For A$65 million ($40.83 million) in cash, Singapore-based saving and investing platform Syfe has made a non-binding indicative offer to purchase Selfwealth, one of Australia’s biggest digital investing platforms.
In a statement released on Wednesday, Syfe stated that the proposed acquisition would greatly increase its presence in Australia by integrating Selfwealth’s platform into its current operations.
It should be mentioned that Syfe declared during its 2024 Series C-1 fundraising round that it intended to pursue acquisitions as a major growth lever, concentrating on enhancing its product line and broadening its market reach.
With well-established operations in Australia, Hong Kong, and Singapore, Syfe claimed to be in a good position to help Selfwealth expand while providing clients throughout the region with an even better digital investing experience.
Syfe envisions Selfwealth carrying on with business as usual, with improvements made over time as it gains access to Syfe’s technology, experience, and scale.
“As a home-grown Singaporean company, we are proud to be part of the new wave of local fintech players that are scaling globally,
“This acquisition is a testament to the strength of our business, our ambition, and our belief that wealth management should be accessible and innovative, with the investor experience at core of everything we do,” said Dhruv Arora, Founder and Chief Executive Officer of Syfe.
Selfwealth’s robust user base, established brand, and investment platform, according to the statement, make it an obvious strategic fit for Syfe.
With the acquisition, customers would have a smooth transition and eventually gain access to Syfe’s wider range of investment products and technology-driven solutions, all while keeping the benefits that Selfwealth customers currently enjoy.
“Syfe has built one of the strongest wealth platforms in Asia, trusted by investors in over 60 countries and over 250,000 users in Singapore alone,” said Arora.
“Having already demonstrated in Singapore how a customer-first approach and disciplined growth can drive real impact, Syfe’s leadership team sees a similar opportunity in Australia,
“Adding Selfwealth to the Syfe ecosystem strengthens our foothold in the market and accelerates our vision of building Asia Pacific’s most comprehensive digital wealth platform,” he added.
Syfe stated that the company is still growing and exhibiting resilience in spite of the difficult market conditions, which further solidifies its position as the leader in the wealthtech industry in Asia Pacific.
It should be mentioned that the business turned a profit in the first part of 2024, demonstrating its capacity to grow effectively while providing clients with long-term value.
By gaining S$105 million ($77.8 million) in total funding and growing its user base to over 5% of Singaporean adults, Syfe has further solidified its position in the market over the past year, demonstrating its increasing clout in the financial services industry.
Leading international investors, such as DST partners, Unbound, and Peter Thiel’s Valar Ventures, support Syfe.
