Two investing apps that have rocketed in popularity during the pandemic will soon merge into a $1.5bn powerhouse that will allow cryptocurrencies, shares, and superannuation to be managed in the one place.
Brisbane-based crypto exchange Swyftx and online broker and superannuation platform Superhero on Tuesday announced an historic merger that will bring 800,000 customers under the one roof.
The merger is tipped to be completed in the first few months of the new financial year, with both apps continuing to continue operating separately for now.
Both Swyfx and Superhero have blossomed since the arrival of Covid-19, having tapped in to a wider retail trading revolution that swept across Australia and the world.
Both provided stimulus-flush, locked-down Australians a way to manage their investments in the palm of their hands, all without the cost of having to go through traditional brokers and fund managers.
Swyftx, which last year grew its investor base by around 1,200 per cent and claims to be Australia’s top-rated digital assets exchange – provides access to more than 320 digital currencies and crypto interest-earning features.
Co-founded in 2018 by friends Alex Harper and Angus Goldman, the business currently has over 600,000 retail and corporate investors on its platform.
Meanwhile, Superhero was founded in 2018 by John Winters and Wayne Baskin and launched in late 2020 as Australia’s lowest cost online broker.
The business has grown its investor base by more than 600 per cent in the last 12 months to over 200,000 with investors able to trade across Australian and US stocks.
“We are thrilled to announce this merger and offer our customers the opportunity to invest in traditional and digital assets across a single platform,” Mr Winters said.
“The Swyftx team has achieved amazing things since launching in 2018 and we can’t wait to join together to offer investors an even better investing experience.”
The emergence of both apps and their rise in popularity ran concurrently with an extremely lucrative time for shares and cryptocurrency, although both markets have suffered extreme volatility in recent months.
Bitcoin – the biggest cryptocurrency – has lost more than half of its value since peaking near $90,000 back in November.
The ASX 200 has, a couple of times, tested the all-time high set back in August but sentiment remains afflicted by rising inflation and the prospect of stronger-than-expected interest rate hikes.