TradeHero has found a hero of its own. The Singapore-based trading simulator #startup has been acquired by Germany-headquartered Ayondo, a group that “invests in new technology and high-growth business models” in the banking sector. The group offers similar services to TradeHero.
TradeHero allows users to simulate trading stocks based on real-time data from international markets. The startup wanted to “gamify trading,” CEO Dhinesh Bhatia said on stage at Tech in Asia Singapore 2015.
Ayondo is exploring listing on SGX through a reverse takeover.
Ayondo landed in Singapore in August 2014, after securing US$4 million in funding from investment firm Luminor Capital. Its service allows users to trade virtual and real money – something TradeHero was also looking to pursue when we last caught up with the company in May 2015.
Ayondo claims to have 220,000 users from 195 countries. TradeHero’s team helped set up its Mobile Lab in Singapore, to house the company’s research and development.
“For Ayondo, mobile technology is a big part of the group’s strategy for expansion and growth,” says Ayondo group CEO Robert Lempka in a statement. “The TradeHero brand is extremely well established in Asia and was the missing piece in our product range.”
The acquisition is part of a broader strategy by Ayondo. The company is exploring listing on the Singapore Exchange through a reverse takeover – that is, by acquiring a controlling stake in a company that is already listed. The group then plans to move its head office to Singapore.
We have reached out for more details on the deal and will update this story when we hear back.