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Ayondo Remains a Private Company after Reverse Takeover Bid Lapses

Social trading company ayondo may no longer be the first fintech company to go public on the Singapore stock exchange (SGX).

That’s because the reverse takeover (RTO) bid offer from Singapore-based property developer, Starland Holdings, lapsed on Monday. The RTO bid, initiated in June of 2016, was for $117 million (S$158 million) and would have placed ayondo on the SGX, making it the third technology company and the first fintech company to IPO on the SGX.

Frankfurt-based ayondo stated last year that it had originally opted for a reverse takeover because of “volatility in financial markets.” The RTO would have given Starland a majority stake in ayondo. According to a company update, ayondo still plans to complete the RTO later this year.

ayondo appears to be holding its own as a privately-held entity. The company reported that its U.K. arm, ayondo Markets Limited, grew revenues 95% from $9.8 million to $19 over the course of 2015 to 2016. THe company’s assets under management also grew, rising from $19 million to $35.8 million over the same timeframe.

ayondo was founded in 2008 with a mission to revolutionize retail trading. The company’s brokerage platform lets users copy the moves of top traders to optimize returns. At FinovateEurope 2013, ayondo unveiled the newest version of its service, its London brokerage, and a trader career training curriculum. Last month, the company brought on Rick Fulton as CFO.