MoneyHero completes business combination with Bridgetown Holdings

CompareAsia Group Capital, a market leading financial products platform in Greater Southeast Asia, completed its previously announced business combination with Bridgetown Holdings Limited (BTWN), a special purpose acquisition company formed as a collaboration between Pacific Century Group and Thiel Capital LLC, on October 12, 2023. The business combination was approved by Bridgetown shareholders in an Extraordinary General Meeting of Bridgetown Shareholders held on October 10, 2023. MoneyHero Limited’s ordinary shares and public warrants are expected to begin trading on the Nasdaq Stock Market under the ticker symbols “MNY” and “MNYWW” on October 13, 2023. The completion of the business combination values MoneyHero at an enterprise value of $310 million and an equity value of $283 million after reflecting net proceeds from the transaction. MoneyHero received $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.