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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

Financing

Private Financing Snapshot (Week of October 20 – October 26)

Steve Payne
October 30, 2025
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October 20 – October 26  (Published October 30th)

PERSPECTIVES by Steve Payne

 

29 Crypto Private Financings Raised: $3,138.5M

Rolling 3-Month-Average: $629.7M 

Rolling 52-Week Average: $445.6M

 

Another massive week in crypto financing, this time topped by Revolut’s $3B raise at an eye-popping $75B valuation that skews our trend analysis. (Remember our figure skating POV: throw out the high and the low, and this week was actually below average. Related, recall the difference between average and median.)

 

Revolut is a British neobank offering savings accounts, lending, credit and debit cards, and access to global stocks, ETFs, and cryptocurrencies. Over 40% of Revolut’s volume involves international transfers. Revenues are over $3B and profits exceed $1B. Revolut hit over 50M users this year. The neobank does not break out revenues from crypto, but in 2021, crypto revenue was 30-35% of total revenues. This dropped precipitously in 2022, but it is again driving top-line growth.

 

The $75B valuation should not be so surprising. In August 2024, Revolut completed a secondary share sale that valued the company at $45 billion. Last July, the Financial Times reported that Revolut was raising at a $65B valuation. This $3B raise (about 25x revenue) was another secondary sale, that is, with no new lead investor setting price. Revolut is now the highest-valued startup in Europe, and the sixth most valuable fintech in the world, behind Visa, Mastercard, American Express, Robinhood, and Coinbase (in that order), and ahead of fellow neobank Nubank and stalwart PayPal. (Fiserv was on that list, but dropped 40% in market cap this week after a disastrous shift in guidance.)

 

The second-largest private financing in crypto this past week was 99% smaller. Sign secured $25.5M in a strategic investment round led by YZi Labs (the former Binance Labs), with participation from IDG Capital. Sign is a developer of sovereign blockchain infrastructure, collaborating with governments around the world to design and implement national-scale blockchain projects, and has raised about $55M to date. YZi also led Sign’s prior round.