Singapore-based digital wealth management platform Syfe is set to acquire Selfwealth, one of Australia’s largest digital investing platforms, following a successful shareholder vote approving the AU$65m transaction. The acquisition, expected to be completed by 7 May, will see Selfwealth delisted from the Australian Securities Exchange (ASX) and operate as Selfwealth by Syfe, maintaining its headquarters in Melbourne.
Syfe, founded in 2019, aims to democratise wealth management by providing accessible and affordable investment solutions. The acquisition of Selfwealth aligns with Syfe’s strategy to grow its presence in Australia and expand its investor base. Dhruv Arora, Syfe’s CEO, stated, “Selfwealth’s strong user base and credibility in the Australian market make it a natural strategic fit for Syfe.”
The deal will allow Syfe to offer its broader suite of investment products and technology-driven solutions to Selfwealth’s existing customers, whilst maintaining the services they currently enjoy. Samantha Horton, Syfe’s Group Chief Operating Officer, will lead the integration process.
Selfwealth CEO Craig Keary expressed confidence in the partnership, highlighting the alignment of both companies’ visions to enhance the digital investing experience. “We see great value in entering a new phase for the Selfwealth business with Syfe’s vision,” Keary said.
Australia’s growing ‘mass affluent’ population, with nearly 12 million individuals holding investable wealth over $100,000, presents a significant opportunity for Syfe. The company aims to address the gap in digital investment and advice services, offering a holistic platform that provides global market access and end-to-end wealth solutions.
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