Aussie crypto exchange Swyftx will join forces with share trading platform Superhero, which could value the company at $1.5 billion.
👉 Background: Swyftx is an Aussie crypto exchange that allows users to buy over 310 crypto assets. It was founded in 2018 and grew to have over 600k investors on its platform. Superhero kicked off in 2020, selling itself as Australia's lowest cost online broker. It grew to over 200k investors.
👉 What happened: The two companies reckon they're the perfect pair... So much so that they've announced a surprise merger. They say the deal would value the combined company at $1.5 billion.
👉 What else: The founders reckon there were a lot of alignments in their businesses, so teaming up made sense. This is the first time we've seen consolidation like this in the Aussie market.
💡While this merger highlights the similarities between the two companies and their alignment, the companies come from very different backgrounds.
💡 Swyftx has been completely bootstrapped 🥾. That means it had no outside investment pumping capital into its growth. In contrast, Superhero relied on outside investors from the very beginning, raising $48 million since launching.
💡 But the merger of the two companies is supposedly now worth $1.5 billion... so, it seems like they've both done things right to grow in company value - just in different ways.
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