Gamified Trading App TradeHero’s Brand Acquired by Ayondo
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Ayondo, a social trading technology developer for the financial services industry, has acquired the TradeHero brand, a Singapore-based trading gamification app.
The acquisition for TradeHero’s brand outside of China and the United States, 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 (CFD).
Robert Lempka, CEO of the ayondo Group, says: “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. 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.”
The team of TradeHero’s mobile technology specialists built the foundation for ayondo’s Singapore based Mobile Lab, where the group’s latest research and development takes place. 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 head office being moved to Asia’s fintech hub.
Questions & Answers
Q.What is Ayondo's primary reason for acquiring the TradeHero brand?
What is Ayondo's primary reason for acquiring the TradeHero brand?
Ayondo acquired the TradeHero brand to expand its presence, particularly in Asia, as it was considered a well-established brand there and a missing piece in their product range. Mobile technology is a key part of Ayondo's expansion strategy.
Q.Which regions are included in the TradeHero brand acquisition?
Which regions are included in the TradeHero brand acquisition?
The acquisition covers the TradeHero brand in all regions except for China and the United States. This allows Ayondo to expand its footprint, particularly in markets like Singapore where it already has partnerships.
Q.What impact has the TradeHero acquisition had on Ayondo's operations in Singapore?
What impact has the TradeHero acquisition had on Ayondo's operations in Singapore?
The TradeHero mobile technology team now forms the basis for Ayondo’s Singapore-based Mobile Lab, which is responsible for the group's research and development. This solidifies their presence in the region.
Q.What significant corporate move is Ayondo currently considering?
What significant corporate move is Ayondo currently considering?
Ayondo is in advanced negotiations for a Reverse Takeover (RTO) with an SGX-listed company. This could potentially make Ayondo the first fintech company listed on the Singapore Exchange and move its head office to Asia.
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