Sea Limited, the Singapore group behind Shopee, Monee and Garena, reported on 10 November 2026 that Monee, its digital financial services arm, grew third-quarter revenue 63.9% to $1.6 billion, with the Monee loan book of consumer and SME loans reaching $12.6 billion, up 60.0% year on year. Fintechbits compared the figures with Sea’s second-quarter release, which reported consumer and SME loans of $11.1 billion and a 90-day non-performing ratio of 1.0% at 30 June 2026, so the Monee loan book added $1.5 billion in one quarter while the bad-loan ratio rose by 0.3 points to 1.3%. Monee’s adjusted EBITDA grew more slowly, up 15.5%.

What Sea reported for Monee

According to Sea’s results release, Monee revenue rose 63.9% to $1.6 billion and adjusted EBITDA rose 15.5% to $298.3 million. Revenue and operating income come mainly from consumer and SME lending. Loans principal outstanding reached $12.6 billion at 30 September, of which $11.2 billion is on Sea’s balance sheet and $1.3 billion is off-book, mainly lending by other institutions through Sea’s platform.

Loans more than 90 days past due were 1.3% of the book, against 1.1% a year earlier and 1.0% at the end of June. Forrest Li, Sea’s chairman and chief executive, said Monee is “extending credit into more everyday spending scenarios, both on- and off-Shopee” while “staying disciplined in how we manage risk”.

At group level, Sea’s revenue rose 43.4% to $8.6 billion and net income rose 34.0% to $502.5 million. Shopee’s gross merchandise value rose 23.3% to $39.7 billion. The board approved another $1 billion of share buybacks after Sea completed $997.2 million under its earlier programme.

The second-quarter release put the loan book at $11.1 billion, with $10.0 billion on-book, and the 90-day ratio at 1.0%, stable on the quarter.

Growth versus quality

Monee’s revenue is growing four times faster than its adjusted EBITDA. That gap usually means rising credit costs, funding costs or investment, and the bad-loan ratio suggests credit is part of it. A move from 1.0% to 1.3% is not alarming for consumer lending in emerging markets, but it is a change of direction after a stable second quarter.

Lending outside Shopee is also riskier than lending to shoppers on the platform, where Sea sees purchase data and can collect through the app. The push into off-Shopee spending is where growth is coming from, and where losses tend to show up first. Off-book lending, where partner institutions fund loans through Sea’s platform, grew from $1.1 billion to $1.3 billion over the quarter, which spreads some of that risk but also hands partners a stake in how Monee underwrites.

Sea does not break out the off-Shopee share of the book, so outsiders cannot see how much of the growth comes from lending beyond the marketplace.

Fintechbits analysis

Why the Monee Loan Book Is Sea’s Most Important Number

The Monee loan book is now big enough to drive Sea’s valuation, and credit businesses earn their returns over the full cycle, not in the growth phase. At $12.6 billion and growing 60% a year, Monee is one of the largest digital lenders in Southeast Asia.

The bullish reading is that a 1.3% non-performing ratio on a fast-growing book is still low, and that Sea’s data from Shopee gives it an underwriting edge banks lack. The cautious reading is that bad loans lag growth, so ratios on a book that grew $1.5 billion in three months will rise as those loans age.

Fintechbits has covered how fintech lenders reach profitability, including in its industry roundtable on profitability changes, and the common lesson is that loss rates, not loan growth, decide the outcome.

Frequently asked questions

How big is the Monee loan book?

Monee’s consumer and SME loans principal outstanding was $12.6 billion at 30 September 2026, up 60.0% year on year, with $11.2 billion on-book and $1.3 billion off-book.

What is the Monee non-performing loan ratio?

Loans more than 90 days past due were 1.3% of consumer and SME loans at 30 September 2026, against 1.1% a year earlier and 1.0% at 30 June 2026.

How much did Sea’s Monee earn in Q3 2026?

Monee revenue was $1.6 billion, up 63.9%, and adjusted EBITDA was $298.3 million, up 15.5%, according to Sea’s results.

What to Watch Next

The ratio to watch is the 90-day non-performing rate in Sea’s fourth-quarter results. If it climbs again while the Monee loan book keeps growing at 60%, investors will start asking whether off-Shopee lending is being priced for the risk. Consumer lenders elsewhere are pushing the same instant credit model, as Fintechbits covered with Zip’s cash loan launch.