Syfe, a robo adviser and digital wealth platform operator based in Singapore, has offered to acquire Australia-listed investment platform Selfwealth for A$65 million (about $41 million) in cash.
The proposed acquisition, part of Syfe’s growth strategy announced during its Series C-1 fundraising round last year that raised $27 million, will add one of Australia’s largest digital investing platforms to its roster.
Syfe has raised S$105 million (about $78 million) to date, which means the acquisition amount is more than half of its total funding. A spokesperson for Syfe told DealStreetAsia the company has secured the necessary financing for the acquisition.
If completed, Syfe said the acquisition will significantly increase its presence in Australia, adding Selfwealth’s user base to its operations across Singapore, Hong Kong, and Australia.
“This acquisition is a testament to the strength of our business, our ambition, and our belief that wealth management should be accessible and innovative,” said Syfe founder and CEO Dhruv Arora.
Selfwealth, one of Australia’s largest digital investment platforms, will continue to operate independently, with Syfe gradually integrating its technology and services.
The move is expected to provide Selfwealth customers access to a broader range of investment products while maintaining the platform’s existing offerings, per the announcement.
Syfe, which reached profitability in early 2024, has been expanding rapidly, with more than 250,000 users in Singapore and operations in over 60 countries.
Syfe’s top shareholders
It has raised a total of S$105 million ($78 million) from investors including Peter Thiel’s Valar Ventures, Unbound, and DST partners. The company’s investment platform offers managed portfolios, brokerage services, and cash management solutions.
Svava Pte Ltd, the holding company of Syfe and its subsidiaries, posted a 66.5% increase in revenue in its fiscal year ended March 31, 2024, regulatory filings show.
The company’s filings with Singapore’s Accounting and Corporate Regulatory Authority show that Syfe and its subsidiaries generated S$7.06 million ($5.29 million) in total revenue during the period, up from S$4.25 million ($3.19 million) previously. Its total losses dropped to S$11.06 million ($8.29 million) from S$22.45 million ($16.84 million) in the same period last year.