Syfe, a Singapore-based saving and investment platform, has made a non-binding indicative offer to acquire Selfwealth, one of Australia’s largest digital investing platforms, for A$65 million ($40.83 million) cash.

Syfe said in a statement on Wednesday that the proposed acquisition will add Selfwealth’s platform to Syfe’s existing business, significantly expanding its Australian footprint.

It is noted that during its Series C-1 fundraising round in 2024, Syfe announced its intent to pursue acquisitions as a key growth lever, focusing on expanding its market reach and strengthening its product offering.

With established operations in Singapore, Hong Kong, and Australia, Syfe said the firm is well-positioned to support Selfwealth’s growth while delivering an even stronger digital investing experience to customers across the region.

Syfe’s vision for Selfwealth is for it to continue operations as usual, with enhancements over time as it benefits from Syfe’s technology, expertise, and scale.

“As a home-grown Singaporean company, we are proud to be part of the new wave of local fintech players that are scaling globally,

“This acquisition is a testament to the strength of our business, our ambition, and our belief that wealth management should be accessible and innovative, with the investor experience at core of everything we do,” said Dhruv Arora, Founder and Chief Executive Officer of Syfe.

According to the statement, Selfwealth’s strong user base, well-established brand, and investment platform make it a natural strategic fit for Syfe.

The acquisition would 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.

“Syfe has built one of the strongest wealth platforms in Asia, trusted by investors in over 60 countries and over 250,000 users in Singapore alone,” said Arora.

“Having already demonstrated in Singapore how a customer-first approach and disciplined growth can drive real impact, Syfe’s leadership team sees a similar opportunity in Australia,

“Adding Selfwealth to the Syfe ecosystem strengthens our foothold in the market and accelerates our vision of building Asia Pacific’s most comprehensive digital wealth platform,” he added.

Despite the challenging market environment, Syfe said the firm continues to demonstrate resilience and growth, further solidifying its leadership in Asia Pacific’s wealthtech sector.

It is noted that the company reached profitability in early 2024, reinforcing its ability to scale efficiently while delivering long-term value to customers.

Over the past year, Syfe has also strengthened its market position, securing S$105 million ($77.8 million) in total funding and expanding its user base to include more than 5 percent of Singaporean adults, a testament to its growing influence in the financial services sector.

Syfe is backed by leading global investors including Peter Thiel’s Valar Ventures, Unbound and partners from DST.

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