ayondo, a German-based financial technology group, said on Tuesday it has acquired Singapore’s TradeHero, a mobile application for simulated stock market trading.
“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,” said Robert Lempka, CEO of the ayondo Group. “Following Top Traders and taking social trading to the next level, in offering fully automated execution is exactly what is in ayondo’s DNA,” he added.
TradeHero is a stock market simulation application for mobile devices. It presents a risk-free investing experience and an educational application in one. Users manage a $100,000 virtual stock portfolio. They can trade, copy the activity of more successful peers, compete with other users and win cash awards. TradeHero, created in 2012, has been ranked the number one finance app in the Apple iOS app in over 90 countries.
ayondo is a social trading platform and the purchase of TradeHero completes its offering. The deal is also part of the German fintech’s agenda for further expansion in Singapore, which is a financial hub in Asia. Earlier this year, ayondo announced it is in the process of listing on the Singapore Exchange (SGX) via a reverse takeover (RTO), but it did not disclose at the time what was the other party in the RTO deal. In addition, it entered about a year ago into a partnership with local multi-asset online brokerage to launch KGI Contrax, a platform for investors to trade contracts for difference (CFDs).
The fintech has a Singaporean unit, ayondo Singapore, which was established in 2014 after Singapore-based private equity fund Luminor Capital Pte Ltd. became a significant stakeholder in the fintech group.
ayondo group is a provider of social trading, spread betting, and trading in CFDs on forex, commodities, indices and stocks. It provides its own proprietary white-label trading platform TradeHub. The group serves more than 220,000 clients in 195 countries worldwide. Trade execution services are provided exclusively by UK-regulated ayondo markets Ltd., while social trading services are offered by Germany-registered ayondo GmbH.