The deal with Nasdaq-listed Bridgetown Holdings values MoneyHero at about $200 million.
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, $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.
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