GROW Super has launched its own distributed ledger superannuation platform TINA, as well as raising $17 million in a Series C funding round.
GROW Super, a start-up superannuation fund that launched in May 2017, said it had raised the money thanks to support from firms such as Citi, R3 and Greenstone Financial Services. Meanwhile, TINA was the firm’s blockchain enabled technology for superannuation funds and wealth platforms.
Chief executive, Josh Wilson, said the development of TINA would enable it to advance its operational structures and introduce cost and operational efficiencies.
“Consumers are the big winner here, TINA will introduce drastic cost and operational efficiencies as well as enabling industry to evolve its value propositions- delivering greater value and experience to consumers at a better price and greater speed.”
Co-founder, Mathew Keeley, said: “Technology enabled TINAs value proposition, giving superannuation funds greater control of how they deliver member outcomes.”
GROW Super said it was administering a closed cohort of members on TINA in its new master fund which it recently acquired.