Hyphen in talks to go public via merger with Provident acquisition corp
Hyphen Group, a financial technology firm backed by Hong Kong billionaire Richard Li, is in advanced talks to go public through a merger with Provident Acquisition Corp. The transaction could value the combined company at about $1 billion and the deal may include a PIPE, of about $100 million anchored by institutional investors. Talks are at an advanced stage and a transaction could be announced before the end of this year
The SPAC is led by Winato Kartono and Michael Aw, two key executives at Provident Group, an investment fund targeting Southeast Asian startups. Some of its high-profile investments include Indonesia’s ride-hailing giant Gojek, online travel company Traveloka and Thailand-based online fashion retailer Pomelo.
Hyphen has been working with Goldman Sachs Group Inc. to review funding options including a listing via a SPAC or a private fundraising, Bloomberg News reported in July. The company had drawn interest from potential investors valuing the company at more than $500 million, the people said. Hyphen, formerly known as CompareAsiaGroup, helps people find the right credit cards, personal loans, and other financial products using tech-driven comparison tools, according to its website. It counts more than 11 million users a month across its eight brands and has expanded both organically and via acquisitions such as its purchase of Singaporean personal finance firm Seedly from ShopBack last year.Read more