Swyftx acquires Caleb & Brown to target wealthy US investors
The acquisition follows Swyftx's earlier purchase of New Zealand crypto exchange Easy Crypto, as the group continues its recent expansion across markets in Australasia, North America, and beyond.
Major acquisition
According to Swyftx, the transaction constitutes the largest crypto acquisition in Australasian history and signals the group's ambition to address the needs of affluent digital asset investors, particularly in the United States, where the company seeks to access the world's largest crypto market.
Jason Titman, Chief Executive Officer of Swyftx, highlighted the strategic nature of the acquisition and noted its intended impact on both the US and New Zealand markets. He said high-value customers currently represent approximately 30 percent of Easy Crypto's user base in New Zealand, but are responsible for about three-quarters of total trading volumes.
Titman reported a significant increase in high-net-worth activity: "Titman says they have recorded a 25 percent increase in wealthier clients over the past year, signalling strong and growing demand for tailored crypto services." "What we know about this segment of the market is that they're often older, looking for more than just low fees and they're not interested in crypto's meme-culture. "Many of them are business owners or professional investors who are used to personalised financial services. This acquisition gives us the platform and expertise to meet those expectations. "Caleb & Brown has quietly established one of the most impressive brokerage offerings in the world, with a heavily differentiated private client service. We see enormous growth potential. "Swyftx has the resources to build on Caleb & Brown's competitive advantages and peel off high net worth clients from the largest exchanges. There are polished and well-respected platforms operating in the US but a lot of the new breed of wealthy investors want a service that is ultra client-centric, with round-the-clock access to broker expertise. It is the kind of relationship management they get in traditional finance. "Over the next couple of years, we'll look to significantly grow Caleb & Brown's network of relationship managers so that we can target more wealthy clients from the big US exchanges on their home turf. We see this as an underserved market," he says.
Expanding global reach
Titman described the deal as "the largest crypto acquisition in ANZ history" and said that it "gives Swyftx access to the world's leading digital assets market at a time when the US has sought to position itself as the 'crypto capital of the planet'. The US currently accounts for around a quarter of all global trade volumes in cryptocurrency."
Swyftx has expanded significantly in recent years, now serving over 1.2 million customers across the group. The acquisition of Caleb & Brown will extend Swyftx's reach to Australia, New Zealand, South Africa, and the United States, with the group projected to employ just under 300 staff members upon deal completion.
Caleb & Brown background
Caleb & Brown, established by Rupert Hackett and Dr Prash Puspanathan in 2016, provides crypto brokerage, asset management, and research services to private clients across the US and Australia. The company reportedly oversees over AUD $2 billion in digital assets and employs 64 team members between Australia and the United States under the leadership of Equal Partner and Chief Executive Officer, Jackson Zeng.
Zeng commented on the significance of the acquisition and its alignment with the company's approach to client service: "We're excited to join the Swyftx Group. It is the fastest-growing exchange in the ANZ region and shares our client-centric approach." "This deal is a testament to the strength of our brokerage and its differentiated offering. Swyftx has the resources to help us scale faster, diversify our product offering and expand our geographic reach," he says.
The acquisition places Swyftx among the largest players in the region's digital asset brokerage sector, with strengthened capabilities to serve high-net-worth individuals seeking bespoke crypto services across multiple continents.
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