CompareAsia Group Capital (MoneyHero), a financial products platform in Greater Southeast Asia, has completed its previously announced business combination with Bridgetown Holdings Limited, a special purpose acquisition company formed as a collaboration between Pacific Century Group and Thiel Capital Thiel Capital.

MoneyHero said in a statement on last Thursday that the completion of the business combination values MoneyHero at an enterprise value of about $310 million and an equity value of about $283 million after reflecting net proceeds from the transaction.

MoneyHero received about $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 percent of Bridgetown’s public shares.

According to the statement, the business combination was approved by Bridgetown shareholders in an extraordinary general meeting of Bridgetown shareholders last weeek.

MoneyHero Limited’s (PubCo) ordinary shares and public warrants have began trading on the Nasdaq Stock Market under the ticker symbols “MNY” and “MNYWW” since October 13.

“We are proud to have achieved this significant milestone in our journey. 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, 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,” said Prashant Aggarwal, Chief Executive Officer of MoneyHero.

Meanwhile, Bridgetown Chairman Matt Danzeisen said that MoneyHero is empowering financial service providers in the Greater Southeast Asia region to transform the way they connect with consumers—and they are honored to be part of its journey to become a household online platform for retail financial offerings in the region.

“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.

MoneyHero, 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, currently has 270 commercial partners and had 9.1 million average monthly unique users during the first half of 2023.

Bridgetown 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.

MoneyHero plans to go public via merger with Bridgetown