EasyEquities, which is 70% owned by JSE-listed company Purple Group, has reached terms with an e-wallet provider (Provider) in the Asia Pacific Region.
The company will launch investing services within the Providers e-wallet Application (e-wallet APP).
The Provider will offer the EasyEquities investing services to its significant user base in the region, comprising tens of millions of users, through its e-wallet App.
The Provider has requested for limited disclosure at this time so as not to pre-empt the commercial launch of the product planned for September 2022.
“This is an exciting opportunity for EasyEquities and the Purple Group to expand its product offering into the Asia Pacific Region, with a significant distribution partner, spearheading our global expansion plans” says Charles Savage, the CEO of Purple Group.
EasyEquities makes the purchase of shares safe, easy and fun, helping new and existing investors to stay on top of their investment portfolios, with detailed account overviews and personalised reporting.
The app has recently teamed up with Capitec, South Africa’s largest digital bank, as it attempts to democratise stock trading through creating new modern investing platforms.
The bank is targeting its 4 million app customers by making investing in the stock market easier.
In April, EasyEquities announced it has almost 1 million accounts, with R36.5 billion held in those accounts.
Its revenue for the six months to end-February increased by 28% to R108.7 million, while the business reported a profit after tax of R23.3 million – 4% higher than the previous year.
EasyEquities’ operating cost per invested client fell by almost 25% to R80 per client, and its acquisition cost and onboarding cost per new EasyEquities client amounted to R47.76 and R6.77, compared to R61.53 and R9.43, respectively, in the previous year.“
