MoneyHero Group, a personal finance comparison company based in the Asian financial centers of Hong Kong and Singapore, plans to go public in the US by merging with a blank check company backed by Hong Kong billionaire Richard Lee and PayPal co-founder Peter Thiel.
The fintech company said in a statement Thursday that the deal with Nasdaq-listed Bridgetown Holdings valued MoneyHero at about $200 million, including debt. The combined company will be valued at $342 million.
The deal will provide the company with revenues of up to $154 million. MoneyHero said the deal will help the company expand in the market, strengthen the brand and attract and retain talent.
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“We are delighted to join forces with Bridgetown as we accelerate our mission to make all of life’s financial decisions a rewarding and time-saving experience,” Prashant Agarwal, CEO of MoneyHero, said in the release. “Going public will enable us to enhance our platform and continue our journey to transform lives through innovative and accessible financial solutions.”
MoneyHero’s investors include Hong Kong telecoms firm PCCW and insurance firm FWD Group, both of which Li controls, as well as Goldman Sachs. According to the statement, they will pay all of their equity to the combined company. The transaction is expected to be completed as early as the third quarter.
Formerly known as Hyphen Group, MoneyHero was established in 2014 to operate online finance comparison platforms in Hong Kong, Malaysia, Philippines, Singapore and Taiwan. Its platforms also provide financial services such as credit card applications, personal loans, and insurance.
MoneyHero said it had nearly 9.8 million monthly unique users and more than 270 partnerships with banks and financial institutions as of March. The company reported a 9.7% year-over-year increase in revenue to $68.1 million in 2022, making it the largest personal finance aggregator and comparison company in Southeast Asia, according to the release. But as with many fast-growing companies, MoneyHero has yet to achieve profitability.
Earlier this month, another financial technology company backed by Lee raised capital. Bolttech, a Singapore-based insurance technology startup, has raised $196 million in a $1.6 billion Series B funding round. Lee serves as Chairman of Bolttech and his investment firm, Pacific Century Group, is one of its investors.
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