Samantha Horton
Leading Asia Pacific saving and investment platform, Syfe, is set to acquire Selfwealth, one of Australia’s largest digital investing platforms, following a successful shareholder vote on the all cash AU $65 million transaction.
Built on the pillars of access, advice and affordability, Syfe caters to the wealth needs of individuals through diversified proprietary portfolios, cash management solutions, and brokerage. Selfwealth has a trusted and established brand and platform among Australian investors and will provide Syfe with immediate access to a large, committed, and high-quality Australian customer base.
Subject to all remaining conditions being met or waived – including necessary court approvals – the acquisition is expected to be completed on 7 th May. This will result in Selfwealth being delisted from the ASX to begin privately trading as Selfwealth by Syfe, with operations continuing to be headquartered in Melbourne. Group Chief Operating Officer and Head of International Operations, Samantha Horton, will lead the integration on behalf of Syfe.
Commenting on the transaction, Syfe Founder and CEO, Dhruv Arora, said the acquisition aligns with Syfe’s business objectives to grow its presence and investor-base in Australia.
“Selfwealth’s strong user base and credibility in the Australian market make it a natural strategic fit for Syfe. The acquisition will provide a seamless transition for customers, unlocking access to Syfe’s broader suite of investment products and technology-driven solutions over time, while retaining everything that Selfwealth customers presently enjoy,” Mr Arora said.
“We established Syfe in 2019 with a goal to democratise wealth management by making it more accessible and affordable through innovative technology and quality advice. Since that time, we have helped hundreds of thousands of customers to grow their wealth and invest in a better future.
“We believe now is the time to strengthen our presence in Australia. Despite the largest intergenerational wealth transfer in history presently underway, a large proportion of Australians are still keeping their wealth in savings accounts, foregoing significant market returns. For many, the missing link is objective, transparent advice and access to the right investment solutions. Syfe is well placed to tap into this opportunity through advice and education as well as a low-cost, innovative offering that doesn’t compromise on quality.”
Syfe and Selfwealth’s strengths are complementary with a shared focus on long-term investing, mass affluent investors, and a commitment to putting investor needs first. The deal will unlock greater potential to increase the level and speed of product innovation, while significantly improving user experience.
Selfwealth CEO, Craig Keary said “Established in 2012, Selfwealth has over 13 years developed a strong and trusted brand and grown a loyal customer base.
As CEO I am immensely proud of what has been achieved for both customers and shareholders, particularly over the last 18 months. With a refreshed Board and new leadership team, significant progress and success has been accomplished in a short time as we transformed the business to meet shifting customer demands.
Today, we see great value in entering a new phase for the Selfwealth business with Syfe’s vision to enhance the digital investing experience, which is aligned with our commitment to providing accessible and innovative investment solutions to our clients. We are confident that this alignment will deliver enhanced value to all our customers.”
Australia’s growing wealth opportunity
Australia has a significant ‘mass affluent’ population. Meaning, there are nearly 12 million Australians who have investable wealth over $US 100,000 and that number is growing.
“The ‘mass affluent’ growth is a trend across the region and people’s need for quality wealth management services is expected to grow exponentially in the coming years and Australia will be at the forefront,” Mr Arora said.
“Despite unprecedented growth, there remains a gap in the digital investment and advice space, with a lack of options between traditional pure DIY brokerages and expensive private banking or independent adviser services. Syfe’s holistic platform addresses this gap and is our true differentiator, providing global market access, cash management, and end-to-end wealth solutions for retail and corporate investors in over 60 markets. We are excited to extend our offering to more Australian investors.”
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