What Society Pass does

Society Pass Incorporated (Nasdaq: SOPA) is a Singapore-headquartered, acquisition-focused holding company that, between its 2018 founding and 2022 acquisition spree, assembled six operating platforms across Southeast Asia covering loyalty, lifestyle, food and beverage, telecommunications, digital media, and travel. The technology stack centered on a universal Society Points loyalty program intended to allow cross-border and cross-vertical point redemption, supported by NusaTrip (a B2C/B2B online travel agency connected to 500+ airlines and 200,000+ hotels), Thoughtful Media Group (a multi-channel social video and influencer advertising network tracking 1 billion authenticated monthly views), Gorilla Networks (a blockchain-enabled eSIM MVNO), LeFlair (Vietnam luxury e-commerce), and Philippines-based Mangan.ph and Pushkart.ph delivery services. The company monetized through transaction fees and commissions, advertising on the TMG network, recurring eSIM subscriptions, and premium flash-sale e-commerce margins.

Despite registering 3.7M+ consumers and 650K+ partner merchants, Society Pass never reached scale profitability. After its November 2021 Nasdaq IPO at a $26M raise, the company spun off NusaTrip via its own August 2025 Nasdaq listing at a market capitalization exceeding $170M, then pivoted in early 2026 toward acquiring AI-driven software and network infrastructure businesses, deploying $8.8M into Slovakia-based Sapience AI (GPU-as-a-Service) and $1.8M into Gorilla Networks for eSIM integration. Operational execution and capital position deteriorated rapidly: Q3 2025 revenue was approximately $7.11M with an EBIT margin of -144.7%, multiple Nasdaq compliance notices were issued, the SEC and Nasdaq opened investigations, the auditor (AOGB CPA Limited) resigned, and on May 12, 2026 Society Pass and its wholly owned subsidiary SoPa Inc. filed voluntary Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of Texas, followed by a Nasdaq delisting determination and trading suspension on May 21, 2026.

Name

Society Pass

Legal name

Society Pass Incorporated

Website

https://thesocietypass.com

Company type

Public

Founded year

2018

Operating status

Operating

Headcount range

101–250 employees

Short description

Society Pass (Nasdaq: SOPA, delisted) was a Singapore-based acquisition-focused holding company operating loyalty, travel, digital media, eSIM, and e-commerce platforms across Southeast Asia, serving 3.7M+ consumers and 650K+ merchants, which filed Chapter 11 bankruptcy in May 2026.

Ownership category

akta.pro rank

Product category

Loyalty and Commerce Platform

NAICS

General Merchandise Retailers (455)

SIC

Retail-Apparel & Accessory Stores (5600)

akta.pro primary industry

International DTC & Brand.com (Global Shipping) (CRAFAJAB)

akta.pro secondary industry

Jewelry, Watches & Luxury Goods Marketplaces (CRAFABAK)

Keywords

• Loyalty platform services
• Online travel agency
• Digital media advertising
• Mobile virtual network operator
• E-commerce marketplace

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Digital Commerce or Content

Cost components

Personnel, Marketing or Sales, Technology or R&D, Operations, Infrastructure

Revenue model

1. Transaction Fees & Commissions: Society Pass generates revenue through transaction fees from its loyalty platform and commissions from its various subsidiaries including travel bookings (NusaTrip), food delivery (Mangan.ph), and grocery delivery (Pushkart.ph).
2. Digital Advertising: Revenue from TMG's multi-platform network executing branded content and advertising campaigns for brands, leveraging its network of influencers and digital media properties.
3. Telecommunications Services: Gorilla Networks generates revenue through eSIM services, mobile data, international roaming, and blockchain-based mobile services.
4. E-commerce Sales: Leflair generates revenue from premium brand flash sales and curated product offerings in fashion, accessories, beauty, personal care, and home furnishings.

Go-to-market motion3 records

Distribution channels4 records

Marketing channels5 records

Core offering

Society Pass operates an acquisition-focused e-commerce holding company in Southeast Asia running 6 interconnected platforms across Loyalty (universal Society Points), Lifestyle (LeFlair premium e-commerce), Food & Beverage (Mangan.ph, Pushkart.ph), Telecoms (Gorilla Networks eSIM/MVNO), Digital Media (TMG/TMG Social) and Travel (NusaTrip OTA). It earns revenue from transaction fees, advertising, eSIM services and premium brand sales while cross-selling across the ecosystem of 3.7M+ consumers and 650K+ merchants.

Product overview

Society Pass (Nasdaq: SOPA) operates a diversified commerce-as-a-service platform in Southeast Asia comprising 6 interconnected business units: Loyalty (Society Pass core loyalty platform with Society Points), Lifestyle (LeFlair premium e-commerce), Telecoms (Gorilla Networks eSIM/MVNO), Digital Media (Thoughtful Media Group/TMGX with TMG Social live commerce), and Travel (NusaTrip OTA). The company has acquired leading regional companies including NusaTrip (Indonesia travel), TMG (Thailand digital media), Gorilla (Singapore telecom), LeFlair (Vietnam luxury e-commerce), Mangan.ph (Philippines food delivery), and Pushkart.ph (Philippines grocery). The ecosystem generates customer loyalty and transaction data across 3.7M registered consumers and 650K partner merchants. Society Pass is shifting strategy toward acquiring AI-driven software and network infrastructure companies.

Differentiator

Problem solved

Functional benefit

Brands

• SoPa Loyalty: Universal, open loop loyalty platform enabling consumers to earn and redeem Society Points at any merchant in any country on the SoPa ecosystem
• LeFlair
• NusaTrip
• Gorilla Networks
• Thoughtful Media Group (TMG)
• TMG Social

Products and services

• Society Pass (SoPa) Loyalty Platform Universal, open-loop loyalty platform enabling consumers to earn and redeem Society Points at any merchant in any country within the SoPa ecosystem, with in-store and online payment, digital offers and merchant dashboard for loyalty issuance, redemption and personalised marketing.
• NusaTrip B2C and B2B online travel agency connecting travellers to 500+ airlines and 200,000+ hotels globally with real-time fare shopping and in-house payment processing.
• Thoughtful Media Group (TMG / TMGX) Global multi-channel network and advertising technology platform tracking 1 billion authenticated global video views per month and providing influencer advertising and branded content services.
• Gorilla Networks eSIM / MVNO Blockchain/web3-enabled mobile virtual network operator providing eSIM cards, local calls, international roaming, data and SMS with proprietary SwitchBack feature for converting unused mobile data and blockchain-wallet-transferable services.
• LeFlair Vietnam-based premium lifestyle e-commerce platform offering 3,500+ Vietnamese and international brands in fashion, accessories, beauty, personal care and home furnishings through curated daily flash sales.
• Mangan.ph Philippines-based restaurant food delivery service serving over 500,000 consumers across multiple cities and regions.
• Pushkart.ph Philippines-based online grocery delivery service focused on Metro Manila and other regions.
• TMG Social Live commerce digital retail advertising platform on TikTok that connects brands in FMCG, Beauty & Wellness, Personal Care and F&B with TMG's network of 10,000+ influencers through shoppable posts, livestream shopping, hashtag challenges and a creator marketplace.

Quantifiable outcome

• NusaTrip connected over 80 million unique visitors to travel inventory
• +2 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration7 records

AI capability2 records

Feature4 records

Partnerships

Two partnerships are on record, tiered minor.

• Travel Prologue Pte LtdminorStrategic or Co-development Partner · 10 February 2026Society Pass and NusaTrip announced collaboration with Singapore-based Travel Prologue to jointly develop travel technology infrastructure for Southeast Asia's B2B flight market. NusaTrip leads development of AI-powered flight solutions including content aggregation, fare intelligence, pricing optimization, and disruption management, while Travel Prologue focuses on non-flight AI technology including operations automation and smart packaging systems.
• GotherminorChannel Partner/ Reseller/ Distributor · 30 January 2026NusaTrip formed a strategic partnership with Gother, a fast-growing online travel agency in Thailand, to supply flight content for air travel distribution. Gother gains access to NusaTrip's inventory of over 500 airlines and 650,000 hotels, enabling broader route coverage, improved fares, and expanded airline options while providing NusaTrip access to Thailand's travel market projected to grow from USD 61.4 billion in 2024 to USD 84.1 billion by 2034.

Scale indicators13 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Klook: Hong Kong-headquartered travel activities and experiences booking platform with deep presence across Asia-Pacific including Southeast Asia. Comparable to NusaTrip's B2C travel booking focus and SoPa's broader regional travel ambitions.
• Grab Holdings: Singapore-headquartered super-app operating across mobility, food delivery, fintech, and merchant services across Southeast Asia. Both Grab and SoPa pursue a multi-vertical consumer platform model with embedded loyalty, cross-selling across services, and a regional SEA footprint.
• Sea Limited (Shopee): NYSE-listed Southeast Asian digital platform operating Shopee (e-commerce marketplace), SeaMoney (fintech), and Garena (digital entertainment). Comparable to SoPa as a multi-vertical SEA digital platform with marketplace and consumer-facing services.
• GoTo Group: Indonesian super-app combining Gojek (mobility, food delivery) with Tokopedia (e-commerce marketplace). Directly comparable to SoPa's multi-vertical SEA consumer platform strategy, including loyalty integration across services.
• Traveloka: Leading Southeast Asian online travel agency operating across Indonesia, Vietnam, Philippines, Thailand, Malaysia, and Singapore. Direct competitor to SoPa's NusaTrip subsidiary in B2C and B2B OTA services for SEA travelers.
• Fave: Southeast Asian cashback, deals, and merchant loyalty platform operating across Malaysia, Singapore, Indonesia, and Philippines. Highly comparable to SoPa's Society Points merchant-facing loyalty platform and consumer cross-merchant rewards model.

Broad incumbents

• Lazada Group: Alibaba-owned Southeast Asian e-commerce marketplace operating across Indonesia, Vietnam, Philippines, Thailand, Malaysia, and Singapore. Competes with SoPa's lifestyle e-commerce subsidiary LeFlair and overlaps with SoPa's cross-border merchant marketplace strategy.
• Agoda (Booking Holdings): Asia-Pacific-focused online travel agency owned by Booking Holdings, headquartered in Singapore. Direct competitor to NusaTrip in flight and hotel booking, with broader global scale and inventory depth.

Regional players

• Tiki: Vietnam-headquartered B2C e-commerce marketplace. Overlaps with SoPa's Vietnamese lifestyle e-commerce operations (LeFlair) and shares a regional SEA marketplace focus, though Tiki is primarily a single-country marketplace operator.

Others

• aCommerce: Southeast Asia-focused e-commerce enabler providing marketplace operations, fulfillment, and digital marketing services across Thailand, Indonesia, Philippines, Vietnam, and Singapore. Comparable ecosystem role to TMG's digital media and advertising services within SoPa's portfolio.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/societypass
• Xx.com/society_pass

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries8 records

Funding overview

Funding rounds5 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A7 records

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Society Pass