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Ayondo to pave the way for more fintech listings on SGX
Financial technology and social trading group Ayondo is determinded to become the first FinTech company to be listed on Singapore Stock Exchange (SGX). The Frankfurt-based group announced on Thursday the lodgement of a preliminary offer document with the Singapore Exchange Securities Trading Limited. Luminor Capital, Ayondo's largest shareholder since 2014, is seeking to conduct a public float of the fintech firm at a potential valuation of close to S$140 million ($105.6 million) according to a report by The Business Times.
“We are excited to enter the final stages in the process of the planned IPO. The proposed listing on SGX will provide an excellent platform for ayondo’s future growth.” Robert Lempka, CEO of Ayondo group said.
Founded in 2008, by chairman Thomas Winkler and Lempka, Ayondo is a global FinTech company with subsidiaries authorised and regulated in the UK (FCA) and Germany (BaFin) and additional offices in Singapore, Spain and Switzerland. It specialises in financial trading technologies and operates as a financial spread betting and contract for difference (CFD) provider. It operates TradeHub, a trading platform that allows investors to buy and sell CFD. The company’s trading platform allows users to trade various financial instruments ranging from indices and shares to commodities and interest rates. The group covers both retail and institutional sectors and claims to have well over 210,000 users from over 195 different countries.
Lempka was previously CEO of ABN AMRO marketindex, a next generation trading platform, and prior to that he held trading management positions at Dresdner Kleinwort in Frankfurt and at Goldman Sachs International in London. He graduated from Trier University, and was educated at Dublin City and UCLA. Winkler, acted as chief executive of ABN AMRO Switzerland, and was the global head of Private Investor Products at ABN AMRO and worked for Goldman Sachs, London.
Stefan Willebrand was the original founder of the company in Sweden during 2005 who then sold most of his holdings but kept a portion of his holding which was placed into his public investment company called Willebrand Invest together with several other investors.
“Building and operating what is now called Ayondo was a great experience for everyone involved. During 2005 we were just in the beginning of the cloud revolution which the financial marketplace was rather slow to embrace. We learned that it was possible to build an international financial service based in a small town like Skövde, Sweden and run an operation in London.” said Willebrand.
Ayondo acquired Singapore-based TradeHero in November 2016, a deal seen as a step toward the anticipated listing on the Singapore stock exchange. The acquisition provided Ayondo with exposure to Asian markets and access to a popular mobile-based, social trading technology that was the top finance app in the Apple app store in more than 90 countries.
Ayondo reported that from the beginning of January to the end of July in 2017, its net loss stood at CHF 7.0 million ($7.44 million) on the back of CHF 14.7 million ($15.65 million) in turnover. Brokers say the listing of Ayondo could prove to be beneficial to the city-state and pave the way for more fintech and technology listings on SGX. According to the Business Times report, Ayondo chose Singapore as its listing venue because the city-state's Monetary Authority (MAS) has launched a FinTech & Innovation Group (FTIG), it has pledged to spend S$225 million on the sector over five years and Singapore also hosts the biggest annual fintech festival in the world. In 2013, Ayondo was listed among the world’s top 50 financial technology companies, the FinTech 50.