Peer-to-peer investment startup SelfWealth has said it will roll out a new brokerage solution in four weeks with the aim of "revolutionising" online broking, according to managing director, Andrew Ward.
The move comes on the back of a $3 million capital raising with investor Washington H. Soul Pattinson's Pitt Capital, as SelfWealth now looks to strengthen its resourcing in IT and digital marketing as well as solidify its relationship with SMSF platform provider BGL.
Known as FORTify, the new solution will encompass a four-pronged strategy which will have a direct-to-consumer core component in addition to engaging with financial institutions and vendors, as well as integrating the solution into BGL's Simple Fund 360 cloud platform in the long-term.
"We're launching our online brokerage solution which will revolutionise online broking in Australia," Ward told Money Management.
"All four of those structures will be priced in different ways. It changes the way online broking works and we are putting a lot of time and resources into that because that has been the final piece in the puzzle [as part of] the evolution of our business."
Among BGL's other current partnerships are SMSF Retirement specialist Accurium, independently-owned licensee Capstone Financial Planning, and Macquarie Group.
Ward said that SelfWealth had identified a gap in the online broking space which presently lacked a "compelling, really easy and understandable" solution for self-directed and first-time investors.
"For those who don't necessarily understand the power of SelfWealth yet, it's almost like bringing a horse to water," Ward said.
"The peer-to-peer piece is growing in popularity [and] we have a very high net worth and engaged investor community. I think there's a very vibrant and collaborative fintech feeling in Australia at the moment."