Syfe Clinches Selfwealth Deal in A$65 Million All-Cash Acquisition

After a six-month bidding contest, Singapore-based investment platform Syfe has won the race to acquire Selfwealth, one of Australia’s top digital investing platforms, in a deal worth A$65 million (S$54.5 million).

On April 22, Selfwealth shareholders overwhelmingly backed Syfe’s all-cash offer of 28 Australian cents per share. The resolution passed with 88.46% shareholder attendance and 99.7% of votes in favor.

The deal is expected to close by May 7 pending court approval and will see Selfwealth delisted from the Australian Securities Exchange and rebranded as “Selfwealth by Syfe.”

Once finalized, the acquisition will place Syfe among the largest digital wealth platforms in the Asia-Pacific region, according to Syfe founder and CEO Dhruv Arora.

Samantha Horton, Syfe’s group COO and head of international operations, will lead the integration. Arora said the merger allows Syfe to deepen its footprint in Australia, where millions still rely on savings accounts despite a major generational wealth transfer underway.

“Many Australians are missing out on better returns due to lack of clear investment guidance and access to the right tools,” Arora said. “Syfe can fill that gap with straightforward advice and affordable solutions that don’t cut corners.”

Syfe’s plan is to combine Selfwealth’s brand and user base with its own tech and product suite, including global market access, cash management, and managed investment services. Arora said customers will see an upgraded digital experience without any disruption to their current accounts.

The offer came through Syfe’s parent company, Svava, which submitted its bid after rival offers from Bell Financial Group and AxiCorp in late 2024. At A$65 million, Svava’s proposal represented a 133% premium over Selfwealth’s last traded price before Bell’s bid.

The acquisition fits into Syfe’s broader expansion strategy, outlined during its 2024 fundraising round, where it flagged M&A as a key driver for growth. The company, licensed by the Monetary Authority of Singapore, now serves over 250,000 users across Singapore, Hong Kong, and Australia.

The competition for SelfWealth intensified in December after with CFDs broker AxiCorp countered Bell Financial Group’s offer with a higher bid of 23 cents per share, up from BFG’s 22-cent offer.

AxiCorp was pushing for a quick deal as its proposal includes no due diligence or financing conditions. Founded in 2007 and headquartered in Sydney, AxiCorp operates in 120 countries with over 400 employees under the leadership of CEO Rajesh Yohannan and CCO Louis Cooper.

The SelfWealth board acknowledged AxiCorp’s offer but advised shareholders to wait, noting there was no certainty either bid would result in a binding transaction. The board earlier deemed BFG’s offer “compelling” and recommended it, barring a superior proposal.

AxiCorp’s proposal, however, included stipulations such as assurance of no material adverse changes to SelfWealth’s business and the SelfWealth board’s unanimous endorsement. The company also faces scrutiny due to its regulatory history. In 2021, the Australian Securities and Investments Commission (ASIC) temporarily suspended AxiCorp’s Australian Financial Services License (AFSL) for compliance failures, including breaches of client money reporting and financial statement requirements.