Asia fintech MoneyHero slides on first day of trading after merger with Peter Thiel-backed SPAC
Publishing timestamp: 2023-10-13 11:19:27
Summary
Asian fintech firm MoneyHero began trading on Nasdaq after completing its merger with SPAC Bridgetown Holdings. MoneyHero Group operates personal finance platforms that recommend financial services to readers. The company's shares fell on their first day of trading. MoneyHero plans to use the proceeds to accelerate growth in the digital distribution of financial products in Southeast Asia. The company has yet to become profitable but outlined a path to profitability in its SEC filing. MoneyHero works with 270 financial institutions and saw 9.1 million average monthly unique users in the first half of 2023. The company believes there is still a lot of opportunity in Southeast Asian markets. The IPO comes at a time of uncertainty in the market, with concerns about inflation, interest rate hikes, and volatile markets.
Sentiment: NEUTRAL
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