Singapore-based, Asia-Pacific-focused saving and investment platform Syfe is set to acquire Selfwealth, one of Australia’s largest digital investing platforms, following a successful shareholder vote on the all-cash A$65 million ( US$41.6 million ) transaction.

Syfte, built on the pillars of access, advice and affordability, caters to the wealth needs of individuals through diversified proprietary portfolios, cash management solutions and brokerage.

Selfwealth has a trusted and established brand and platform among Australian investors, Syfe notes, and will provide it with immediate access to a large, committed and high-quality Australian customer base.

The acquisition, which is expected to be completed on May 7, will result in Selfwealth being delisted from the Australian Securities Exchange to begin privately trading as Selfwealth by Syfe, with operations continuing to be headquartered in Melbourne. Samantha Horton, group chief operating officer and head of international operations, will lead the integration on behalf of Syfe.

The deal, the platforms say, will unlock greater potential to increase the level and speed of product innovation, while significantly improving user experience.

As well, the acquisition, points out Dhruv Arora, Syfe founder and CEO, aligns with Syfe’s business objectives to grow its presence and investor-base in Australia. 

“Selfwealth’s strong user base and credibility in the Australian market make it a natural strategic fit for Syfe,” Arora shares. “The acquisition will provide a seamless transition for customers, unlocking access to Syfe’s broader suite of investment products and technology-driven solutions over time, while retaining everything that Selfwealth customers presently enjoy.”

Australia has a significant ‘mass affluent’ population, according to Syfe, as there are nearly 12 million Australians who have investable wealth over $US100,000, and that number is growing.

“The ‘mass affluent’ growth is a trend across the region and people’s need for quality wealth management services,” Arora notes, “is expected to grow exponentially in the coming years and Australia will be at the forefront.”