Purple Group Limited, a South African financial services and technology company, is strengthening its position in global fintech markets after agreeing to acquire Australia-based Telescope AI in a deal valued at up to R175 million ($10.6 million).

The transaction brings Telescope AI’s artificial intelligence investment technology, global partnerships and specialist team under Purple Group, creating a stronger platform for delivering AI-powered financial products across international markets.

Purple Group expands AI investment strategy

Purple Group said the acquisition will accelerate its technology roadmap across retail investing, retirement solutions, fractional property ownership and cryptocurrency products.

Telescope AI’s technology currently supports more than 3 million investors across seven countries and 13 languages through partnerships with major financial platforms, including IG Group and CMC Markets.

The company’s AI-powered solutions have already been integrated into Purple Group’s EasyEquities platform. Since launching in 2024, its AI Baskets feature has helped investors create more than 5,000 customised investment baskets.

Purple Group Chief Executive Officer Charles Savage said the acquisition will improve customer experiences while opening opportunities for new financial products powered by artificial intelligence.

The company expects the combination of Purple Group’s customer reach, data capabilities and Telescope AI’s technology to create new opportunities in digital investing.

Telescope AI founder joins Purple Group leadership

As part of the acquisition, Telescope founder Luc Pettett will become Purple Group’s Chief AI Officer while continuing as Telescope AI’s CEO. Pettett will lead artificial intelligence initiatives across the group and has committed to a minimum five-year transition period.

Although Telescope AI will operate independently, Purple Group said the company will maintain its existing team, products and global partnerships. Although Telescope AI will operate independently, Purple Group said the company will maintain its existing team, products and global partnerships.

Building Africa’s next fintech growth story

Listed on the Johannesburg Stock Exchange, Purple Group is best known for EasyEquities, a platform designed to make investing more accessible through fractional ownership and digital financial tools.

The group serves more than 3 million registered clients globally and manages over R100 billion ($6 billion) in platform assets.

Based in Australia, Telescope AI develops artificial intelligence solutions for the financial sector, including AI-powered portfolio discovery tools, investment research platforms and digital assistants designed to improve investor decision-making.

The acquisition highlights the growing role of artificial intelligence in financial services as fintech companies compete to deliver personalised, data-driven investment experiences. For Purple Group, the deal represents a strategic move to position its platforms at the centre of the global shift toward AI-enabled investing.