MoneySmart slams the door on MoneyHero’s acquisition bid—here’s why

In a bold move, MoneySmart Group, Southeast Asia’s leading personal finance entity, has decisively rejected an unsolicited, non-binding $8 million offer from MoneyHero Group, which sought to acquire 100% of MoneySmart’s shares. The offer, which was made public without any prior discussions with MoneySmart’s management, has been deemed neither serious nor credible by the board of MoneySmart Group.

The board’s decision was unanimous, with the offer described as misaligned with MoneySmart’s strategic objectives and lacking in potential value for shareholders. The manner in which the proposal was made, including a public announcement without preliminary discussions, has been criticized by MoneySmart as highly irregular, undermining any potential confidence in the offer.

Vinod Nair, Founder and CEO of MoneySmart Group, commented on the decision, stating, “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.”

MoneySmart Group, which comprises the brands MoneySmart and Bubblegum, achieved profitability in 2023 through sustainable practices and generated positive free cash flow, reflecting its robust financial health. The company remains committed to innovation and pushing the boundaries of how financial products, knowledge, and advice converge to empower consumers.

MoneySmart continues to provide a financial marketplace, comparison, and content platform that enables consumers to make informed decisions across various banking, insurance, and investment products. The Bubblegum brand focuses on creating desirable insurance products and experiences, aiming to become a leading digital insurance brand in the future.