Tag: MoneyHero

Singapore – Regional personal finance group MoneySmart has officially rejected a recent offer from MoneyHero Group to acquire 100% of MoneySmart’s shared through a non-binding offer. It should be noted that MoneySmart released the statement a day after MoneyHero Group released its announcement stating its desire on the acquisition.

The MoneySmart board has unanimously determined that this approach is neither serious nor credible and that it will not be entertained. The manner in which the offer was made public, with no prior discussions with MoneySmart management, is highly unusual and has not engendered MoneySmart’s confidence in, or openness to, such discussions. Moreover, the proposed merger does not align with MoneySmart’s strategic objectives and would fail to deliver value to our shareholders. 

In addition, the adjoining press statement from MoneyHero makes reference to a recent private share transaction which was driven by specific circumstances and not representative of MoneySmart’s market value or future prospects.

Vinod Nair, founder and CEO at MoneySmart Group, said, “Our decision was a clear and definitive no. The two businesses currently operate in a similar space but are on diverging paths in terms of strategy, financial sustainability and outlook. Our focus remains on advancing our products, services and innovation, being a trusted partner to customers and executing our growth strategy. We believe that our current plans set up MoneySmart to succeed in the long term.”

Singapore – MoneyHero Limited, a publicly-traded personal finance and digital insurance platform in Greater Southeast Asia, has made a US$8m non-binding offer to acquire 100% of the shares of its competitor, MoneySmart.

MoneyHero’s acquisition of MoneySmart is designed to strengthen its market leadership and unlock significant synergies in Asia’s rapidly evolving personal finance and insurance sectors.

Under the terms of the offer, MoneyHero values MoneySmart at US$8.0m, with additional potential valuation upside. The US$8.0m will be paid in new MoneyHero shares, while any extra valuation upside will be settled in cash, contingent upon the results of a comprehensive due diligence process.

Although MoneyHero aims to acquire 100% of MoneySmart, the company is also considering purchasing shares from individual shareholders on a case-by-case basis.

The US$8.0m offer in MoneyHero shares, plus additional cash based on due diligence, accounts for MoneySmart’s recent capital reduction noted in filings with Singapore’s Accounting and Corporate Regulatory Authority. MoneyHero’s offer includes a premium, reflecting its confidence in the added value MoneySmart will bring to the combined entity. 

Rohith Murthy, CEO of MoneyHero, said, “Our offer to MoneySmart reflects the strategic value of combining our two companies. This acquisition will further strengthen our leadership in Greater Southeast Asia, delivering enhanced products, services, and technological innovation. Given MoneySmart’s recent share buyback, we believe we’ve made a fair and compelling offer that benefits both sides. Most importantly, we believe the synergies from this merger will drive significant value for our shareholders and customers.”

Kuala Lumpur, Malaysia – Local fintech company Jirnexu has announced the acquisition of CompareHero, the B2C brand exclusively operated by MoneyHero in Malaysia. Moreover, MoneyHero will retain an equity stake in Jirnexu to enhance its long-term strategy for the Malaysia market.

Through this transaction, CompareHero’s website, domain names, select user data, and IP rights will be acquired by Jirnexu. When the transaction is completed, the CompareHero brand will continue in operation under the world-class systems of Jirnexu moving forward. Terms of the deal, expected to close in early July 2024, are confidential.

CompareHero was launched by MoneyHero in 2013. Jirnexu and its brand, RinggitPlus, was founded in 2013 and focuses exclusively on Malaysia. Prior to this transaction, CompareHero and RinggitPlus were the two key operators in Malaysia.

Rohith Murthy, CEO of MoneyHero, said, “We are pivoting our Malaysia strategy to align with our next growth phase. This strategic transaction aims to maximize the value of our interests in Malaysia, both in the near and long term. It also allows us to reallocate resources towards stronger growth opportunities in our core markets—Singapore, Hong Kong, Taiwan, and the Philippines. This approach positions us to drive shareholder value more effectively. By transitioning from an operator to a long-term investor in Malaysia’s leading player, we ensure continued benefit from the market’s opportunities without competing in other geographies.”

He added, “From its early development stages within MoneyHero’s portfolio, CompareHero grew into one of Malaysia’s top personal finance comparison and aggregator platforms. It is second only to our new investment in RinggitPlus. Users of CompareHero can expect continuity in service, quality, and innovation once the transaction is complete. This transaction reaffirms our commitment to the Malaysian market with a long-term, investor-focused approach, ensuring continued shareholder value and making financial decisions easier for consumers.”

Singapore – MoneyHero Limited (“MoneyHero” or the “Company”), a Southeast Asia-based personal finance and digital insurance aggregation and comparison platform, has announced two significant additions to its senior corporate team. Liru Chan has been appointed as the company’s new group head of marketing, and Francois Picard has been named as MoneyHero’s new group head of operations, effective May 6, 2024. 

Chan and Picard will be based in the company’s Singaporean headquarters. 

Chan has taken on the role of group head of marketing, where she will be in charge of managing brand development and consumer marketing across MoneyHero’s operational regions and portfolio. Furthermore, she is positioned to make a substantial contribution to the company’s overall sales and customer engagement initiatives. 

Chan joins MoneyHero from Google (APAC), where she was responsible for strategy and growth for owned direct acquisition and sales enablement since 2021 as head of growth (owned user experience). Prior to working at Google, Chan had senior positions at PayPal, Edelman, and Visa, where she was head of marketing (Singapore). 

Picard’s new role as Group Head of Operations includes developing and improving the company’s operations across the organisation to support MoneyHero’s upcoming phase of growth as a publicly traded entity. 

Picard comes to MoneyHero from ShopBack, where he was the vice president of operations since 2017. In this role, Picard oversaw the advancement of ShopBack’s operational frameworks and customer service operations, leading a team of over 130 people and developing the platform in accordance with a growth strategy across 11 markets. Picard held leadership positions at Honestbee and Schneider Electric before joining ShopBack. 

Speaking about the appointments, Rohith Murthy, chief executive officer of MoneyHero, said, “On behalf of everyone at MoneyHero, I want to welcome Liru and Francois to the company. To build and support a world-class organisation, you need to attract and hire the best talent. The addition of Liru and Francois is reflective of MoneyHero’s consistent ability to do this, which is a critical component of our success and further differentiates us from our peers. With Liru spearheading our marketing strategies and Francois optimising our operations, we have strengthened two key departments with seasoned executives who will enable us to execute on our aggressive growth plans and drive shareholder value more effectively.”

Meanwhile, Chan, group head of marketing with MoneyHero, expressed, “I am thrilled to join MoneyHero at such an exciting time in the company’s history, as well as to join such an incredible team of driven, like-minded individuals. I want to thank Rohith, his leadership team, and the company’s Board of Directors for this fantastic opportunity. I am proud to represent MoneyHero’s mission to empower consumers across Greater Southeast Asia to take better control of their personal finance decisions, and I look forward to helping take this purpose-driven business to the next level.”

Speaking about his appointment, Picard stated, “It is an honour and privilege to serve as MoneyHero’s new Group Head of Operations. Rohith and his team have built an impressive organisation with a proven business model, strong growth drivers, and an impeccable reputation in the marketplace. This curated platform will play a major role in shaping the future of the digital economy in Greater Southeast Asia, and I am excited to be a valuable part of this journey.”