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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

Paystand acquires crypto employee and contractor payment platform Bitwage

Eric Risley
November 9th, 2025
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Transaction Overview

On November 3, 2025, Paystand announced the acquisition of Bitwage, for an undisclosed amount.

 

Target: Bitwage
Bitwage allows businesses to pay cross-border employees, contractors, and freelancers instantly in stablecoins, crypto assets, or local currencies.

 

Bitwage supports both businesses that pay cross-border professionals and those same professionals who prefer to receive compensation for their services in stablecoins or crypto assets. As more businesses have embraced remote and global workforces, implementing crypto payroll has become more attractive. Benefits include faster payments and significantly lower transaction fees.

 

Bitwage has processed over $400 million in payroll payments, supporting thousands of companies and payment recipients across 200 countries. Importantly, Bitwage allows for instant payment using crypto, bypassing the SWIFT network, while also integrating into local fiat payment rails for those who would like to convert that value into local fiat currency.

 

Bitwage was founded in 2014, has raised a modest $7 million in capital, and has 28 employees. Competitors include Request Finance, Rise, Deel, Papaya, BitPay, and BVNK, among others.

 

Buyer: Paystand
Paystand offers B2B payments as a service using blockchain and cloud technology. This includes accounts receivable, accounts payable, expense management, and FX payments.

 

Bitwage is the third acquisition by Paystand, following the purchase of Teampay in April 2024 and Yaydoo in May 2022. Paystand has 227 employees and has raised $117 million in capital, with their last financing of $31 million in August 2022 at a post-money valuation of $1 billion. Investors include BlueRun Ventures (Jonathan Ebinger), LEAP Global Partners (Roman Leal), Transform Capital (also Jonathan Ebinger), and NewView Capital (Jazmin Medina).

 

Transaction Parameters

Paystand acquired Bitwage for an undisclosed amount and form of consideration

Notable similar transactions include Ripple | GT Treasury for $1B (M&A Alert), Stripe | Bridge for $1.1B (M&A Alert), AlloyX | Solowin for $350M (M&A Alert), Rail | Ripple for $200M (M&A Alert), Iron | Moonpay for $100M (M&A Alert) and Helio | MoonPay for $175M (M&A Alert).

 

Strategic Rationale

Bitwage allows Paystand to offer businesses a full suite of capabilities that were previously siloed or costly:

 

  • Global Payouts, Instantly: Pay in nearly 200 countries using stablecoins, BTC, or 80 fiat currencies via Bitwage’s compliant payout engine, now integrated with Paystand’s AR/AP network.

 

  • Treasury Movement: Shift liquidity across borders in minutes with always-on, on-chain settlement.

 

  • Built-In Compliance: Stay aligned with U.S. (GENIUS Act) and global regulatory standards.

 

  • Lower Costs, No Middlemen: Eliminate banks, delays, and hidden FX fees.

 

  • Connected Finance Stack: AR, AP, payouts, FX, and treasury now work together in a programmable, borderless system.

 

Architect Partners’ Observations

Again, crypto does not stand alone. This is another great example of the integration of crypto into an everyday, real-world use case: business payments.

 

Sources

Pitchbook, Paystand press release, Bitwage press release, BusinessWire press release