Purple Group’s EasyEquities and Absa strike digital investing deal

EasyEquities – part of JSE-listed Purple Group and South Africa’s largest online retail investing platform – has struck a partnership deal with ‘big five’ banking group Absa, aimed at expanding its reach to an even broader market.

It announced the deal on Thursday, saying that “the new partnership will give Absa’s more than 12 million clients direct access to invest through the Absa app”.

Read: EasyEquities fuels strong earnings growth at Purple Group

EasyEquities already has similar partnerships with other banks, such as Capitec and Discovery Bank. The low-cost digital investment platform has become very popular with retail investors due to it having no minimum investment amounts, low brokerage fees, and offering fractional share rights that allow users to buy portions of expensive shares on the JSE and international markets that they may not ordinarily have access to.

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The group describes its latest agreement with Absa as “a partnership already in motion” – noting that the two groups client bases already overlap significantly.

It says its “data shows that approximately 125 000 EasyEquities clients are linked to Absa through an Absa bank account, Absa Pay or registered Absa banking details. EasyEquities is also home to around 30 000 Absa shareholders and nearly 20 000 investors who hold Absa investment products.”

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The group says go-live on its partnership with Absa is scheduled for September, with “full detail on the product, client experience and launch date” set to be shared closer to the time.

Charles Savage, CEO of Purple Group and EasyEquities, says the new partnership gives Absa clients a simple way to start investing directly through a platform they already trust and use.

“Our mission is to make access to markets available to more people, because markets remain one of the most effective ways to grow and protect wealth over time,” he adds.

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Sitoyo Lopokoiyit, chief executive of Personal and Private Banking for Pan-Africa at Absa Group, says: “This partnership builds on a natural connection between Absa and EasyEquities. Many Absa clients already invest through EasyEquities, while many EasyEquities users are connected to Absa as shareholders, clients or investors in our products.

“By bringing the experience into the Absa app, we can make investing simpler and more accessible for more of our clients.”

Absa and Purple Group share prices

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