Peter Thiel (left) and Richard Li.
MoneyHero Group, a personal finance comparison company based in the Asian financial hubs of Hong Kong and Singapore, is planning to go public in the U.S. by merging with a blank-check company backed by Hong Kong billionaire Richard Li and PayPal cofounder Peter Thiel.
The deal with Nasdaq-listed Bridgetown Holdings values MoneyHero at about $200 million, including debt, the fintech firm said in a statement on Thursday. The combined company will have an enterprise value of as much as $342 million.
The transaction will provide the company proceeds of up to $154 million. MoneyHero said the deal will help the company with market expansion, brand enhancement and attracting and retaining 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 time saving and rewarding experience,” Prashant Aggarwal, CEO of MoneyHero, said in the statement. “This process of becoming a public company will enable us to further enhance our platform and continue our journey of transforming lives through accessible and innovative financial solutions.”
MoneyHero’s investors include Hong Kong telecoms company PCCW and insurer FWD Group, both controlled by Li, as well as Goldman Sachs. They will roll all their equity into the combined company, according to the statement. The deal 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, the Philippines, Singapore and Taiwan. Its platforms also provide financial services such as applications for credit cards, personal loans and insurance.
MoneyHero said it has attracted roughly 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% increase year-on-year in revenue to $68.1 million in 2022, making it the largest personal finance aggregator and comparison company in Southeast Asia, according to the statement. But as with many fast-growing companies, MoneyHero has yet to achieve profitability.
Earlier this month, another fintech company backed by Li raised capital. Bolttech, a Singapore-based insurtech startup, raised $196 million in a Series B funding round at a valuation of $1.6 billion. Li serves as chairman of Bolttech and his investment firm, Pacific Century Group, is one of its investors.
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