In perhaps a sign of the times, an ASX shares trading platform and a cryptocurrency exchange are merging to form a mega one-stop-shop.
Superhero, the online stockbroking platform that made headlines for charging just $5 brokerage, has revealed it would merge with crypto exchange Swyftx.
The deal, called "historic" by both Australian companies, will result in a new $1.5 billion fintech monster.
Swyftx co-founder Alex Harper said the merger was "a significant step" for both parties as they evolved from disrupters into a "major financial institution".
"There is a deep level of mutual respect and alignment between our teams and the experience that the Superhero team has in the regulated business will be enormously important in shaping the future of the combined entity, especially with digital currency going through its own journey towards regulation."
Swyftx and Superhero co-founders Alex Harper, Wayne Baskin, Angus Goldman and John Winters. Image source: Superhero
Explosive growth during the pandemic
Both companies enjoyed explosive growth in recent times as Australians flocked to shares and crypto during the long COVID-19 lockdowns.
Swyftx saw its user base grow an incredible 1,200% last year. The platform now has more than 600,000 retail and institutional investors on its books.
Superhero launched in late 2020, with some parts of the industry labelling it Australia's answer to the popular US stock platform Robinhood Markets Inc (NASDAQ: HOOD).
It also saw its user population expand exponentially, growing 600% over the last 12 months to now boast 200,000 clients.
The company now also offers a superannuation product, which, judging by its name, was its original founding mission.
'Exciting day' for both platforms
Both platforms will continue to run as standalone sites as plans are made to offer all of the new group's services on both.
Harper and current Swyftx chief Ryan Parsons will become co-executive officers of the merged entity. Superhero co-founder John Winters will sit on the board.
The transaction is due to complete early in the new financial year.
Winters said it was "an incredibly exciting day".
"We are thrilled to announce this merger and offer our customers the opportunity to invest in traditional and digital assets across a single platform.
"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."
