FCA regulated social trading and fintech technology provider Ayondo has announced that it is acquiring the TradeHero brand, a Singapore investor education app that has been ranked as the number one finance Apple iOS app in over 90 countries.
Dominic Morris, co-founder of TradeHero, will become the new Head of Innovation for Ayondo Group.
The acquisition of TradeHero expands Ayondo’s footprint in Singapore ahead of its planned SGX listing. We had previously reported that Ayondo is planning a ‘Reverse Takeover’ IPO on Singapore Exchange SGX.
TradeHero’s mobile stock market simulation app offers risk-free investor education, and is ranked as the #1 Apple iOS finance app in over 90 countries.
The acquisition for TradeHero’s brand outside of China and the United States further expands Ayondo’s footprint in Singapore nearly a year after it announced a partnership with KGI Fraser Securities Pte Ltd to launch KGI Contrax, a platform for investors to trade Contracts for Difference (CFDs). Ayondo’s social trading platform allows retail investors to copy the trades of experts.
Robert Lempka, CEO of the Ayondo Group, said:
For Ayondo, mobile technology is a big part of the Group’s strategy for expansion and growth. The TradeHero brand is extremely well established in Asia and was the missing piece in our product range.
TradeHero, created by Dominic Morris and Dinesh Bhatia in 2012, is a gamified virtual investment network where users share real time insights and trade and compete to win real cash. With TradeHero, users can replicate the behavior of other successful app users as the app will notify followers when a so-called “Hero” has made a trade.
Following Top Traders and taking social trading to the next level, in offering fully automated execution is exactly what is in Ayondo’s DNA.
Dominic Morris, co-founder of TradeHero and the new Head of Innovation for Ayondo Group, adds:
Ayondo and TradeHero share the same vision, that is to democratise the world of investing through easy-to-use disruptive technology and knowledge sharing. Ayondo is well positioned with its pioneering business model and scalable solutions for B2B and B2C clients. With over 220,000 users from 195 countries, ayondo offers a new and highly attractive way of investing in global financial markets.
The team of TradeHero’s mobile technology specialists built the foundation for Ayondo’s Singapore based Mobile Lab, where the latest research and development takes place giving the group an edge in designing, building, experimenting and refining new technologies for its platforms.
Ayondo’s expansion into Asia is in full swing. As per above, the group is engaged in advanced negotiations with a SGX-listed company on a Reverse Takeover (RTO) transaction. This could result in Ayondo being the first FinTech company to be listed on the Singapore Exchange (SGX) and the company’s head office being moved to Asia’s fintech hub.
Ayondo Singapore recently moved to a new office in newly renovated premises at Armenian Street. The branch was established in 2014 after Singapore-based private equity fund, Luminor Capital Pte. Ltd., became a significant stakeholder in Ayondo.