Prashant Aggarwal, CEO of MoneyHero Group
Hyphen Group or CompareAsia Group, a financial products platform headquartered in Singapore and Hong Kong, has rebranded to MoneyHero Group.
MoneyHero has also agreed to merge with Bridgetown Holdings Limited, a special-purpose acquisition company (SPAC) established through a partnership between Pacific Century Group and Peter Thiel’s Thiel Capital.
Following the completion of the transaction, the merged entity, MoneyHero Limited (PubCo), is anticipated to commence trading on the NASDAQ in ticker symbols MNY and MNYWW.
The combined company will have an enterprise value of approximately US$342 million post-money, including up to approximately US$154 million of cash held in Bridgetown’s trust account.
The transaction is expected to close in Q4 2023.
The listing will enable MoneyHero to capitalise on the rapidly expanding market potential in the Greater Southeast Asia region, specifically in the digital distribution of financial products.
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Prashant Aggarwal, CEO of MoneyHero Group, said, “We believe in harnessing the power of innovation to create better futures for our customers, our people, and our partners. This process of becoming a public company will enable us to enhance our platform further and continue our journey of transforming lives through accessible and innovative financial solutions.”
Founded in 2014, MoneyHero Group is a personal finance aggregation and comparison company in Greater Southeast Asia. MoneyHero primarily operates online financial comparison platforms and related services for credit cards, personal loans, mortgages, insurance and other financial products, connecting consumers, financial product providers and content and channel partners.
Its main business pillars are (i) online financial comparison platforms and (ii) B2B business (Creatory. It operates in Singapore, Hong Kong, Taiwan, the Philippines, and Malaysia with respective local market brands.
MoneyHero had approximately 3.7 million MoneyHero Group members as of March 31, 2023, approximately 9.8 million monthly unique users in March 2023 and over 270 commercial partner relationships as of March 31, 2023.
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