Superhero and Swyftx merge: What does it mean for you?
Two of Australia's most prominent investing platforms are merging, but what does it mean for users of either service?
You will soon be able to trade shares, superannuation and cryptocurrency all under a single trading platform.
Under the merger, the Sydney-based share trading and superannuation platform Superhero and Brisbane-located digital broker Swyftx will have an estimated 800,000 customers and form a $1.5 billion financial powerhouse.
The merger will take place in the next few months, at the start of the 2023 financial year.
Superhero's CEO John Winters describes it as an incredibly exciting day for both businesses.
"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 CEO said.
Why the merger?
According to Superhero, the 2 companies align as they can collectively make it easier for investors to easily invest, grow and manage their wealth.
This will allow the 2 funds that made their name during the pandemic to each target a different market segment.
For Superhero, the merger will give the business access to 600,000 customers who are currently trading 320 digital cryptocurrencies.
On the other hand, Swyftx will gain access to a combined 200,000 share trading and superannuation members.
Swyftx co-founder Alex Harper points out that the strategic alignments will help both businesses and help shape the combined future of the company.
"The proposed merger represents a significant step for both businesses in terms of their evolution from disruptive tech players into a single, major financial institution that can grow across domestic and international markets," he notes.
What does it mean for you?
It is pretty much business as usual for investors with either platform.
Both are stating that nothing will change over the next few months as both will operate as separate entities.
"There will be no change for Superhero or Swyftx customers in the short term," Winters confirms to Finder.
"All investors will continue to have the same great access to Australian and US stock markets as well as digital currencies on both respective platforms."
In fact, users with either platform can log in, trade and access support networks as they always have.
Over the medium term, Superhero states that it will inform its customers of any changes.
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