Australian Crypto Exchange Swyftx, Trading App Superhero Reveal ‘$1B’ Merger

Australia is expecting its first “super app” via a deal announced by crypto exchange Swyftx and traditional stock trading platform Superhero


Sydney, Australia | Source: Shutterstock


key takeaways

  • Leading Australian crypto exchange Swyftx will merge with retirement and equities trading platform Superhero
  • Following the completion of the deal, both business’ services are expected to be bundled under one interface for their combined 800,000-strong customer base

Swyftx, one of Australia’s largest crypto exchanges by total volume, and ASX trading platform Superhero said Tuesday they will merge to create a “$1.5 billion (US$1 billion) financial services giant.”

The merger will attempt to forge Australia’s first crypto “super app” that offers access to both decentralized and traditional finance by enabling investment in crypto, retirement funds and equities, according to a statement.

The race is on to create Australia’s first financial super app, a platform designed to bundle multiple services from existing businesses across various sectors in an attempt to present a seamless customer experience. The country’s banks are leveraging their extensive customer bases in hopes of claiming the title, sans crypto.

“The proposed merger represents a significant step for both businesses in terms of their evolution from disruptive tech players into a single, major financial institution that can grow across domestic and international markets,” Swyftx co-founder Alex Harper said.

Both companies said they have experienced explosive growth over the last 12 months with Brisbane-based Swyftx clocking a 1,200% increase in users while the online share trading platform has witnessed a 600% rise.

The $1 billion figure is an agreed valuation by Swyftx and the Superhero board of directors based on various business fundamentals including past revenue and forecast revenue, a spokesperson told Blockworks.

“There’s confidence among both parties that the combined business easily justifies the valuation,” the spokesperson said. “This is two private companies coming together in a transaction with a significant equity component, so the key is relative valuation.”

Over 800,000 customers are expected to be counted at the completion of the deal, with 200,000 being tacked on to Swyftx via the superannuation and trading platform’s existing customers. Like a 401(k) in the US, superannuation is Australia’s retirement pension fund plan designed to deduct a portion of an employee’s income into a long-term savings account.

Both platforms will continue to operate their separate platforms while plans are made to offer both service offerings to investors. Following the deal’s wrap up, customers of both platforms will be able to log in via a unified interface under a single account.

The combined business will serve investors across Australia and New Zealand with offices in Sydney, Brisbane, London and Vancouver. The merger is expected to be completed early next year.

Don’t miss the next big story – join our free daily newsletter.


Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.


TUES, OCT. 8, 2024

Guided by the expertise of Blockworks Research Analysts team, this one day event will feature senior leaders, entrepreneurs, and developers from across the crypto industry. Attendees will have the opportunity to participate in an immersive experience to explore the latest trends, […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Top Icon.png


Osmosis thrived in H2 2023 on the back of increased DeFi activity deriving from recently launched Cosmos-related projects and better market conditions. With new value accrual mechanisms for the native token, Osmosis is well-positioned to continue its strong performance in 2024.



Blast encouraged users to deposit into its multisig. Now they can finally exit


Eight state attorney generals warn the SEC’s enforcement actions could “stymie” potential state legislation around crypto


BlackRock’s bitcoin ETF is well on its way to eclipsing MicroStrategy for total bitcoin held


Why I’m not mad that I spent all of my bitcoin on food, rent and tennis lessons


A crypto bull market demands billions more dollars on blockchains. Luckily, stablecoin issuers are on deck


Net inflows into the 10 US spot BTC funds dropped from a record $673 million Wednesday to $92 million Thursday