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

article-image

Sydney, Australia | Source: Shutterstock

share

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.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter.

Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Permissionless is a conference for founders, application developers, and users. Come meet the next generation of people building and using crypto.

Javits Center North | 445 11th Ave

Tues - Thurs, March 18 - 20, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

4.png

Research

This months PPGC covered four main areas. Firstly, debriefing the progress and status of the mainnet implementation of the Ahmedabad hard fork. Secondly, a retrospective on the testnet phase of the Ahemdabad Hard Fork. Thirdly, an update on PIP-36 which involves replaying failed state syncs. Lastly, PIP-47 which pushes upgrades to the Polygon Protocol Council.

article-image

Institutions to test out the settlement of “digital assets and currencies” on a network that annually carries more than 5 billion financial messages

article-image

After Bitwise’s XRP ETF filing this week, one industry watcher notes: “Politics will determine whether this happens soon or in a few years”

article-image

Plus, a look back at some of the SEC’s biggest enforcement moves under Gurbir Grewal

article-image

The forward-looking financial system is being championed by several contributors to India’s UPI digital money system

article-image

Multiple teams are pursuing integration cross-chain and off-chain

article-image

An SEC spokesperson told Blockworks the Ripple judgment clashes with Supreme Court precedent and securities laws