Australian FinTech SelfWealth IPO offering self directed investors alternative to traditional broker trading
SelfWealth Limited, an Australian FinTech business offering a flat fee brokerage service and social portfolio construction network for Australian investors, is pleased to announce the opening of its Initial Public Offering (IPO) to raise up to A$7.5 million (with a minimum subscription of A$5.0 million).
SelfWealth is offering for issue 37.5 million shares priced at A$0.20 per new share; the indicative market captialisation of SelfWealth will be approximately A$26.1 million. The Company’s ASX ticker code will be SWF.
SelfWealth was established in 2012, with a $A2.3 million capitalisation, by founder and Managing Director, Andrew Ward. Since launching, the Company has introduced two platform offerings: SelfWealth TRADING, a $9.50 commission free, flat fee brokerage service regardless of trade size, and SelfWealth PREMIUM, a social investment network that allows users to construct and compare portfolios.
The award-winning business is guided by a highly experienced board, and has the backing of several large investors including Washington H. Soul Pattinson & Company.
“Australia has seen two significant shifts in the evolution of broking – the first being the introduction of online broking during the mid-late 1990s, and the second, what SelfWealth is doing, being the rise of flat fee trading, use of social networks, and integration of AI and cloud capabilities into the investment sector.
“With our two-tier offering, targeting the country’s growing number of self-directed investors, we are uniquely positioned at the forefront of this second evolution with our differentiated technology portal,” said SelfWealth Founder and Managing Director, Andrew Ward.
The Company recently established a unique pillar of its growth strategy, signing a seven-year contract agreement with BGL Corporate Solutions Pty Ltd that enables BGL’s self-managed super fund (SMSF) clients to gain access to SelfWealth PREMIUM and gives SelfWealth PREMIUM users access to portfolios of this larger data pool; the contract will expire in 2024.
Funds raised from the IPO will be used to increase marketing and advertising, specifically to target additional new clients, and to continue development and optimisation of the platform to maintain Self Wealth’s competitive position and enhance user experience.
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