Singapore-based digital wealth platform Syfe is moving ahead with its acquisition of Selfwealth, one of Australia’s largest online investing platforms, after securing overwhelming shareholder support for its A$65 million (S$54.5 million) all-cash offer.
As reported by The Straits Times, 99.7 per cent of votes cast at Selfwealth’s April 22 meeting backed the deal, representing 88.46 per cent of shareholders in attendance.
The offer values Selfwealth shares at 28 Australian cents each and is expected to close by 7 May, pending court approval.
Once finalised, Selfwealth will be delisted from the Australian Securities Exchange and rebranded as “Selfwealth by Syfe.”
The transaction marks a major milestone for Syfe, which has grown rapidly since its launch in 2019.
With more than 250,000 users and regulatory licenses across Singapore, Hong Kong, and Australia, the firm sees this acquisition as a springboard to deepen its presence across the Asia Pacific region.
Syfe’s Group COO and Head of International Operations, Samantha Horton, will oversee the integration.
The company intends to preserve Selfwealth’s existing features while enhancing its platform with Syfe’s broader investment tools, including global market access, cash management, and managed wealth solutions.
Founder and CEO Dhruv Arora said the acquisition aligns with Syfe’s long-term strategy and addresses an unmet need in Australia for transparent advice and accessible investment options.
He noted that a significant portion of Australians continue to hold wealth in low-yield savings accounts, highlighting a market gap Syfe aims to fill.
Arora added that Selfwealth’s established user base and brand reputation made it a natural fit.
He expects the integration to offer users an improved digital experience without disruption to existing accounts or investments.
The offer was made through Syfe’s parent company Svava, which operates its wealth management services under the Syfe brand across several markets.
Svava’s bid followed earlier proposals from Bell Financial Group and AxiCorp Financial Services and represented a 133 per cent premium over Selfwealth’s last traded price of 12 Australian cents prior to the initial bid in November 2024.
The deal is part of Syfe’s broader growth roadmap, which identified strategic acquisitions as a key lever during its 2024 fundraising round.
Syfe raised US$27 million in August 2024, pushing its total raised capital to US$79 million.
The company reported profitability in its home market of Singapore in early 2024.
The article first appeared on Fintech News Singapore
Featured image credit: Edited from Freepik
