BFM 89.9

HIGHLIGHTS 
Podcast  >  Enterprise  >  Open For Business  >  Turning a Profit: SPEEDHOME’s Journey to IPO Readiness

Turning a Profit: SPEEDHOME’s Journey to IPO Readiness

Wong Whei Meng, Founder and CEO, Speedhome

27-Nov-24 10:00

Turning a Profit: SPEEDHOME’s Journey to IPO Readiness

From simplifying rental processes to introducing zero-deposit models and insurance protections, Wong Whei Meng, Founder and CEO of Speedhome, has focused on solving the pain points of landlords and tenants alike. With innovations like tenant screenings and integrated insurance protections, Speedhome is positioning itself as a comprehensive property management platform.

Breaking its loss-making streak, Speedhome is on track to achieve profitability this year. The company reported a 75% on-year increase in gross profit to just under RM5 million as of September 2024, with a net profit of RM1 million and EBITDA of RM2 million. Now, as it gears up for regional expansion and an IPO by 2027/2028, Speedhome is launching its fourth equity crowdfunding (ECF) round, targeting RM10 million at a valuation of RM114 million.

In this episode of Open for Business, we explore Speedhome’s journey, its innovative business model, and its bold plans for scaling regionally—all while staying laser-focused on profitability and customer retention.

Here are some key highlights from the conversation:

- Origins: Speedhome was born out of Wong’s personal frustrations as a landlord, inspiring him to build a platform that empowers landlords with control and simplifies processes for tenants.

- Insurance Innovation: SPEEDHOME introduced rental guarantees, eviction support, and other insurance protections, significantly enhancing landlord confidence.

- Business Model: Speedhome generates revenue through insurance commissions, tenancy fees, and a subscription model incentivising good tenant behavior.

- Key Milestones: Set to achieve full year profitability in 2024, Speedhome generated RM10 million in revenue as of September, with projections to close the year at RM14 million.

- Social Impact: By mandating tenant credit checks and offering zero-deposit options, Speedhome has tackled biases in the rental market and improved landlord-tenant relationships.

- Market Opportunity: With just 1% market penetration in the RM7.9 billion Klang Valley rental market, Speedhome plans to expand into Johor, Penang, and Melaka.

- New Market Opportunity: Speedhome aims to integrate software solutions for non-transacted properties, making property management seamless across the ecosystem.

- IPO Preparation: The company’s fourth equity crowdfunding round targets RM10 million to fund regional expansion, enhance its platform, and tap into untapped markets, all aimed at IPO readiness by 2027–2028.

Produced by: Roshan Kanesan

Presented by: Roshan Kanesan


This and more than 60,000 other podcasts in your hand. Download the all new BFM mobile app.

Categories:  marketsmanagingentrepreneurs

Tags:  property managementbusinessbusiness modeltenancy





Play / Pause

Listen now : BFM 89.9 -- The Business Station

Today’s Shows



6:00 AM

The 6AM Stretch

Thought-provoking discussions on ideas, people and events shaping our lives.

7:00 AM

World Market Watch

Dovish or hawkish? Over or underweight? Bull or Bear? We find out how the different asset classes and markets react to the latest news, results and even geopolitical events.

7:15 AM

Morning Brief

We recap global and local headlines from today's papers and portals.

7:30 AM

Morning Brief

Wong Kar Choon, Deloitte SEA-Malaysia talks IPO pipelines in ASEAN and Singaporean companies looking to do their secondary listings on Bursa.

7:45 AM

Morning Brief

Azril Rosli of Maybank discusses the impact of US President Donald Trump’s tariffs on Malaysia’s economy.

8:00 AM

The Breakfast Grille

Ruben Gnanalingam of WMSB discusses how the firm navigates US tariffs and global supply chain disruptions.

8:30 AM

Morning Brief

Vandana Hari, Founder & CEO of Vanda Insights gives us some clarity on the volatile oil prices, impacted by the US tariffs.

8:45 AM

Morning Brief

(REPEAT) We dive into the local and international news that matters to you.

9:00 AM

Opening Bell

We talk to Vishnu Varathan of Mizuho Bank on local and international capital markets, including a look at how Bursa Malaysia begins the trading day.

9:15 AM

Opening Bell

We speak to Jerry Goh of Aberdeen Investments on the positive year to date gains has been the Jakarta Composite Index.

9:35 AM

People, Planet, Profit

Amin Majid and Khoo Yu Lin discuss what went into drafting the CCUS bill, which was passed in Parliament in March.

10:05 AM

Open For Business

Breathe Better, Train Harder

11:00 AM

Marketing Mojo

The 4 I’s of Winning Digital Marketing Strategy

12:00 PM

Enterprise Explores

Consumer Credit Bill 2025 - What We Know So Far

1:00 PM

The Breakfast Grille Repeat

Datuk Ruben Emir Gnanalingam, Executive Chairman, Westports Holdings Bhd

2:05 PM

Discovery Hour

An eclectic selection of BBC shows, curated with variety in mind.

3:05 PM

Beyond the Ballot Box

You get a tariff, you get a tariff, everyone gets a tariff -- Trump is back with a new wave of tariffs, and this time, ASEAN is in the crosshairs. We explore the challenges and opportunities that come with it.

4:05 PM

Health & Living

As you wish others “maaf zahir dan batin”, what does it truly take to forgive someone? A counsellor shares how we can all learn to forgive, and whether we need to forget.

5:00 PM

Top 5 at 5

6:00 PM

Talkback Tuesday

What are your favourite untranslatable words? What other Malaysianisms should the rest of the world know about?

8:00 PM

BBC World Service