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Swyftx Acquires Caleb & Brown
Swyftx Acquires Caleb & Brown

Transaction Overview

On July 1st, 2025, Swyftx, one of the largest Australian cryptocurrency exchanges, announced a definitive agreement to acquire Caleb & Brown, a high-net-worth-focused crypto brokerage, for an undisclosed amount.

 

Target: Caleb & Brown

Caleb and Brown is a Melbourne-based, high net worth focused crypto brokerage that specializes in personalized trading services across the digital asset landscape. Caleb & Brown focuses on the relationship model used successfully across traditional  financial services – every client that comes onto their platform gets assigned a broker to assist them in executing trades  and handling all customer service needs. Caleb and Brown’s core services include 1) Brokerage Services, which provide personalized 24/7 trading support for 250+ digital assets, 2) an OTC Desk, which provides high volume trading solutions with deep liquidity and competitive pricing, 3) the Caleb and Brown Asset Management, an actively managed crypto asset fund for accredited investor, 4) crypto custody. 

 

The business has more than AUD $2 billion of digital assets under custody and was founded by Rupert Hackett and Dr. Prash Puspanathan in 2016. C&B is led by CEO Jackson Zeng and has 64 team members across both Australia and the US. Caleb & Brown has not raised any outside capital. 

 

Architect Partners’ Observations

Architect Partners acted as the exclusive financial advisor to Caleb & Brown. 

 

Swyftx’s acquisition of Caleb & Brown marks the largest acquisition targeting high net worth crypto investors. It also reflects two important shifts in the evolution of crypto exchanges, particularly within the ANZ region.

 

First, high-net-worth client service is becoming a strategic differentiator. Exchanges are beginning to recognize that personalized brokerage and deep client relationships offer a competitive advantage while greatly reducing attrition. This is a model that high-net-worth clients are accustomed to in their financial lives. Caleb & Brown’s approach, which assigns a dedicated broker to every client, stands apart from the high-volume, low-touch models that dominate the market. Swyftx gains access not only to clients but also to an established business model that emphasizes trust, service, and retention in a way few crypto exchanges have pursued.

 

Second, this is a milestone moment for ANZ crypto M&A. While there have been many plays for global expansion by exchanges, this is the first of its kind in Australia moving into the US, signaling that the region is entering a more active phase of market maturity. 

 

We believe this transaction will serve as a catalyst for further strategic activity to expand globally and to augment services as companies seek differentiation in both product and customer segments.

 

Strategic Rationale

Swyftx is acquiring Caleb & Brown to expand into the United States via C&B’s regulatory framework, and to acquire the relationship model inherently required with a higher-tier customer base. This acquisition will grant Swyftx entry into the U.S. 12 to 24 months faster than otherwise possible organically. Furthermore, the acquisition diversifies Swyftx’s primarily retail client base to include 25k+ high net worth individuals in numerous countries. 

 

“Caleb & Brown has quietly established one of the most impressive brokerage offerings in the world, with a heavily differentiated private client service. We see enormous growth potential.” – Jason Titman

Alerts

Chainalysis Acquires Alterya for an Estimated $150M

Eric Risley
January 19th, 2025
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Transaction Overview

On January 13, 2025, Chainalysis, a blockchain data platform specializing in cryptocurrency investigations, compliance, and risk management solutions, announced its acquisition of Alterya—a fintech platform focused on protecting financial institutions and crypto service providers from authorized push-payment (APP) fraud and scams—for a rumored $150 million.

 

Target: Alterya

Alterya is a B2B fintech company specializing in AI-powered threat intelligence solutions for the financial services industry. Its services focus on preventing authorized push-payment (APP) fraud by blocking transactions to identified scammers and leveraging high-fidelity data to detect potential money mules and other fraudulent activities.

 

With expertise in using AI to combat GenAI-related scams, Alterya has identified over $10 billion sent to scams and actively works to protect more than 100 million end users. A leader in the cybersecurity sector, Alterya partners with companies such as Block, Binance, and Coinbase.

 

Founded in 2022 by Elad Fouks and Shahaf Gonen, Alterya is headquartered in Tel Aviv, Israel, and employs over 20 team members. The company raised $6.6 million in seed funding from Bettermode, Battery Ventures, and Tribe Capital, with additional participation from Liquid 2 Ventures, NFX, Nyca Partners, and FJ Labs.

 

Buyer: Chainalysis

Chainalysis Inc., founded in 2014 and headquartered in New York City, is the global leader in blockchain data and analytics. The company supports over 1,000 government agencies, financial institutions, and cryptocurrency businesses across more than 70 countries. Chainalysis plays a pivotal role in promoting transparency and trust within the cryptocurrency ecosystem, with its solutions aiding in the recovery of over $10 billion in stolen cryptocurrency and the identification of major illicit financial networks.

 

Its flagship products include Chainalysis Know Your Transaction (KYT), a real-time compliance solution that processes billions of dollars in cryptocurrency transactions daily, ensuring adherence to global regulations. Chainalysis Reactor, its investigative software, links transactions to real-world entities, enabling law enforcement to dismantle criminal networks. Additionally, Chainalysis Kryptos provides financial institutions with advanced risk assessment tools for cryptocurrency investments. Beyond its software offerings, Chainalysis delivers forensic services that have supported investigations into ransomware, fraud, and money laundering.

 

Backed by prominent investors such as Accel, Benchmark, GIC, and Paradigm, Chainalysis has raised over $500 million to expand its capabilities. With offices around the world, it continues to be a driving force in combating financial crimes and shaping the future of blockchain technology.

 

Transaction Parameters

Chainalysis announced the acquisition of Alterya for an undisclosed amount, however, rumors estimate the valuation at $150 million. 

 

Previous comparable transactions include: Hexagate | Chainalysis, Blowfish | Phantom, Edge Intelligence | BlockX Capital, Wallet Guard | ConsenSys, Staging Labs | Markle Science

 

Strategic Rationale

Chainalysis acquired Alterya to expand its fraud prevention capabilities and enhance its blockchain data platform. Alterya’s AI-powered fraud detection system identifies scammers before they target victims, enabling real-time fraud protection and strengthening KYC processes for exchanges, blockchains, and wallet providers. By monitoring over $8 billion in transactions monthly, Alterya has reduced fraud by up to 60% for major exchanges like Binance and Coinbase, protecting 100 million users. Its solutions also reduce disputes, improve efficiency, and address the growing threat of generative AI, which allows scammers to create high-quality fake identities and content to bypass traditional protections. Notably, 85% of scams now involve fully verified accounts.

 

This acquisition builds on Chainalysis’s recent purchase of Hexagate by extending its focus from blockchain security to broader payment fraud prevention. While Hexagate specialized in securing Web3 ecosystems, Alterya brings expertise in detecting scams across both crypto and fiat systems. Together, these technologies strengthen fraud detection across digital payment networks, creating a more robust platform to combat illicit financial activities.

 

Architect Partners’ Observations

Chainalysis is executing on their strategic shift from post facto understanding fraud and compliance breaches to focus on preventing them. This is an incredibly deep set of opportunities, which as the traditional IT security markets have proven, only persist and get larger. Kudos to Chainalysis!

 

Sources 

PitchBook, Press Release