Aditya Hadi Pratama · · 1 min readHyphen Group secures $22m, CEO steps down
Hyphen Group, a fintech company backed by Hong Kong billionaire Richard Li, has raised US$22 million in a funding round led by PCCW. The firm said that the amount is more than its original US$20 million target.
Photo credit: Tech in Asia
The firm concurrently announced that its CEO Sam Allen has stepped down but will remain a shareholder and advisor.
His position will be filled by Derek Fong and Kenneth Chan, representatives of Hyphen’s largest shareholder Pacific Century Group, as interim CEOs.
Both Fong and Chan will work closely with Hyphen president and chief commercial officer Prashant Aggarwal as well as CFO and COO Shaun Kraft.
Tech in Asia reported the company’s funding and organizational restructuring last month.
See also: Layoffs at Richard Li-backed Hyphen Group after SPAC deal falls through
Founded in 2014, Hyphen was founded as a personal finance platform called CompareAsia Group before rebranding last year. Headquartered in Hong Kong and Singapore, the firm has reached more than 8 million monthly users and partnered with over 270 financial institutions.
The firm has made at least two rounds of layoffs this year after investment deals fell through. Last year, Bloomberg reported that Hyphen was in advanced talks for an SPAC deal that would put the company’s valuation at US$1 billion.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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