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Two of Australia’s most popular fintechs today announced an historic merger that will create the country’s first digital and traditional finance powerhouse.
The partnership between digital asset broker Swyftx and share trading and superannuation platform Superhero will establish a $1.5 billion financial services giant. The combined group will count over 800,000 customers at completion.
The merged business will become the first in Australia to offer access to both decentralised and traditional finance, supporting trading and investing across cryptocurrencies, equities and superannuation.
Swyftx, which last year grew its investor base by around 1,200 per cent, is Australia’s top-rated digital assets exchange – providing access to more than 320 digital currencies and crypto interest earning features.
Co-founded in 2018 by Alex Harper and Angus Goldman, the business currently has over 600,000 retail and corporate investors on its platform.
Mr Harper said: “The proposed merger represents a significant step for both businesses in terms of their evolution from disruptive tech players into a single, major financial institution that can grow across domestic and international markets.”
“There is a deep level of mutual respect and alignment between our teams and the experience that the Superhero team has in the regulated business will be enormously important in shaping the future of the combined entity, especially with digital currency going through its own journey towards regulation.”
John Winters and Wayne Baskin co-founded Superhero in 2018 and launched in late 2020 as Australia’s lowest cost online broker. The business has grown its investor base by more than 600 per cent in the last 12 months to over 200,000 with investors able to trade across Australian and U.S. stocks.
In July 2021, Superhero also released its flagship superannuation offering, Superhero Super, allowing Australians the opportunity to invest their retirement savings in a range of portfolios, including direct ASX listed shares and ETFs.
Mr Winters said: “This is an incredibly exciting day – both for the Superhero and Swyftx teams as well as all of the investors who utilise our combined services.”
“We are thrilled to announce this merger and offer our customers the opportunity to invest in traditional and digital assets across a single platform. The Swyftx team has achieved amazing things since launching in 2018 and we can’t wait to join together to offer investors an even better investing experience.”
Superhero and Swyftx will continue to operate their separate platforms while plans are made to offer both service offerings to all investors. The combined business will support its 800,000 investors across Australia and New Zealand, with offices in Sydney, Brisbane, London and Vancouver.
The merger is expected to be completed in early FY23.
About Swyftx
Co-founded in 2018 by Alex Harper and Angus Goldman, Swyftx is the country’s top-rated cryptocurrency exchange, providing access to more than 320 digital currencies and crypto interest earning features. The group has grown its customer base across Australia and New Zealand to 600,000. It is an Australian digital currency exchange provider registered with AUSTRAC.
About Superhero
Co-founded by CEO John Winters and CTO Wayne Baskin in 2018, Superhero’s mission is to make investing affordable, accessible, and understandable. Superhero’s ASX trading platform went live in September 2020 and now has 200,000 investors. Superhero Super was made available in July 2021, designed to meet the high expectations of a new generation of investors by giving Australians the ability to invest their super in their chosen shares and exchange traded funds.
Swyftx
