Hyphen Group rebrands to MoneyHero Group, merges with Bridgetown

MoneyHero Group CEO Prashant Aggarwal / Photo credit: Prashant Aggarwal’s LinkedIn

Hyphen Group, a fintech firm backed by Hong Kong billionaire Richard Li, has rebranded to MoneyHero Group, CEO Prashant Aggarwal confirmed to Tech in Asia. MoneyHero was originally a Hyphen brand for the Hong Kong market.

MoneyHero Group has also entered into a merger agreement with Bridgetown Holdings, a blank-check firm backed by billionaire investor Peter Thiel, as it gears up for Nasdaq listing in the third or fourth quarter of this year.

Earlier in April, Hyphen appointed Aggarwal as CEO. He replaced Sam Allen, who stepped down from the post last year.

Headquartered in both Singapore and Hong Kong, MoneyHero Group was established in 2014 and was known as CompareAsiaGroup before rebranding to Hyphen Group in 2021. Hyphen failed to go public the same year via a deal with Provident Acquisition Corporation.

In a statement, MoneyHero said the Bridgetown deal is expected to generate US$154 million in proceeds. The combined company will have a post-money valuation of around US$342 million, including US$154 million of cash held in Bridgetown’s trust account.

Existing MoneyHero shareholders including PCCW, FWD, and Goldman Sachs will roll all of their equity into the combined firm, which will be led by Aggarwal as well as MoneyHero CFO and COO Shaun Kraft.