Digital investment platform Syfe is expanding into Australia — its third market — following its foray into Hong Kong earlier this year.
The Singapore-headquartered company enters Australia with its digital brokerage service offering US stocks, ETFs and crypto. According to an Aug 10 press release, Syfe will offer free monthly trades in Australia.
Syfe entered the stockbroking market with Syfe Trade on Jan 20 this year. According to Syfe’s website, new users get five free trades per month for the first three months, with trades priced at 99 US cents thereafter.
After three months, users receive two free trades per month, and trades are priced at US$1.49 thereafter.
“With inflation and rising interest rates, people across Asia-Pacific are looking for new ways to grow their wealth affordably. Despite current market conditions, investors continue to be resilient and focused on long-term wealth building,” says Dhruv Arora, CEO and founder of Syfe.
He adds: “We see huge opportunities in the region as a whole and especially Australia, given the under penetration of wealth management solutions in the market. Our ambition is to accelerate our growth, leveraging our proven success in Singapore to grow wealth for everyday investors in the market.”
See also: Syfe Trade secures 30,000 users ahead of official launch today
Syfe celebrated its third anniversary in July and counted 100,000 Singapore users as of 1Q2022.
Syfe closed its Series B funding round in July 2021, with US$52.4 million raised to date by Valar Ventures, Presight Capital and Unbound, among others.
