US-listed special purpose acquisition company (SPAC) Bridgetown Holdings is weighing a business combination with Hyphen Group, reported Bloomberg citing unnamed sources.

Headquartered in Hong Kong and Singapore, Hyphen, which was earlier known as CompareAsiaGroup, is a financial technology company.

Sources told the publication that the merged entity could be valued at several hundred million dollars.

PIPEs, or private investments in public equity, anchored by institutional investors, could be a part of a deal, they said, adding that talks are still going on and a final decision is yet to be made.

Hyphen has been working with Goldman Sachs Group about funding alternatives, such as a private fundraising campaign or a listing via a SPAC.

It counts Pacific Century, Alibaba Group Holding, Goldman Sachs, International Finance Corporation of the World Bank and Experian as its backers.

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The fintech’s offerings include credit card and personal loans comparison tools, SaaS, and other financial products, according to its website.

Hyphen claims to have a customer base of ten million and works with over 220 financial services providers in markets including Hong Kong, Malaysia, the Philippines, Singapore and Taiwan.

In 2020, Bridgetown raised $595m in a US initial public offering (IPO).

The SPAC’s sponsor, Bridgetown LLC, is a partnership between Thiel Capital, the investment arm of PayPal Holdings founder Peter Thiel, and Pacific Century Group, Richard Li’s principal investment vehicle.

According to the publication, the SPAC had previously discussed deals with other parties, such as Indonesia’s Traveloka and digital telecom services provider Circles.Life.