UK social trading app ayondo is acquiring Singapore-based investor education app TradeHero as it seeks to increase its presence in the Asian market.
The financial terms of the deal are undisclosed.
TradeHero had raised more than $10m in funding since it was founded in 2012 with Shanghai-based IPV Capital and Silicon Valley veteran Kleiner Perkins Caufield & Byers investing in the company.
ayondo is a social trading app that allows users to copy expert investors’ trades.
It shares similarities with TradeHero, which allows users to replicate other successful users to make trades and compete for real cash.
The companies have not revealed in what way they will integrate but TradeHero co-founder Dominic Morris will become head of innovation at ayondo.
He said the two companies share a vision in trying to, “democratise the world of investing through easy-to-use disruptive technology and knowledge sharing.”
The deal comes as part of a sustained push into the Asian market by ayondo with it last year partnering with KGI Fraser Securities to launch KGI Contrax, a platform for investors to trade Contracts for Difference (CFD).
It is also in negotiations with an unnamed Singapore Stock Exchange (SGX)-listed firm to complete a reverse takeover that would see it become the first fintech company listed on the SGX.
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