- Proceeds of ~US$100 million will be used to accelerate organic growth and pursue potential M&A opportunities to further strengthen MoneyHero Group’s market leading position in Greater Southeast Asia, an attractive growth region experiencing an accelerating shift towards digital channels for financial product distribution
- Transaction values MoneyHero Group at an enterprise value of US$200 million and an equity value of approximately US$198 million on a pre-money basis, and at an enterprise value of ~US$310 million and an equity value of ~US$283 million on a post-money basis
SINGAPORE - Oct. 13, 2023 (GLOBE NEWSWIRE) -- CompareAsia Group Capital Limited (“MoneyHero” or the “Company”), a market leading financial products platform in Greater Southeast Asia, completed its previously announced business combination with Bridgetown Holdings Limited (NASDAQ: BTWN) (“Bridgetown”), a special purpose acquisition company formed as a collaboration between Pacific Century Group (“Pacific Century”) and Thiel Capital LLC (“Thiel Capital”), on October 12, 2023 (Eastern Time). The business combination was approved by Bridgetown shareholders in an Extraordinary General Meeting of Bridgetown Shareholders held on October 10, 2023.
MoneyHero Limited’s (“PubCo”) ordinary shares and public warrants are expected to begin trading on the Nasdaq Stock Market (“Nasdaq”) under the ticker symbols “MNY” and “MNYWW” on October 13, 2023.
Transaction Details
The completion of the business combination values MoneyHero at an enterprise value of ~US$310 million and an equity value of ~US$283 million after reflecting net proceeds from the transaction.
MoneyHero received ~US$100 million in gross proceeds entirely through the contribution of cash held in Bridgetown’s trust account, after taking into account redemptions of approximately 36% of Bridgetown’s public shares.
“We are proud to have achieved this significant milestone in our journey,” commented Prashant Aggarwal, Chief Executive Officer of MoneyHero. “Our merger with Bridgetown not only provides the capital to further our strategic vision, but also strengthens our steadfast commitment to simplifying financial decisions for our millions of users in Singapore, Hong Kong, The Philippines, Malaysia and Taiwan. This partnership will further strengthen our leading market position through continued investment in our top-tier financial products platform, which acts as a crucial bridge between consumers and financial institutions in the high-growth region of Greater Southeast Asia.”
MoneyHero will celebrate this landmark event by ringing the NASDAQ Opening Bell on Friday, October 13th.
“MoneyHero is empowering financial service providers in the Greater Southeast Asia region to transform the way they connect with consumers—and we are honored to be part of its journey to become a household online platform for retail financial offerings in the region,” said Matt Danzeisen, Chairman, Bridgetown. “We believe MoneyHero is a strong leader in this dynamic and growing market, and we are excited to support Prashant and his talented team to create lasting value for our shareholders, employees, and partners.”
Advisors
Kirkland & Ellis served as legal advisor to MoneyHero Group.
Skadden, Arps, Slate, Meagher & Flom LLP served as legal advisor to Bridgetown.
About MoneyHero Group
MoneyHero Group, formerly known as Hyphen Group or CompareAsia Group, is a market leader in the online personal finance aggregation and comparison sector in Greater Southeast Asia. The Company operates in Singapore, Hong Kong, Taiwan, the Philippines and Malaysia with respective local market brands, currently has 270 commercial partners and had 9.1 million average Monthly Unique Users during the first half of 2023.
About Bridgetown Holdings
Bridgetown Holdings Limited is a blank check company incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses, with a focus on technology, financial services, or media sectors in Southeast Asia. The company is formed as a collaboration between Pacific Century Group and Thiel Capital, led by Chief Executive Officer and Chief Financial Officer Daniel Wong, and Chairman Matt Danzeisen.