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New Altify accelerates growth strategy after merger

Sibahle Malinga
By Sibahle Malinga, ITWeb senior news journalist.
Johannesburg, 19 Mar 2024
Sean Sanders, CEO of Altify and founder of Revix.
Sean Sanders, CEO of Altify and founder of Revix.

Crypto-currency firm Altify has grown its customer base to 80 000, with plans to attract younger investors.

Altify was created when South African crypto asset investment platform Revix joined Austria’s Coinpanion and fellow South African crypto investment platform BitFund, to establish an alternative investment entity.

It operates across Africa, and in some areas of the European Union (EU), with a key focus on SA – where the majority of its customers are based.

Altify says it aims to empower people to grow their wealth outside of the stock market, through a diverse range of alternative investment options, including asset classes such as private credit, real estate, crypto assets and collectibles.

It now offers a selection of crypto bundles, which enable investors to diversify their investment products across the crypto market, or opt for a more focused crypto sector, like DeFi.

Sean Sanders, CEO of Altify and founder of Revix, tells ITWeb the merger aimed to leverage these crypto-focused investment platforms’ collective scale and achieve immediate efficiencies.

Altify’s South African client base has since reached more than 55 000, contributing to a global user count of just over 80 000.

The company is accelerating its growth strategy, which will see it introduce new products, with a focus on targeting younger local investors and businesses.

“We’ve got new and exciting investment products that we want to launch that enable everyday people to invest like the top 1%, but there’s still quite a bit of groundwork to do before we can get these out,” explains Sanders.

“Our growth strategy for SA is centred on a partnership-based approach, coupled with product-led growth. We plan to collaborate with key local and international partners to expand our distribution channels and offer embedded business-to-business services.

“This strategy will enable us to leverage the strengths and networks of large partners, allowing us to reach a broader audience and deepen our market penetration.”

Each of the three businesses brought something unique to the merger, he continues. BitFund and Revix expanded the licensing cover and scale of operations in SA. Coinpanion provided the group with a sizable EU customer base, EU licensing and software development talent.

“Following the merger, we were able to lower our fees by 50% for all of our users because of our increased scale from the merger. The reaction that we got from our long-standing customers was really positive and great to see. We’re currently in discussions with multiple banks and established financial service providers who are eager to partner with us on our future plans.”

Going forward, the company says it wants to entice younger local investors, between the ages of 25 and 50.

“Younger South Africans are gravitating towards crypto with notable enthusiasm, and it's not hard to see why. With the rand taking a hit and traditional investments not doing so hot, crypto looks like a shining beacon.

“This younger crowd is also all about embracing tech and innovation, making the leap into crypto-currencies feel like a natural next step. They're not just chasing potential profits; they're looking for new ways to diversify their portfolios and get ahead in a digital-first world,” adds Sanders.

The company is also focusing on refining its mobile and web platform, to make it more user-friendly and agile.

“We’re working hard to launch new features on the Altify app and web platform, like the recurring buys feature we recently released. This is an automated investing feature that enables users to purchase fixed amounts of assets over time at set intervals.”