The latest development comes after SelfWealth received a similar offer from Bell Financial Group Limited for a lower price of $0.22 per share.

Axi was founded in 2007 and is headquartered in Sydney, serving customers across 120 countries.

The brokerage is keen to acquire SelfWealth to expand its reach in the Australian market. The proposed deal is subject to customary conditions, including due diligence and shareholder approval.

“Axi has indicated that it is prepared to negotiate and sign a binding implementation deed in an expedited manner,” said SelfWealth in its release.

SelfWealth advised its shareholders that no action is required at this time. The company will continue to keep shareholders informed about the proposals as they develop.

It remains to be seen whether Axi’s offer will ultimately be accepted by SelfWealth’s board and shareholders. However, the bids from Axi and Bell highlight the growth in the Australian online brokerage market.

This week, cryptocurrency exchange Crypto.com announced it had acquired Australian brokerage Finteck, a firm regulated by the Australian Securities and Investments Commission (ASIC).

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