Plus500 buys New York-based Hedge, plans US launch of new trading app

Plus500 Ltd on Tuesday reported a new acquisition, intended to support growth in the US market, and said it plans to launch a new app next year.

The Haifa, Israel-based trading platforms operator has reached a conditional agreement to buy Hedge Capital Markets Inc and its subsidiaries.

Financial details of the transaction were not disclosed.

Hedge is New York-based broker-dealer, founded in 2021 and registered with the US Securities & Exchange Commission. It is also a member of the Financial Industry Regulatory Authority, and frames its platform as a way to "make a hedge fund with your family and friends".

Buying Hedge signals "Plus500's entry into the SEC-regulated segment of the US market," Plus500 said.

"Both new and existing US customers will benefit from a significantly broader suite of trading and investment solutions, while enabling the group to drive cross-distribution synergies across a unified product offering," it added.

It sees Hedge building on the 2021 acquisition of US-regulated trading platform technology provider Cunningham Commodities LLC and Cunningham Trading Systems LLC.

Plus500 will pay for Hedge with its existing cash, which stood at USD860 million at the end of June.

As it ramps up its presence in the US, Plus500 is setting up a New York base, in addition to its existing Chicago offices.

"Headed by senior executives with deep knowledge of the US market, the New York team will be reinforced by the highly skilled Hedge personnel joining the group, who bring specialist securities expertise and an established regulatory footprint. Working together, the New York and Chicago operations create a strong strategic foundation, driving operational synergies to support the planned launch of Plus500’s unified multi-asset platform in Q1 2027," Plus500 said.

Next year, it will roll out a new trading app which it says is designed to remove the "friction" of moving between providers, accounts and platforms to trade different asset classes.

"It will consolidate the Plus500 US product suite, from futures and prediction markets to stocks, options, ETFs and other SEC-regulated products, into a single application, delivering a seamless user experience," the company said on Tuesday.

Though it will launch in the US first, Plus500 has future plans to make the app available in other regions.

Chief Executive David Zruia commented: "The Hedge acquisition marks a pivotal step in Plus500’s US journey. It strengthens the scaled, CFTC-regulated business we have built and provides, for the first time, direct access to the US securities market, the world’s largest retail investment market... Above all, acquiring Hedge paves the way for the expected launch of our US 'super-app' in Q1 2027, one of Plus500's most significant product developments."

Plus500 shares rose 1.9% to 3,388.00 pence on Tuesday morning in London, giving it a market capitalisation of about USD2.40 billion. The stock is up 5.9% over the past year.

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