Here’s a quick update on our report a few weeks back that social trading company ayondo would not be undergoing a reverse takeover (RTO) IPO due to a lapsed bid from Singapore-based property developer, Starland Holdings. Today, ayondo has announced that, despite the bid falling through, it is determined to become the first fintech company to IPO on the Singapore Stock Exchange.

The Frankfurt-based company’s CEO Robert Lempka said, “The end of the RTO opens up the way for ayondo to pursue an Initial Public Offering (IPO) instead. The preparation work for an RTO and IPO is almost identical in Singapore and therefore provision is made for a listing in early 2018.”

Other parties involved in the listing include sponsor, UOB Kay Hian Private Limited, as well as the Singapore Exchange Limited (SGX). Both continue to support ayondo in its listing efforts.

Founded in 2008, ayondo offers a brokerage platform that lets users copy the moves of top traders to optimize returns. At FinovateEurope 2013, the company unveiled the newest version of its service, its London brokerage, and a trader career training curriculum. Last month, ayondo received its portfolio management license from German regulator (BaFin).

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.

Ayondo is taking its social trading revolution to Spain.

“We are extremely excited to join the Spanish retail trading market,” ayondo co-founder and CEO Robert Lempka said. “We will introduce the new concept of Social Trading to Spanish investors.” The brokerage and social trading innovator is planning two new offices in Spain, one in Barcelona and another in Madrid. The expansion will make the country ayondo’s third major redistribution market, along with the U.K. and its native Germany.

Founder and former Activotrade CEO Raza Perez will lead ayondo’s new efforts in Spain as Head of Product. In a statement, Perez praised the “global appeal” of social trading, and pointed out how the combination of “transparency and reciprocity” in social trading provides opportunities for both new and veteran, successful traders. “It is a new form of investment which combines the principles of classical exchange trading with social media characteristics,” Perez said.

The news of ayondo’s expansion comes on the heels of the company’s announcement enabling Bitcoin trading on the platform. Within ayondo’s social trading environment, investors interested trading the digital currency for the first time  – as with any other asset available on the platform – can follow along, tracking and emulating the moves of savvier, more experienced traders. Beginners can start on the ayondo platform for as little as £1,000, and the company offers a risk-free demo account, as well. Top traders earn income by allowing other traders on platform to “tail” their trades.

With more than 2 million users in more than 190 countries using its technology, ayondo demonstrated its platform at FinovateEurope 2013. Founded in 2008 and headquartered in Germany, ayondo acquired fellow Finovate alum, TradeHero, last fall. The deal 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. The acquisition was also seen as a step toward the ayondo’s anticipated listing on the Singapore stock exchange.