MoneyHero Limited is facing a public push from its largest unaffiliated shareholder to consider a sale, as the Singapore-based personal finance platform contends with leadership uncertainty, stalled revenue growth and a sharp fall in its Nasdaq-listed shares.
Jonathan Honig, who says he beneficially owns about 9 per cent of MoneyHero’s outstanding Class A ordinary shares, issued an open letter to the company’s board on 29 September 2026 calling for an immediate strategic review. He urged the board to retain an independent financial adviser and explore strategic alternatives, including a potential sale of the company.
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The letter marks a more confrontational turn for MoneyHero, which operates digital financial comparison and marketplace platforms across parts of Asia. The company helps consumers compare products such as credit cards, personal loans and insurance, a model that can be lucrative when banks and insurers are spending heavily on customer acquisition but vulnerable when growth slows or marketing budgets tighten.
Honig said he originally invested in MoneyHero because he believed in the platform’s potential and was encouraged by its high-profile backers, including Peter Thiel, co-founder of PayPal and Palantir Technologies, and Richard Li, founder and chairman of Pacific Century Group. But he argued that the company has not delivered the discipline or urgency shareholders expected.
“Unfortunately, that has not been the case,” Honig wrote.
Pressure builds after CEO exit
A central issue in Honig’s letter is MoneyHero’s leadership transition. On 2 April 2026, the company announced that Rohith Murthy’s tenure as CEO had ended and that CFO Danny Leung would serve as interim CEO. Nearly six months later, Honig said, the company had yet to appoint a permanent chief executive.
Murthy later resigned from the board, effective 26 May 2026. Honig said the circumstances around the departure remain unexplained to shareholders.
“The company cannot afford to operate indefinitely under interim leadership, particularly given the competitive dynamics of the markets in which it operates,” he wrote. “A business of this nature requires a permanent CEO with a clear mandate and the confidence of shareholders.”
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For a listed technology company still trying to prove its public-market story, the absence of a permanent CEO can become more than an internal matter. It affects investor confidence, strategic clarity and the ability to strike partnerships with banks, insurers and fintech firms. In Southeast Asia’s financial services market, where distribution partnerships and regulatory credibility are critical, leadership uncertainty can quickly become a commercial problem.
Revenue miss and market frustration
Honig also pointed to MoneyHero’s financial performance. According to the letter, annual revenue fell from US$80.7 million in FY2023 to US$73.4 million in FY2025, despite management having stated in April 2025 that the company expected to reach US$100 million in revenue.
He acknowledged that MoneyHero reported its first profitable quarter in Q4 2025, but noted that the company still posted a net loss for the full year. In his view, the gap between management’s targets and actual results has become too large to ignore.
The share price has deepened that frustration. Honig said MoneyHero’s most recent closing price was US$0.675, down more than 88 per cent from when it began trading publicly in October 2023.
“This is not a case of modest underperformance, it represents a near-total destruction of shareholder value,” he wrote.
MoneyHero went public during a difficult period for technology listings. Many companies that reached public markets through the 2020-2021 special purpose acquisition company (SPAC) wave struggled after listing, as interest rates rose, investor appetite cooled and public markets began demanding a clearer path to profitability. Southeast Asian tech firms, in particular, have had to adjust from a growth-at-all-costs era to one focused on margins, cash discipline and durable revenue.
That shift has been especially challenging for consumer-finance marketplaces. These platforms depend on a balance between consumer demand and financial institutions’ willingness to pay for leads or approved customers. When banks change credit appetite, tighten underwriting or reduce marketing spend, marketplace revenue can take a quick hit.
Why a sale is now on the table
Honig is not merely asking for better communication. He is asking MoneyHero’s board to explore a sale.
In the letter, he argued that a sale offers the best risk-adjusted path for shareholders to halt further losses and preserve value. He said he believes there are “numerous parties” that would be interested in acquiring the company if the board launches a credible review process, and that MoneyHero is worth at least US$1.50 per share in a transaction.
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That proposed value is more than double the US$0.675 closing price cited in the letter. Whether a buyer would pay such a premium depends on several factors: the quality of MoneyHero’s customer acquisition channels, the strength of its banking and insurance relationships, the sustainability of its revenue, and whether its regional footprint offers strategic value to a financial services group, media company, fintech platform or private equity buyer.
Honig also criticised what he described as a lack of insider confidence. Based on his review of public filings with the US Securities and Exchange Commission, he said no director or executive officer appeared to have bought MoneyHero shares on the open market. Investors often read insider buying as a signal that management and directors believe a company is undervalued. Its absence does not prove the opposite, but with the share price this depressed, it can add to concerns.
Rivals across a crowded comparison market
MoneyHero operates in a competitive category with both regional and global pressure. In Singapore, MoneySmart is a long-running rival in financial product comparison, while Seedly has built a personal finance community that overlaps with consumer decision-making around money products. In Malaysia, Jirnexu’s RinggitPlus has played a similar role in credit-card and loan discovery. Indonesia has Cermati, while broader global comparables include NerdWallet in the US and Moneysupermarket in the UK.
The company also competes indirectly with banks, insurers and digital lenders that increasingly prefer to acquire customers through their own apps, content channels and partner ecosystems rather than pay third-party marketplaces.
This backdrop makes scale and trust important. Consumers need transparent comparisons, while financial institutions need quality leads that convert into profitable customers. If revenue growth stalls, marketplaces can find themselves squeezed between high acquisition costs and partners demanding better economics.
The next test for MoneyHero’s board
Honig has asked the board to respond by the close of business on 5 October 2026 on whether it is willing to engage in discussions. He also called for greater transparency on the CEO search, including the expected timeline for appointing a permanent leader.
MoneyHero had not responded publicly to the letter at the time of writing.
For the board, the immediate challenge is to show that it has a credible plan. That could mean appointing a permanent CEO, explaining how the company intends to restart growth, or formally reviewing strategic options. Ignoring the letter may not be easy, given Honig’s stated 9.0 per cent stake and the severity of the share-price decline.
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For Southeast Asia’s startup ecosystem, the dispute is another reminder that public markets are unforgiving. Backing from prominent investors can help a company reach the market, but once listed, shareholders judge management by execution, growth and capital returns.
MoneyHero’s board now faces a clear choice: defend the standalone strategy with more detail and urgency, or test whether the company is worth more in someone else’s hands.
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