Hyphen Group Rebrands as MoneyHero, Plans to Go Public With SPAC Bridgetownby Fintech News Singapore May 29, 2023
Bridgetown Holdings, a SPAC backed by billionaire Peter Thiel, has inked an agreement to merge with Southeast Asian fintech MoneyHero. The transaction is expected to close in the third or fourth quarter of 2023.
Coming on the heels of the merger is the rebranding of MoneyHero Group from Hyphen Group which it will use as its umbrella brand going forward.
The combined company will be valued at approximately US$342 million on a post-money basis, including up to approximately US$154 million of cash held in Bridgetown’s trust account.
MoneyHero Group’s management team led by CEO Prashant Aggarwal as well as CFO and COO Shaun Kraft, will continue to lead the public company after the completion of the merger.
Upon closing, the combined company MoneyHero Limited is expected to begin trading on NASDAQ under the ticker symbols “MNY” and “MNYWW.”
Founded in 2014 and dual-headquartered in Singapore and Hong Kong, MoneyHero Group is a personal finance aggregation and comparison company operating in Singapore, Hong Kong, Taiwan, the Philippines and Malaysia with respective local market brands.
Prashant Aggarwal, Chief Executive Officer, MoneyHero Group, said,
“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.
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.”
Matt Danzeisen, Chairman, Bridgetown, said,
“MoneyHero is empowering financial service providers in the Greater Southeast Asia region to transform the way they connect with consumers—and consumers in turn are benefiting from a trusted and transparent online platform offering access to a wide variety of financial products.
With continued strong leadership by the management team and fresh funding from this transaction, we believe MoneyHero is poised to penetrate deeper in the Greater Southeast Asia market and to become a household online platform for retail financial offerings in the region.”