongest contributor to 2Q 2025 revenue at $2.06 million. The online ticketing and reservation segment contributed $431,699 to the 2Q 2025 revenue, indicating direct merchant/service provider engagement.

Society Pass Incorporated (SOPA) - Canvas Business Model: Customer Segments

You're looking at the core groups Society Pass Incorporated (SOPA) serves across its ecosystem in late 2025. It's a mix of end-users and business partners, all tied together by the universal loyalty points concept.

Consumers in high-growth Southeast Asia (SEA) markets

Society Pass Incorporated (SOPA) focuses squarely on the massive consumer base in Southeast Asia. The geographic footprint covers Vietnam, Indonesia, Philippines, Singapore, and Thailand, which together represent more than 80% of the SEA population.

The scale of the registered user base is a key metric here. As of the reports around May 2025, Society Pass Incorporated (SOPA) had amassed more than 3.3 million registered consumers. To give you a sense of the scale of the business activity, the company reported second-quarter 2025 revenues totaling $2.5 million, which was a 46% year-on-year growth. The trailing twelve months (TTM) revenue as of late 2025 was reported at $7.52 Million USD.

Here are the primary markets Society Pass Incorporated (SOPA) targets:

• Vietnam
• Indonesia
• Philippines
• Singapore
• Thailand

Small to large merchants and brands seeking customer loyalty and data

The merchant side is crucial because they issue and accept the universal loyalty currency. Society Pass Incorporated (SOPA) connects with a substantial network of businesses. As of the May 2025 data, the ecosystem included over 650,000 registered merchants and brands. These businesses use the platform for customer loyalty programs, allowing members to earn and redeem Society Points based on purchasing behavior.

The business model integrates these merchants across its six interconnected verticals, which include loyalty, digital media, travel, telecoms, lifestyle, and F&B. The subsidiary NusaTrip Incorporated, which completed its IPO in August 2025, is an example of a platform serving both corporate and retail customers across SEA.

The merchant and brand segment can be visualized by the scale of the ecosystem:

Advertisers targeting SEA's digital and social media users

This segment is primarily served through the digital advertising ecosystem, Thoughtful Media Group Inc (TMG). TMG is positioned as the premier digital advertising network in SEA, operating across Thailand, Vietnam, Indonesia, and the Philippines. They connect advertisers and brands with targeted audiences via social media channels.

The reach of this segment is quantified by the influencer network. TMG connects clients with over 10,000 influencers or creators registered on its platform. Before its expected IPO by the end of 2025, TMG had a revenue forecast for 2025 of $18 million. This suggests a significant portion of the overall ecosystem's value proposition is directed at advertisers looking for efficient return on ad spend in SEA.

Institutional and retail investors participating in subsidiary IPOs

You, as an investor, are a key segment, especially given the corporate restructuring strategy to unlock shareholder value through spin-offs. The first major event was the August 2025 IPO of the subsidiary NusaTrip Incorporated (ticker NUTR), which raised net proceeds of approximately $17 million for Society Pass Incorporated (SOPA). This cash influx is material; as of October 2025, SOPA's estimated cash on hand was $29 million, while its market capitalization was only approximately $5 million.

The second planned IPO, for Thoughtful Media Group, is expected by the end of 2025, with a valuation anticipated to be comparable to NusaTrip's. Analyst sentiment reflects this investor focus, with the 12-month price target raised to $18 from $15 based on a Net Present Value (NPV) analysis. The current consensus rating from analysts covering Society Pass Incorporated (SOPA) is 'Hold,' based on 1 sell, 1 hold, and 1 buy rating.

Key investor-relevant figures as of late 2025:

• NusaTrip IPO Proceeds Received: $17 million
• SOPA Estimated Cash on Hand: $29 million
• SOPA Market Capitalization: Approximately $5 million
• Analyst 12-Month Price Target: $18.00

Finance: draft 13-week cash view by Friday.

Society Pass Incorporated (SOPA) - Canvas Business Model: Cost Structure

You're looking at the hard numbers behind Society Pass Incorporated (SOPA)'s operations as of late 2025. The cost structure clearly shows where the cash is going, especially when revenue for the third quarter ended September 30, 2025, was only $1.38 million.

The primary concern in the cost structure is the sheer scale of overhead relative to revenue. For the third quarter of 2025, the total Operating Expenses hit $6.13 million. Honestly, that gap between revenue and operating costs is what drove the Net Loss of $5.12 million for that same quarter.

Here's a quick look at the major cost components for Q3 2025, based on reported figures and your required emphasis:

The structure suggests a heavy fixed-cost base, which is typical for a platform company focused on scaling through technology and market presence. You see this in the required focus areas:

• High General and Administrative (G&A) expenses, which were $6.0 million in Q3 2025.
• Technology development and re-platforming costs for subsidiaries, which contribute to the overall operating expense base as Society Pass Incorporated continues to build out its integrated ecosystem.
• Costs of acquisitions and integration of new business units. For example, the acquisition of Thoughtful Media Group (TMG) was reported at $2.1 million back in July 2022, setting a precedent for the capital outlay required for strategic growth moves.
• Sales and marketing expenses to drive consumer and merchant adoption, which, alongside Research and Development, make up the remainder of the $6.13 million in total operating expenses.

To be fair, the company is investing heavily in its future, evidenced by the analyst estimates for the full year 2025 revenue being raised to $8.8 million, up from a prior estimate of $6.2 million. Still, the cost base is what you need to watch closely.

Finance: draft 13-week cash view by Friday.

Society Pass Incorporated (SOPA) - Canvas Business Model: Revenue Streams

You're looking at how Society Pass Incorporated (SOPA) is bringing in money as of late 2025, based on their recent filings and analyst updates. It's a mix of digital services and ecosystem monetization.

The primary engine for revenue in the second quarter of 2025 was clearly digital marketing and advertising services. This segment was the strongest contributor for Q2 2025, bringing in $2.06 million. This focus on digital engagement is paying off significantly.

Next up is the revenue generated from online ticketing and reservation fees. For Q2 2025, this stream contributed $431K. It's a solid secondary earner within their lifestyle vertical.

To give you a clearer picture of the Q2 2025 revenue composition, here's the breakdown of the total $2.50 million revenue reported for that quarter:

The company also benefits from one-off, significant capital events, such as proceeds from subsidiary IPOs. Specifically, the net proceeds from the August 2025 initial public offering of NusaTrip on NASDAQ are noted at $13.5 million.

Another key area for Society Pass Incorporated (SOPA) is transaction fees from the loyalty and e-commerce ecosystem, which includes revenue generated through the use of Society Points. While specific Q2 2025 dollar amounts for this stream aren't broken out in the same detail as marketing or ticketing, it represents the monetization of their integrated user base.

Looking ahead, the full-year 2025 revenue projection has been revised upward following the strong Q2 performance. The current estimate for full-year 2025 revenue is around $8.8 million.

Here are the key financial metrics related to revenue streams as of the latest reports:

• Full-Year 2025 Revenue Estimate: $8.8 million
• Q2 2025 Total Revenue: $2.5 million
• Q2 2025 Year-over-Year Revenue Growth: 46%
• NusaTrip IPO Net Proceeds: $13.5 million

So, you see the business is leaning heavily on its digital marketing services right now, but the ecosystem fees and the capital event from the NusaTrip IPO are also material parts of the overall financial picture.

Finance: draft 13-week cash view by Friday.