MoneyHero Group Concludes Business Combination With Bridgetown

KUALA LUMPUR, Oct 13 (Bernama) -- CompareAsia Group Capital Limited (MoneyHero), has completed its previously announced business combination with Bridgetown Holdings Limited (Bridgetown), a special purpose acquisition company formed as a collaboration between Pacific Century Group (Pacific Century) and Thiel Capital LLC (Thiel Capital), on Oct 12.

According to a statement, the business combination was approved by Bridgetown shareholders in an Extraordinary General Meeting of Bridgetown Shareholders held on Oct 10.

MoneyHero Limited’s (PubCo) ordinary shares and public warrants are expected to begin trading on the Nasdaq Stock Market under the ticker symbols “MNY” and “MNYWW” on Oct 13.

“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,” said MoneyHero Chief Executive Officer, Prashant Aggarwal.

Meanwhile, Bridgetown Chairman, Matt Danzeisen said: “MoneyHero is empowering financial service providers in the Greater Southeast Asia region to transform the way they connect with consumers, and we are honoured to be part of its journey to become a household online platform for retail financial offerings in the region.”

The completion of the business combination values MoneyHero at an enterprise value of approximately US$310 million and an equity value of approximately US$283 million after reflecting net proceeds from the transaction. (US$1=RM4.72)

MoneyHero received about 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 per cent of Bridgetown’s public shares.

-- BERNAMA