Brokerage and social trading platform ayondo has acquired the TradeHero brand. Singapore-based TradeHero offers a mobile-only social trading app that competes with ayondo’s web-based brokerage platform.
The deal expands Germany-based ayondo’s footprint in Singapore and offers it access to TradeHero’s stock-market-simulation app that has been ranked the #1 finance app in the Apple app store in 90+ countries. It is expected to bolster ayondo’s 220,000 users from 195 countries. The acquisition is strategic for ayondo and part of a string of expansion efforts. In a press release, ayondo CEO Robert Lempka 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.” Today’s news comes almost a year after ayondo partnered with KGI Fraser Securities to launch KGI Contrax, a platform for investors to trade Contracts for Difference.