Financial advice software business Asendium has completed a capital raise and secured over $1.1 million of investment, receiving funding from institutional investors, financial advisers, and private investors.
Asendium allowed financial advisers to deliver advice through a platform that created all required advice documents at the same time, through one instance of data entry – eliminating the manual part of advice generation.
Asendium chief executive, Scott Miller, said the funds were raised to grow its technical capability and further grow its software integrations.
“As a result of the capital that was secured in recent months, we have been able to accelerate Asendium’s integrations with key complimentary technologies that will help financial planners create advice more efficiently,” Miller said.
Miller said the platform could be used in financial planning as well as accounting, mortgage broking and legal.
“If we can crack the nut here in Australia – which has the most difficult, convoluted compliance and regulation system in the world – we can see great appeal and penetration of this technology globally,” Miller said.
Fund manager Holon Global Investments invested in the capital raise as it believed the industry would need greater efficiency and centralised data solutions – rather than suites of mismatched industry tools.
Heath Behncke, managing director of Holon Global Investments, said: “They are doing for financial advisers what Xero is doing for accountants. This is the future, and we want to be part of that journey”.
