Up (Ferocia Pty Ltd)

Bendigo and Adelaide Bank (ASX:BEN) announces $116m acquisition of Melbourne-based fintech, Up (Ferocia Pty Ltd)

Henslow is pleased to have acted as M&A Corporate advisor to Melbourne-based fintech, Up (Ferocia Pty Ltd) on their sale to Bendigo and Adelaide Bank (ASX:BEN). BEN entered into a Share Sale Agreement to acquire 100% of the shares in Ferocia for a consideration of up to $116m. Henslow congratulates Ferocia founders Grant Thomas and Dominic Pym on the transaction. BEN has partnered with Ferocia for more than nine years to deliver BEN’s e-banking app and Internet banking platform and in 2018, the collaboration led to the launch of Up – Australia’s highest rating banking app. Powered by technology-led customer experience design and run by an internationally experienced team, the acquisition will allow BEN to grow and advance the Up platform, and further develop its digital ecosystem. Up has welcomed more than 400,000 customers and $840m in deposits in less than three years and has empowered a new generation of savers. The strengthened partnership will further accelerate Up’s rapid pace of innovation and growth and further expend revenue opportunities through Up.

Australia's first and largest mobile banking platform

Co-founded by Dominic Pym and Grant Thomas in 2011, Ferocia is a Melbourne-based software development company comprised of a close-knit team of talented developers and designers driven by distilling complex problems into simple, elegant solutions that customers love. Up is a global leader in customer growth and continues to generate unparalleled customer engagement within the Australian neobank market.

The Highlights

  • 100%

    Stake Acquired

  • $116m

    Deal Value

  • Q1 FY22


Australia's leading digital bank

The Henslow team worked with the founders on complex negotiations with their ASX-100 JV partner, successfully reaching an agreed outcome within a tight timeframe. This transaction adds to Henslow’s strong track record in advising founder-led businesses on successful exits. The sale also adds to Henslow’s extensive deal experience within the finance and fintech space.