Sea Limited Plans Separate IPO for Fintech Arm Monee as Loan Book Hits $11 Billion
Sea Limited Plans Separate IPO for Fintech Arm Monee as Loan Book Hits $11 Billion #
Sea Limited, the Singapore-based technology group behind Shopee and Garena, plans to take its financial services arm Monee public through a separate initial public offering.
The plan was outlined in an internal memorandum written by Sea founder and chief executive Forrest Li and circulated to employees on October 20, coinciding with the ninth anniversary of Sea’s own listing on the New York Stock Exchange, according to Reuters, which reviewed the document. Li said a separate listing would give Monee greater resources and the ability to grow beyond what is possible as a division of the broader group. No valuation, deal size, listing venue, or timeline has been announced.
Monee, rebranded from SeaMoney in May 2025, offers digital financial services including mobile wallets, payment processing, credit products, and banking. The unit operates in eight markets: Singapore, Malaysia, Indonesia, Thailand, Vietnam, the Philippines, Taiwan, and Brazil. It launched in 2014.
Monee is Sea’s fastest-growing division by revenue. It generated $1.4 billion in the second quarter of 2026, up 58.9% year-on-year, ahead of both Shopee and Garena over the same period, according to company filings. Its lending book stood at $11.1 billion at the end of June.
Sea’s overall second-quarter revenue reached $7.8 billion, up 48.1% year-on-year, with net income rising 10.6% to $458.1 million. Li noted in the memo that the company’s quarterly revenue has grown more than 80-fold since its 2017 NYSE debut.
The same memo outlined the launch of Sea Cloud, an AI-first enterprise platform for business customers, which would move Sea into enterprise services for the first time. No commercial model, investment requirements, or target markets for Sea Cloud were disclosed.
A standalone Monee listing would give the business greater financial transparency and allow investors to value the lending operations separately from Sea’s gaming and e-commerce units.
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