MoneySmart Group, a leading personal finance company in Southeast Asia, has declined MoneyHero Group’s unsolicited, non-binding offer to acquire 100% of its shares. The board of MoneySmart unanimously rejected the offer, citing its misalignment with the company’s strategic goals and the absence of any prior discussions with MoneySmart’s management before the offer was made public.
The approach by MoneyHero, which included a press release referencing a recent private share transaction, failed to inspire confidence among MoneySmart’s leadership. Consequently, the board determined that the proposed merger would not create value for shareholders and would detract from MoneySmart’s long-term strategic objectives.
MoneySmart emphasized that the private share transaction cited by MoneyHero did not accurately reflect the company’s true market value or future growth potential.
The decision to reject the offer highlights MoneySmart’s commitment to its current strategic direction, which has recently led the company to profitability in a sustainable manner.
In 2023, MoneySmart achieved positive free cash flow, underscoring its strong financial health.
The company, meanwhile, remains focused on innovation and the continuous development of its products and services. Consequently, this approach reinforces its position as a trusted partner for customers while effectively executing its growth strategy.
MoneySmart Group operates two primary brands: MoneySmart, a financial marketplace that helps consumers compare and choose banking, insurance, and investment products; and Bubblegum, which specializes in creating innovative digital insurance products and experiences.
MoneySmart’s mission is to empower consumers with clarity, confidence, and control over their financial futures. By staying independent and strategically focused, the company aims to drive financial innovation and consumer empowerment in Southeast Asia’s evolving landscape.