MoneyHero Group Plans To Go Public In Partnership With Bridgetown (BTWN)

May 25, 2023 9:23 AM EDT

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CompareAsia Group Capital Limited (“MoneyHero” or the “Company”), a market leading financial products platform in Greater Southeast Asia, and Bridgetown Holdings Limited (NASDAQ: BTWN) (“Bridgetown”), a special purpose acquisition company formed as a collaboration between Pacific Century Group (“Pacific Century”) and Thiel Capital LLC (“Thiel Capital”), announced today that they have entered into a business combination agreement. Upon closing, the combined company, MoneyHero Limited (“PubCo”), 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, formerly known as Hyphen Group or CompareAsia Group, is a leading personal finance aggregation and comparison company in Greater Southeast Asia, operating in Singapore, Hong Kong, Taiwan, the Philippines and Malaysia with respective local market brands. Simultaneous with this announcement, the Company has rebranded to MoneyHero Group from Hyphen Group, which it will use as its umbrella brand going forward. MoneyHero had approximately 3.7 million MoneyHero Group Members as of March 31, 2023, approximately 9.8 million Monthly Unique Users in March 2023 and over 270 commercial partner relationships as of March 31, 2023.

MoneyHero is primarily involved in the operation of online financial comparison platforms and related services for credit cards, personal loans, mortgages, insurance and other financial products, connecting consumers, financial product providers and content and channel partners. MoneyHero helps consumers with effective decision making by providing guidance through informative content and easy-to-use product comparison tools. Our main business pillars are (i) online financial comparison platforms, where we provide financial guidance to consumers by offering a broad range of financial and lifestyle content, product comparison tools, and financial product marketplaces on our websites, and (ii) B2B business (Creatory), where we expand our user reach by partnering with other third-party online content and channel partners.

Well-Positioned to Capture Long-Term Market Opportunities

We believe that the following strengths of MoneyHero will help us further solidify our market leadership in the online personal finance aggregation and comparison business and differentiate us from our competitors:

• A Market Leader in the Rapidly Expanding Greater Southeast Asia Market: We achieved US$68.1 million in revenue in 2022, which we believe is the largest in the personal finance aggregation and comparison sector in Greater Southeast Asia, and have delivered an average annual growth of approximately 45% in the last five years from 2017 to 2022. Given the scale and volume of customers that we deliver for our commercial partners and the broad scope of our service offerings, we are deeply integrated with the overall acquisition value chain of, and the digital distribution of financial products for, our commercial partners

• Proven Scalable Business Model with Significant Runway: In 2022, over 5.1 million articles on our platforms were read per month by our users, and we ran over 580 exclusive rewards campaigns. Bridging the gap between a massive online consumer base seeking quality information for making relevant financial decisions and a large number of financial institutions pursuing quality customer acquisitions, our platforms consistently attract high-intent users through high-quality content and innovative tools, ultimately generating reliable volumes of new customers for our commercial partners

• High-Quality and Complex Commercial Partnerships: To strengthen our partnerships and drive improved user experiences and robust unit economics, we have built deep alliances and bespoke integrations with our commercial partners. By incorporating these integrations into our commercial partners’ systems through user journeys, tracking, rewards management and a deep understanding of their strategic acquisition requirements, we foster stronger relationships and increased reliance on our platforms and brands. Replicating these integrations demands considerable investment, further solidifying our competitive advantage in the market

• Clear Path to Profitability Enabling Continued Future Investment for Growth: In the second half of 2022, we implemented a company-wide reorganization and adopted an efficient operating and management model. Under the new structure, we develop product and marketing strategies at a group level and implement the strategies in local markets with limited need for customization. This process meaningfully reduced our operating costs and enabled us to respond to business and customer needs faster. These actions have had a positive impact on our financial performance in the second half of 2022, and we expect this trend to continue in 2023 and beyond The Company believes that the listing in partnership with Bridgetown will enable it to accelerate its market expansion organically and inorganically, capitalizing on the capital raised from the business combination (the “Transaction” or the “Business Combination”) and future access to international capital markets. Furthermore, the Transaction will enhance the Company’s profile and brand, and boost its ability to attract and retain top talent to further strengthen its competitive position and capture the fast-growing market opportunity in the digital distribution of financial products in the high-growth region of Greater Southeast Asia.

Management Commentary

Prashant Aggarwal, Chief Executive Officer, MoneyHero Group, said, “As a leading online financial comparison platform in Greater Southeast Asia, with a vast network of 9.8 million Monthly Unique Users and more than 270 commercial partner relationships across five key markets, we have established ourselves as a trusted platform in the region. At MoneyHero, we believe in harnessing the power of innovation to create better futures for our customers, our people, and our partners. Our commitment to deliver exceptional value and seamless user experiences has enabled us to achieve a strong track record of revenue growth, positioning us as a key player in the personal finance aggregation and comparison sector. 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. We are excited about the opportunities that lie ahead and look forward to the positive impact we will create as we embark on this new chapter of growth and success.”

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. This business model promises significant growth potential given the demographic evolution across Greater Southeast Asia. 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.”

Transaction Overview

The combined company will have an enterprise value of approximately US$342 million on a post-money basis, including up to approximately US$154 million of cash held in Bridgetown’s trust account, assuming no redemptions by Bridgetown’s public shareholders.

All MoneyHero existing shareholders such as PCCW, FWD, and Goldman Sachs will roll 100% of their equity into the combined company, demonstrating their continued commitment to the Company’s growth strategy.

The Transaction is expected to close in the third or fourth quarter of 2023, subject to regulatory and stockholder approvals, and other customary closing conditions.

MoneyHero Group’s management team, led by Chief Executive Officer Prashant Aggarwal and Chief Financial Officer and Chief Operating Officer Shaun Kraft, will continue to lead the public company after the completion of the Transaction.


Kirkland & Ellis is serving as international legal counsel to the Company and PubCo. Skadden, Arps, Slate, Meagher & Flom LLP is serving as international legal counsel to Bridgetown Holdings Limited.

About MoneyHero Group

MoneyHero Group, formerly known as Hyphen Group or CompareAsia Group, is a market leader in the online personal finance aggregation and comparison sector in Greater Southeast Asia. The Company operates in Singapore, Hong Kong, Taiwan, the Philippines and Malaysia with respective local market brands, and currently has 270 commercial partners and 9.8 million Monthly Unique Users.

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About Bridgetown Holdings Limited

Bridgetown Holdings Limited is a blank check company incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses, with a focus on technology, financial services, or media sectors in Southeast Asia. The company is formed as a collaboration between Pacific Century Group and Thiel Capital, led by Chief Executive Officer and Chief Financial Officer, Daniel Wong, and Chairman Matt Danzeisen.

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