Fintech raises over $500,000 as it gears up for advice service expansion
Australian fintech and wealth manager, BigFuture, has completed a $520,000 capital raising as it looks to build its service capabilities.
Co-founded by Michael Clancy, chief executive of Qantas Super, BigFuture's cloud-based application allows users to view a "one page snapshot" of their financial position, improve their financial literacy and plan for their financial future.
The app's stochastic Monte Carlo simulation enables members to plan how they want to spend their wealth and then provides an analysis regarding the likelihood of this lifestyle being funded, allowing users to manage risk and see how it affects their personal retirement and savings.
According to BigFuture's chief executive, Donald Hellyer, all new investors in the capital raising were senior executives from financial institutions in Australia and Asia.
"BigFuture is very pleased with the interest in our cloud financial application, especially from those with deep knowledge of the changing dynamics of this sector," Hellyer said.
"With two large financial institutions as clients, it is important that BigFuture demonstrates a high level of financial resilience and ability to grow".
BigFuture first launched its financial advice cloud-based service in September with the aim of "democratising wealth management" by giving individuals tailored information about investing.
According to BigFuture, the funds from the capital raising are now set to be allocated towards expanding its service capability through its app and increasing data automation.
Recommended for you
Investment executives say the benefits of real assets for client portfolios can “absolutely” outweigh the illiquidity risk, provided there is a good understanding of its risks and returns and of client goals.
Fund manager GSFM has appointed a key account manager for Queensland, following the appointment of a head of retail distribution last month.
The struggle to recruit specialist expertise in alternative asset classes means senior analyst salaries are surpassing $200,000 as fund managers compete for talent, observes Kaizen Recruitment.
TWC Investment Management, which launched in September, has unveiled a long-only equity fund targeting global wealth creator stocks.
