CompareAsia Group Capital Ltd, a financial products platform headquartered in Singapore and Hong Kong which rebranded to MoneyHero Group, on Thursday, completed its merger with a special purpose acquisition company Bridgetown Holdings Ltd, a statement said.
The business combination was approved by Bridgetown shareholders in an Extraordinary General Meeting of Bridgetown Shareholders held on October 10.
Bridgetown Holdings Ltd was formed as a collaboration between Pacific Century Group and Thiel Capital LLC.
Meanwhile, MoneyHero marked this development by ringing the NASDAQ Opening Bell on Friday.
Following the transaction, the ordinary shares and public warrants of the merged entity MoneyHero Ltd (PubCo) began trading on the Nasdaq Stock Market under the ticker symbols “MNY” and “MNYWW” on Friday.
The completion of the business combination values MoneyHero at an enterprise value of nearly USD 310 million and an equity value of approximately USD 283 million after reflecting net proceeds from the transaction, the statement said.
MoneyHero received approximately 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.
MoneyHero CEO Prashant Aggarwal said the merger with Bridgetown not only provides the capital to take forward the company’s strategic vision but also furthers its 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,” he underscored.
Bridgetown Chairman Matt Danzeisen said MoneyHero is helping financial service providers in the Greater Southeast Asia region to transform the way they connect with consumers.
“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,” he said.
Kirkland & Ellis served as the legal advisor to MoneyHero Group and Skadden, Arps, Slate, Meagher & Flom LLP was the legal advisor to Bridgetown.