03:02 PM EDT, 08/22/2024 (MT Newswires) -- MoneyHero ( MNY ) said Thursday it made a non-binding offer to purchase 100% of the shares of its rival, MoneySmart, for $8 million, with potential valuation upside.

The deal involves issuing new MoneyHero ( MNY ) shares, with additional valuation to be paid in cash based on the results of due diligence, the personal finance platform company said.

"This acquisition will further strengthen our leadership in Greater Southeast Asia, delivering enhanced products, services, and technological innovation," said Chief Executive Rohith Murthy.

MoneyHero ( MNY ) shares fell more than 3% in recent trading.

Price: 1.24, Change: -0.04, Percent Change: -3.13