Regardless of the downturn in startup financing, Hyphen Group, a fintech firm headquartered in Hong Kong and Singapore backed by the likes of Hong Kong billionaire Richard Li, Alibaba Entrepreneurs Fund and Goldman Sachs, raised a $22 million funding spherical.
The spherical was led by Li’s PCCW, which controls Hong Kong’s largest cell phone operator HKT and streaming service Viu. Earlier traders in Hyphen embrace the World Financial institution’s IFC, Hong Kong conglomerate Jardine Matheson and SBI, Japan’s largest on-line brokerage.
“The closing of this funding spherical demonstrates the boldness of our traders at a time of excessive market volatility, but additionally with simple alternatives for worthwhile development,” Prashant Aggarwal, group president of Hyphen, stated in a statement on Friday. “We’re effectively positioned for the years forward.”
On the identical time, Sam Allen has stepped down as CEO after greater than six years main the fintech firm. Allen, who will keep on as an advisor, might be changed as CEO on an interim foundation by Derek Fong and Kenneth Chan from Li’s non-public funding firm Pacific Century Group, Hyphen’s largest shareholder.
Bloomberg Information beforehand reported that Hyphen was in talks to go public by way of a SPAC merger valuing the corporate at as much as $1 billion.
Based in 2014, the corporate was previously referred to as CompareAsiaGroup. The corporate helps analyze and evaluate monetary merchandise like bank cards and insurance coverage in Hong Kong, Singapore, Malaysia, the Philippines and Taiwan. The corporate rebranded to Hyphen final yr after it acquired Seedly, a Singaporean private finance agency, from ShopBack.