FinClear buys core technology assets of Dion Australia
The Australian clearing, settlement and wealth management technology and service provider, FinClear, has acquired the Australian assets of financial technology company Dion Global.
The firm said that with the acquisition expected to be completed in September, it hoped to capture 50 per cent of the retail clearing and settlement market.
The acquisition would include Dion Australia’s local assets, including IP, staff and contracts, and FinClear would gain 20 staff including well-respected development teams in Perth and Melbourne.
Additionally, the two technology products FinClear would incorporate included iBroker, a post-trade processing system embedded within two of Australia’s largest commercial banks, and TradeCentre, a trading management and platform solution covering all trading and client management needs of financial planners, wealth advisers and stockbrokers.
FinClear managing director, David Ferrall, said there had been a lot of change in both the wealth space, and the clearing and settlement space, in Australia over the past years.
“We’ve seen a tremendous response locally since we launched last year – we have grown our stockbroking client base from zero to 20 clients in less than 12 months and doubled our resources with teams in Sydney, Melbourne, Queensland and now Perth,” he said.
“Because we manage the entire investment cycle for our wholesale clients, from portfolio construction to trading, settlement and clearing, it makes sense for us to own the technology all the way through as well.
“Demand for a low-cost HIN platform solution from the wealth industry is genuine and we are now the best positioned to provide this service given our complete ownership of the contract note manufacturing facility and our technology partnerships.”
AUTHOR
Oksana Patron
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