Bradbury Capital Holdings
ApprovedPre-revenueFinancials · digital payment services · Kuala Lumpur, Malaysia · founded 2022
- What it is
- Post-closing only: low-margin (4.7% gross) distribution of prepaid e-vouchers/airtime to retail merchants and corporate customers in Malaysia via 60%-owned OneShop Retail, operating a carve-out of MobilityOne's business under a 10-year license to MobilityOne's e-wallet/payment-gateway/remittance software; MobilityOne hosts the IT infrastructure.
- What it’s doing now
- Merging with Technology & Telecommunication Acquisition Corp (TETEF) — approved, announced Oct 19, 2022; shareholder vote Mar 30, 2026.
- What you should know
- It reports no meaningful revenue yet — this deal is priced on a story, not on financials. The real share count puts the effective valuation 17% above the announced $235M. The deal carries a $5M minimum-cash condition — heavy redemptions can break it.
The business, per its filings
SEC primaryBradbury Capital Holdings Inc. is a Cayman shell (incorporated 20-Jun-2023 solely for the merger) holding Super Apps Holdings Sdn Bhd, a Malaysian company (incorporated 20-Apr-2022) that the DEFM14A states plainly has NO operations and NO operating revenues before closing; its only asset is a 60% stake (acquired 29-Feb-2024, repurchasable by MobilityOne for RM1 if the deal fails) in OneShop Retail Sdn Bhd, into which AIM-listed MobilityOne will transfer a carve-out of its Malaysian e-voucher business (mobile airtime, PayTV vouchers, game credits; plus e-money, payment gateway, remittance, merchant-acquiring lines) ONLY after the business combination closes. The carve-out's combined historicals show $43.5M revenue at 4.7% gross margin with a $0.21M net loss for 1H2025 (~$94M FY2024, declining ~5%/yr) - versus the earn-out Revenue Target of $87M PER QUARTER (~$348M/yr, ~3.7x the actual run-rate) that gates $865M of the $1.1bn merger consideration; only $235M is paid at closing, and MobilityOne separately guarantees $125M annual revenue for 2026. Founders/backers: controlling shareholders are Wan Heng Chee (Malaysian citizen) and Bradbury Private Investment XVIII Inc. (Bradbury Asset Management (Hong Kong) Ltd, part of Bradbury Group); Loo See Yuen, founder/chairman/Group CEO of Bradbury Group, is CEO of Holdings and joins the PubCo board with Chow Wing Loke, Alan Fung, Virginia Jaqveline Chan and Soon Chong Seng; a Bradbury-affiliated PIPE bought 625,000 shares (~$5.0M) at $8.00 - $2.00 below the $10.00 IPO price. Growth story rests on a Collaboration Agreement with MYISCO (MyAngkasa Digital Services, tied to Malaysia's ANGKASA cooperative movement) to sell financial products to cooperative members.
| Revenue | $43.5M (1H2025A (OneShop Retail combined Carve-Out Business - business transfers to target only at closing)) |
| Gross margin | 4.7% |
Source: 8-K, accession 0001493152-26-014982 · as of Mar 23, 2026 · extraction confidence: high
What the company says about itself
Web research — not audited[WEB-INTEL 2026-08-25] 4 finding(s) · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "aggregate consideration of $1,100,000,000" [https://www.stocktitan.net/sec-filings/TETEF/10-q-technology-telecommunication-acquisition-corp-quarterly-earnings-b4376a29e1c1.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "closing expected in the second quarter of 2026" [https://www.stocktitan.net/sec-filings/TETEF/10-q-technology-telecommunication-acquisition-corp-quarterly-earnings-b4376a29e1c1.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Shareholders approved major merger-related proposals on March 30, 2026" [https://www.stocktitan.net/sec-filings/TETEF/10-q-technology-telecommunication-acquisition-corp-quarterly-earnings-b4376a29e1c1.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "trust account balance: $142,359" [https://www.stocktitan.net/sec-filings/TETEF/10-q-technology-telecommunication-acquisition-corp-quarterly-earnings-b4376a29e1c1.html] [WEB-INTEL 2026-08-25] 4 finding(s) · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "aggregate consideration of $1,100,000,000" [https://www.stocktitan.net/sec-filings/TETEF/10-q-technology-telecommunication-acquisition-corp-quarterly-earnings-b4376a29e1c1.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "closing expected in the second quarter of 2026" [https://www.stocktitan.net/sec-filings/TETEF/10-q-technology-telecommunication-acquisition-corp-quarterly-earnings-b4376a29e1c1.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "trust account balance: $142,359" [https://www.stocktitan.net/sec-filings/TETEF/10-q-technology-telecommunication-acquisition-corp-quarterly-earnings-b4376a29e1c1.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "10,816 Class A shares subject to possible redemption as of February 28, 2026" [https://www.stocktitan.net/sec-filings/TETEF/10-q-technology-telecommunication-acquisition-corp-quarterly-earnings-b4376a29e1c1.html] [WEB-INTEL 2026-08-25] 4 finding(s) · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "aggregate consideration of $1,100,000,000" [https://www.stocktitan.net/sec-filings/TETEF/10-q-technology-telecommunication-acquisition-corp-quarterly-earnings-b4376a29e1c1.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "closing expected in the second quarter of 2026" [https://www.stocktitan.net/sec-filings/TETEF/10-q-technology-telecommunication-acquisition-corp-quarterly-earnings-b4376a29e1c1.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "trust account balance: $142,359" [https://www.stocktitan.net/sec-filings/TETEF/10-q-technology-telecommunication-acquisition-corp-quarterly-earnings-b4376a29e1c1.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "deferred underwriting commissions of $4,025,000" [https://www.stocktitan.net/sec-filings/TETEF/10-q-technology-telecommunication-acquisition-corp-quarterly-earnings-b4376a29e1c1.html] [WEB-INTEL 2026-08-25] 4 finding(s) · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "aggregate consideration of $1,100,000,000" [https://www.stocktitan.net/sec-filings/TETEF/10-q-technology-telecommunication-acquisition-corp-quarterly-earnings-b4376a29e1c1.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "closing expected in the second quarter of 2026" [https://www.stocktitan.net/sec-filings/TETEF/10-q-technology-telecommunication-acquisition-corp-quarterly-earnings-b4376a29e1c1.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Shareholders approved major merger-related proposals on March 30, 2026" [https://www.stocktitan.net/sec-filings/TETEF/10-q-technology-telecommunication-acquisition-corp-quarterly-earnings-b4376a29e1c1.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "trust account balance: $142,359" [https://www.stocktitan.net/sec-filings/TETEF/10-q-technology-telecommunication-acquisition-corp-quarterly-earnings-b4376a29e1c1.html] [WEB-INTEL 2026-08-25] 2 finding(s) · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "TETE proposes a two-step merger issuing 110000000 PubCo shares (valued at $1.1B) with a $5.0M PIPE subscribed" [https://www.stocktitan.net/sec-filings/TETEF/defm14a-technology-telecommunication-acquisition-corp-merger-proxy-st-1f0dd95719a0.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Shareholders approved major merger-related proposals on March 30, 2026, and the transaction is expected to close in the second quarter of 2026." [https://www.stocktitan.net/sec-filings/TETEF/10-q-technology-telecommunication-acquisition-corp-quarterly-earnings-b4376a29e1c1.html] [WEB-INTEL 2026-08-26] 6 finding(s) · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "aggregate consideration of $1,100,000,000" [https://www.stocktitan.net/sec-filings/TETEF/10-q-technology-telecommunication-acquisition-corp-quarterly-earnings-b4376a29e1c1.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "closing expected in the second quarter of 2026" [https://www.stocktitan.net/sec-filings/TETEF/10-q-technology-telecommunication-acquisition-corp-quarterly-earnings-b4376a29e1c1.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "trust account balance: $142,359" [https://www.stocktitan.net/sec-filings/TETEF/10-q-technology-telecommunication-acquisition-corp-quarterly-earnings-b4376a29e1c1.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "10,816 Class A shares subject to possible redemption as of February 28, 2026" [https://www.stocktitan.net/sec-filings/TETEF/10-q-technology-telecommunication-acquisition-corp-quarterly-earnings-b4376a29e1c1.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "deferred underwriting commissions of $4,025,000" [https://www.stocktitan.net/sec-filings/TETEF/10-q-technology-telecommunication-acquisition-corp-quarterly-earnings-b4376a29e1c1.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "extension loans and working capital loans from its sponsor, totaling $2,817,736 of extension loans and $1,434,822 of working capital loans outstanding" [https://www.stocktitan.net/sec-filings/TETEF/10-q-technology-telecommunication-acquisition-corp-quarterly-earnings-b4376a29e1c1.html] [WEB-INTEL 2026-08-26] 4 finding(s) · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "aggregate consideration of $1,100,000,000" [https://www.stocktitan.net/sec-filings/TETEF/10-q-technology-telecommunication-acquisition-corp-quarterly-earnings-b4376a29e1c1.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "closing expected in the second quarter [WEB-INTEL 2026-08-26] 5 finding(s) · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "aggregate consideration of $1,100,000,000" [https://www.stocktitan.net/sec-filings/TETEF/10-q-technology-telecommunication-acquisition-corp-quarterly-earnings-b4376a29e1c1.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "closing expected in the second quarter of 2026" [https://www.stocktitan.net/sec-filings/TETEF/10-q-technology-telecommunication-acquisition-corp-quarterly-earnings-b4376a29e1c1.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "deferred underwriting commissions of $4,025,000" [https://www.stocktitan.net/sec-filings/TETEF/10-q-technology-telecommunication-acquisition-corp-quarterly-earnings-b4376a29e1c1.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "approximately $1,687,000 of contingent legal fees" [https://www.stocktitan.net/sec-filings/TETEF/10-q-technology-telecommunication-acquisition-corp-quarterly-earnings-b4376a29e1c1.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "trust account balance: $142,359" [https://www.stocktitan.net/sec-filings/TETEF/10-q-technology-telecommunication-acquisition-corp-quarterly-earnings-b4376a29e1c1.html]
Source: company web presence · marketing claims are reported as claims, never merged into the filed figures above.
The deal it’s entering
Bradbury Capital Holdings is merging with Technology & Telecommunication Acquisition Corp (TETEF), a $112M SPAC currently marked Deal approved.
| Headline equity value | $235M |
| Effective valuation (all shares) | $275M+17% vs headline |
| Sponsor promote | 20% |
| PIPE | ≈ $5M · unsourcedcommon @ $8.00: $5.0 million of executed subscriptions for 625,000 TETE ordinary shares (the original 2022 Merger Agreement contemplated PIPE shares at $10.00). PIPE Investors, who include affiliates |
| Minimum cash to close | $5M |
| Pro-forma shares | 27.5M |
Structure per SEC accession(s) 0001493152-26-012048, 0001493152-22-028867, 0001493152-22-002576, 0001493152-26-033373, 0001493152-22-028869. How to read these numbers: headline vs effective valuation · what a definitive agreement commits
What exactly is being valued, and at what
Was this deal done at an expensive or a cheap valuation?
SpacBrain’s read on the price
No multiple can be computed
Bradbury Capital Holdings Inc. (Super Apps) has no meaningful revenue yet, so no multiple is computable — this is priced on a story, not on financials. The deal still values it at $275.4M.
The company reports no meaningful sales yet, so there is nothing to divide the price by.
Post-dilution equity (net debt unknown).
1H2025A (OneShop Retail combined Carve-Out Business - business transfers to target only at closing) — a reported actual.
Not computable — the filings record only $43.5M of revenue and treat the company as pre-revenue — a multiple struck on a nominal figure is noise, not a valuation.
$1 of their sales costs $2.60 on the open market. Median of 4 listed companies we judged a true comparable, which individually run from 0.78× to 2.96×. Their share prices are from 14 August 2026, not today.
What qualifies the figures above
- Struck on the post-dilution value of $275.4M, not the announced $235M — new shares handed to the sponsor, warrant holders and the PIPE are part of what public buyers are really paying.
- The target's cash and debt are not in the filings we have, so this is an equity value used as a stand-in for enterprise value.
- CURR, IMXI, BTFT, TIGR, MBO.L, FISV, SELD, WU, KCG have no revenue to divide by, so they are shown but left out of the peer median.
The listed companies it is measured against
| Ticker | Company | Mkt cap | EV / revenue | EV / EBITDA | Why it’s comparable |
|---|---|---|---|---|---|
| EEFT | Euronet Worldwide, Inc. | $2.8B | 0.8x | 5.2x | Euronet's epay segment is the global-scale version of the exact business being carved out: prepaid mobile airtime and digital-voucher distribution to retail networks at thin distribution margins.more ▾less ▴ |
| CURR | CURRENC Group Inc | $137M | — | — | Operational comp: IT Services & Consulting (NEC) (Financials group); micro-cap ($137m); shares remittance, airtime, bhd, sdn, transfer, group with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| GRAB | Grab Holdings Limited | $14.9B | 3.0x | 32.2x | The listed Southeast-Asian 'super app' (payments + consumer services) that the target's name and stated ambition point at; benchmarks what a real SE-Asia super-app platform earns and is valued at.more ▾less ▴ |
| IMXI | International Money Express Inc | $456M | — | — | Operational comp: Transaction & Payment Services; small-cap ($456m); shares remittance, money, paid, payment, transfer, mobile with the target's own description; forward EV/Sales 0.8x.more ▾less ▴ |
| SE | Sea Limited | $74.7B | 2.7x | 27.4x | Sea Limited's SeaMoney is the region's scaled consumer payments/e-money business; regional consumer-fintech multiple anchor. |
| BTFT | Beta FinTech Holdings Ltd | — | — | — | Operational comp: Investment Banking & Brokerage Services (NEC); shares ipo, margin, kong, hong, holdings, ltd with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| DLO | DLocal Limited | $4.2B | 2.5x | 14.0x | dLocal - emerging-markets payment processing pure-play; closest listed USD comp for EM payment-gateway economics the target licenses from MobilityOne. |
| TIGR | UP Fintech Holding Limited | $1.7B | — | — | Operational comp: Investment Banking & Brokerage Services (NEC); small-cap ($1.7bn); shares soon, listed, margin, ltd, investment, financial with the target's own description; forward EV/Sales 0.3x.more ▾less ▴ |
| MBO.L | MOBILITYONE LIMITED ORD 2.5P | — | — | — | MobilityOne Limited (AIM) is the parent selling the carve-out, the revenue guarantor, licensor of the payment stack, and 40% JV partner - the single most direct comparable; GBp quote so multiples excluded.more ▾less ▴ |
| FISV | Fiserv Inc | $36.1B | — | — | Operational comp: Transaction & Payment Services; large-cap ($36.1bn); shares merchant, payments, acquiring, lines, payment, financial with the target's own description; forward EV/Sales 2.7x.more ▾less ▴ |
| SELD | Selead International Holdings Ltd | — | — | — | Operational comp: Investment Management & Fund Operators (NEC); shares ipo, margin, holdings, asset, ltd, investment with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| WU | The Western Union Company | $2.9B | — | — | Operational comp: Transaction & Payment Services; mid-cap ($2.9bn); shares money, transfer, movement, payments, payment, retail with the target's own description; forward EV/Sales 1.0x.more ▾less ▴ |
| KCG | Keystone Global Financial Group | — | — | — | Operational comp: Investment Management & Fund Operators (NEC); shares kong, hong, group, financial with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
Which companies belong on this list is our judgement, and the sentence beside each one is the whole of our reasoning — disagree with it and the verdict above changes. Rows marked context only are shown because they are informative, but they are deliberately left out of the median. The multiples come from listed-company data priced Aug 14, 2026; a private target’s deal multiple is not audited the way theirs are.
Common questions
Is Bradbury Capital Holdings going public?
Bradbury Capital Holdings has an approved merger with the SPAC Technology & Telecommunication Acquisition Corp (TETEF), announced Oct 19, 2022. Deal status: Approved.
What is Bradbury Capital Holdings's SPAC deal valuation?
The announced headline equity value is $235M, but counting every share class — founder promote, PIPE and public shares — the effective valuation is $275M, 17% above the headline.
Was Bradbury Capital Holdings bought at an expensive or a cheap valuation?
Bradbury Capital Holdings Inc. (Super Apps) has no meaningful revenue yet, so no multiple is computable — this is priced on a story, not on financials. The deal still values it at $275.4M.
Does Bradbury Capital Holdings have revenue?
No meaningful reported revenue in its most recent filed period — the deal is priced on a story and projections, not on financial results. Treat every valuation multiple accordingly.
Educational content, not investment advice.
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