Syfe, a financial savings and funding platform, has made a non-binding indicative provide to accumulate Selfwealth, an Australian digital investing platform, for AUD$65 million in money.
This transfer follows Syfe’s Collection C-1 fundraising spherical in 2024, the place the corporate outlined its technique of acquisitions as a key driver for development.
The proposed deal goals to broaden Syfe’s market attain, notably in Australia, whereas enhancing its product providing.
Syfe, which already has operations in Singapore, Hong Kong, and Australia, is well-positioned to assist Selfwealth scale additional.
Syfe plans for Selfwealth to proceed its operations as regular, with enhancements over time by means of Syfe’s expertise and experience.
Dhruv Arora, Founder and CEO of Syfe, commented,
“As a home-grown Singaporean firm, we’re proud to be a part of the brand new wave of native fintech gamers scaling globally. This acquisition displays the energy of our enterprise, our ambition, and our perception that wealth administration needs to be each accessible and modern, with the investor expertise on the core of every little thing we do.”
The acquisition would supply Selfwealth’s prospects with entry to Syfe’s broader funding merchandise and technology-driven options, whereas sustaining the present choices that Selfwealth customers worth.
The corporate reached profitability in early 2024, proving its capacity to scale effectively and supply long-term worth to prospects.
Prior to now 12 months, Syfe has raised SGD$105 million in complete funding and expanded its person base to incorporate greater than 5% of Singapore’s grownup inhabitants.
Featured picture credit score: edited from freepik
