Singapore's Syfe clinches Australia-listed Selfwealth for $54.5 million in cash
The acquisition will make Syfe one of the largest digital wealth platforms in the Asia Pacific., said CEO Dhruv Arora. ST PHOTO: CHONG JUN LIANG
SINGAPORE - Singapore-based investment platform Syfe has emerged the winner in a three-cornered fight to buy Selfwealth, one of Australia's largest digital investing platforms.
On April 22, Selfwealth shareholders voted in favour of Syfe's all cash A$65 million (S$54.5 million) offer.
The acquisition will make Syfe one of the largest digital wealth platforms in the Asia Pacific, said founder and chief executive officer Dhruv Arora.
The transaction is expected to be completed on May 7 after all remaining conditions, including necessary court approvals, are met or waived.
Selfwealth will then be delisted from the Australian Securities Exchange, and operate as Selfwealth by Syfe.
Syfe's group chief operating officer and head of international operations, Ms Samantha Horton, will lead the integration on behalf of Syfe.
CEO Mr Arora believes now is the time to strengthen Syfe's 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,' said Mr Arora.
'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,' he said.
Mr Arora added that 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, he said.
Syfe was set up in 2019 with a goal to make wealth management more accessible and affordable using technology and quality advice.
Australia is estimated to have nearly 12 million Australians who have investable wealth of over US$100,000 (S$130,000) and that number is growing.
Singapore-grown Syfe had made a non-binding indicative proposal via its parent company Svava to acquire all of Selfwealth for A$65 million. This translated to A$0.28 cash per share.
Svava operates wealth management platforms through its Syfe brand in Australia, Singapore and Hong Kong.
Svava became the third company publicly entering the foray to buy Selfwealth, following bids from Australia-based Bell Financial Group and AxiCorp Financial Services last year.
At A$65 million, Svava's offer was at a 133 per cent premium to Selfwealth's last close share price of A$0.12 on November 12, 2024, being the day prior to Bell's initial offer.
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