Billionaire Richard Li-Backed Fintech Firm MoneyHero To List In U.S. Via SPAC Backed By Peter Thiel

Forbes Asia Editors’ Pick Billionaire Richard Li-Backed Fintech Firm MoneyHero To List In U. S. Via SPAC Backed By Peter Thiel Zinnia Lee Forbes Staff I cover successful businesspeople and billionaires in Asia.

Following May 29, 2023, 01:00am EDT | Press play to listen to this article! Got it! Share to Facebook Share to Twitter Share to Linkedin Peter Thiel (left) and Richard Li. Getty Images/Bloomberg MoneyHero Group , a personal finance comparison company based in the Asian financial hubs of Hong Kong and Singapore, is planning to go public in the U. S.

by merging with a blank-check company backed by Hong Kong billionaire Richard Li and PayPal cofounder Peter Thiel . The deal with Nasdaq-listed Bridgetown Holdings values MoneyHero at about $200 million, including debt, the fintech firm said in a statement on Thursday. The combined company will have an enterprise value of as much as $342 million.

The transaction will provide the company proceeds of up to $154 million. MoneyHero said the deal will help the company with market expansion, brand enhancement and attracting and retaining talent. KNOW A COMPANY THAT’S ON THE RISE? NOMINATE NOW: MORE FROM FORBES Forbes Asia 100 To Watch 2023: Nominations Are Open By Catherine Wang “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,” Prashant Aggarwal, CEO of MoneyHero, said in the statement.

“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. ” MORE FOR YOU Biden Will ‘End Up Killing It’—Serious Crypto Warning Could Spell Chaos For The Price Of Bitcoin And Ethereum As Debt Ceiling Deal Reached These Are The Best Memorial Day Sales This Year Today’s ‘Quordle’ Answers And Clues For Sunday, May 28 MoneyHero’s investors include Hong Kong telecoms company PCCW and insurer FWD Group, both controlled by Li, as well as Goldman Sachs. They will roll all their equity into the combined company, according to the statement.

The deal is expected to be completed as early as the third quarter. Formerly known as Hyphen Group, MoneyHero was established in 2014 to operate online finance comparison platforms in Hong Kong, Malaysia, the Philippines, Singapore and Taiwan. Its platforms also provide financial services such as applications for credit cards, personal loans and insurance.

MoneyHero said it has attracted roughly 9. 8 million monthly unique users and more than 270 partnerships with banks and financial institutions as of March. The company reported a 9.

7% increase year-on-year in revenue to $68. 1 million in 2022, making it the largest personal finance aggregator and comparison company in Southeast Asia, according to the statement. But as with many fast-growing companies, MoneyHero has yet to achieve profitability.

Earlier this month, another fintech company backed by Li raised capital. Bolttech, a Singapore-based insurtech startup, raised $196 million in a Series B funding round at a valuation of $1. 6 billion.

Li serves as chairman of Bolttech and his investment firm, Pacific Century Group, is one of its investors. MORE FROM FORBES MORE FROM FORBES Billionaire Richard Li-Backed Singapore Insurtech Unicorn Raises $196 Million By Catherine Wang MORE FROM FORBES Fintech Firm Backed By Hong Kong Billionaire Richard Li Raises $22 Million In Funding Round Led By PCCW By Jayde Cheung MORE FROM FORBES Hong Kong Billionaire Richard Li’s Wealth Rises As His Asian Insurer FWD Mulls IPO By Jessica Tan Send me a secure tip . Zinnia Lee Editorial Standards Print Reprints & Permissions.