Superhero grabs 10% of ASX rival Raiz after shares slide 60%
What's the deal? Trading platform Superhero, founded by John Winters, has bought a 10% stake in ASX-listed rival Raiz InvestDealroom has a profile for this one. Try Dealroom →, a company whose shares have fallen 60% over the past 12 months. Superhero used Barrenjoey Capital Markets to execute the trade and also has long-term bankers AE Advisors in its corner.
Why now? Superhero is flush with cash after raising $20 million at a $186 million valuation in August. Raiz shares have tanked 80% since the company listed in mid-2018, making the roughly $34 million business an opportunistic target.
Not a takeover — yet: Sources said Superhero was not preparing an imminent bid, despite viewing the stake as a strategic investment. "I see Raiz Invest as a business with strong potential. We welcome Superhero to the register," Raiz chief executive Craig Keary said.
What's the endgame? Both platforms courted Generation Z and millennial investors, though Superhero recently rebranded to reach a broader audience and added cryptocurrency trading this year. Raiz focuses on micro-investing by rounding off purchases, and it holds $2.3 billion in funds under management across 351,000 active customers.
Founded in 2018, Superhero had about $4 billion in platform assets and more than 450,000 customers as of August.
The track record: Raiz swung to a $3.5 million profit this year, after a $400,000 statutory net loss in financial year 2025. Superhero now joins the register alongside entities owned by businessman Alex Waislitz; Seven West MediaDealroom has a profile for this one. Try Dealroom →, an earlier backer that tipped in $10 million in 2021, shed its substantial shareholding in May.
The signal: A cashed-up startup buying into a weakened listed rival shows consolidation pressure building in Australia's retail-investing market, where platforms chasing the same younger customers are testing how far one can press an advantage over another.
Read more: afr.com
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