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.

Related News:

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.

Related Content

FASEA has failed say survey respondents

As many as three-quarters of financial advisers will need to spend time and money on pursuing degrees or bridging courses under the new Financial Advi...Read more

Advisers can’t be trusted says ISA

Just days out from the final report of the Royal Commission, Industry Super Australia (ISA) has told a key parliamentary committee that it should not ...Read more

Advisers need to unite to enlighten consumers on trust

With one key benefit of the professionalisation of the financial advice industry by the Financial Adviser Standards and Ethics Authority (FASEA) being...Read more



They will burn thru that in 3 months.

Add new comment