Bolttech Holdings Ltd. is in talks to buy Nasdaq-listed MoneyHero Ltd., people familiar with the matter said, a move that would combine two financial technology firms backed by billionaire Richard Li.
Closely held Bolttech is doing due diligence and valuation work for a potential takeover of MoneyHero, the people said, asking not to be identified because the information is private. Considerations are ongoing and there’s no guarantee they’ll lead to a binding agreement, the people said.
Bolttech last year raised $147 million in a Series C round from investors including Japanese trading house Sumitomo Corp. and Portuguese private equity firm Iberis Capital. The funding gave the company a valuation of $2.1 billion.
Following earlier losses and restructurings, MoneyHero started to see improving revenues and profitability last year in metrics such as adjusted earnings before interest, tax, depreciation and amortization. MoneyHero shares closed at $1.37 Tuesday, giving the company a market value of $60 million.
Bolttech and MoneyHero are backed by Li’s investment firm Pacific Century Group. (Editor’s note: Richard Li also holds a 66.45% to 66.5% stake in Hong Kong-based insurer, FWD Group, through Pacific Century).
A representative for Bolttech declined to comment, while MoneyHero didn’t have an immediate comment.
Founded in 2020, Bolttech runs an exchange where insurers, distributors and customers buy and sell insurance and protection products, according to its website. The company has more than 700 distribution partners in 39 markets and handles over $75 billion quoted premiums on an annual basis.
Bolttech had considered a US initial public offering about two years ago, people familiar with the matter said at the time. The listing never took place and the company opted to do a private funding round instead.
MoneyHero, formerly known as Hyphen Group or CompareAsia Group, is an Asian personal-finance comparison website. In 2023, it agreed to go public in a deal with Bridgetown Holdings Ltd., a blank-check company backed by billionaires Peter Thiel and Li. The merger valued MoneyHero at about $200 million including debt. Bridgetown raised $595 million in a US IPO in 2020.
Photograph: Hong Kong billionaire Richard Li ; photo credit: Chan Long Hei/Bloomberg
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