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- Low-cost share trading platform SelfWealth (SWF) signs up its 100,000th active trader in August
- The milestone complements SWF’s status as the “number four player” in Australia’s online banking market, according to an independent researcher
- The company is finalising an up to $2 million share purchase plan (SPP)
- Funds from the SPP and a prior $10 million share placement will be used to accelerate investment in a broader product range, among other activities
- Shares are up by 4.23 per cent at 37 cents each at 12:51 pm AEST
SelfWealth (SWF) has hit a milestone 100,000 active traders for its low-cost share trading platform.
The figure builds on some 95,000 active traders who were using the online platform as of June 30.
In light of the milestone, the company said its customer base was highly engaged and continued to elicit high levels of new customer acquisitions through member referrals.
Complementing the achievement, independent market research by firm, Investment Trends, has reportedly named SelfWealth as the “number four player” in Australia’s online broking market — in terms of its share of primary relationships among online investors.
In an announcement this morning SWF said: “Our large customer base and our track record for market share expansion give us confidence that our scaleable, HIN-based and CHESS-sponsored business model will continue to deliver exceptional growth over the years ahead.”
In July the company completed a $10 million placement to institutional and sophisticated investors and is now in the process of finalising a share purchase plan of up to $2 million to eligible shareholders.
These funds will be used to accelerate investment in a broadened product range, improve the user experience, pursue a more aggressive marketing strategy and implement a leading-edge data analytics strategy.
The company’s growth strategy aims to diversify revenue streams by offering a wide product portfolio to investors — supporting their wealth creation journey while challenging bank-backed online investment platforms in Australia.
SelfWealth shares were trading 4.23 per cent higher at 37 cents each at 12:51 pm AEST.
