MoneyHero Ltd, formerly known as Hyphen Group completed its merger with special purpose acquisition firm Bridgetown Holdings Ltd on Thursday in a deal valued at $283 million.
Bridgetown Holding is the result of a collaboration of between Pacific Century Group and Thiel Capital LLC. Bridgetown shareholders approved the merger with MoneyHero, on Tuesday.
MoneyHero said it received about $100 million in gross proceeds entirely in cash with a premium value of 36% of Bridgetown’s shares.
Upon closing of the deal, the combined company, MoneyHero Ltd will begin trading on NASDAQ market under the ticker symbols ‘MNY’ and ‘MNYWW’, starting October 13, at market open.
“MoneyHero is empowering financial service providers in the Greater Southeast Asia region to transform the way they connect with consumers”, said Matt Danzeisen, chairman of Bridgetown and added, “we are honored to be part of its journey to become a household online platform for retail financial offerings in the region.”
Prashant Aggarwal, CEO of MoneyHero stated, “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, 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,” Aggarwal also said.
