This deal expands ayondo’s footprint in the republic. Nearly a year ago, it had announced a partnership with KGI Fraser Securities Pte Ltd to launch KGI Contrax, a platform for investors to trade Contracts for Difference (CFD).
“ayondo and TradeHero share the same vision, that is to democratise the world of investing through easy-to-use disruptive technology and knowledge sharing,” said Dominic Morris, co-founder of TradeHero and the new Head of Innovation for ayondo Group, in an official press release.
The synergies between the two platforms are evident.
ayondo is an online social trading platform that allows retail investors to automatically copy the trades of experts, while TradeHero is a gamified virtual investment network, wherein users share real time insights and trade and compete to win real cash.
Through the acquisition, TradeHero will be able to leverage on ayondo’s database of over 220,000 investors from 195 countries.
TradeHero’s mobile technology specialist team even built the foundation for ayondo’s R&D facility, Singapore-based Mobile Lab. In August this year, the Mobile Lab released an investment simulation platform, allowing users to experiment with investing in a risk-free environment.
In April this year, e27 reported that ayondo was undergoing negotiations with an SGX-listed company on a Reverse Takeover (RTO) transaction to go public on the Singapore Exchange — which, if successful, will make ayondo the first fintech company to be listed on the SGX. As of now, the said discussions have not reached fruition and are still underway.
Image Credit: TradeHero