Perth fintech startup Future Penny has today announced its first partnership, with leading Australian and New Zealand employee benefits company Super-Advice. Through the newly formed relationship, the companies will look to improve financial literacy for people across the ANZ region.
Future Penny is a robo-advice startup that launched earlier this year to provide education systems for employees in large organisations across Australia. The startup focuses on educating users about their finances and investment opportunities, guiding working Australians down the path of a ‘think, learn, do’ mantra when it comes to their finances.
The partnership with Super-Advice follows on from a $750,000 seed round, in which Super-Advice participated, that will help Future Penny to expand its Australian base and move into the New Zealand market.
David Pettit, cofounder of Future Penny, said the shared values across the two companies represent a great opportunity to educate people on how to achieve their financial goals and lifestyle objectives. Super-Advice is now set to roll out Future Penny’s combination of robo-advice and general financial literacy education to more than 75,000 of its clients, which include Freedom, Pandora, and ooh! Media, which recently acquired an 85 percent stake in Junkee Media.
Allan Rickerby, CEO of Super-Advice said, “These companies are passionate about providing additional employee benefits and assisting their staff with financial literacy and education, particularly around the complicated area of superannuation.
“Our target is the ‘aspirational affluent’ where we empower the individual to make an informed decision, and what Future Penny is creating is a game changer in that it has the ability to create personalised customer content and service on a large scale.”
Super-Advice has over $1.5 billion in funds under management, with offices in Perth, Sydney, Melbourne and Auckland.
“In the financial services industry it’s hard to find businesses genuinely passionate, working to educate and provide personal services that meet the individual’s specific needs and requirements. It is something Super-Advice prides itself on, as it has been providing employee benefits through the workplace and on-site financial education sessions for many years,” said Rickerby.
The issue of improving financial literacy has been a key concern for a number of fintech startups. In 2015 Australia saw its first automated investment advisor Stockspot enter the playing field with $1.25 million in funding from H2 Ventures. Chris Brycki, founder of Stockspot, said a big part of the business is educating consumers about how to make better financial decisions and improving the financial intellect of clients.
Other fintechs such as Simply Wall St have also secured substantial investment and are continuing to look at ways to educate their customer base on investment opportunities. Last year Simply Wall St secured $600,000 in a round led by Innovation Capital and in April this year announced the acquisition of US competitor Capp.io.
The recent collaboration between Super-Advice and Future Penny will help to educate the public that robo-advice experience is about more than just financial products, with Pettit explaining that money is no longer a wealth discussion, but also a health discussion.
“Robo-advice needs to be about ‘guided decision making’ that educates along the way and improves people’s lives. Future Penny creates a big opportunity for financial services professionals to consider how they can provide online advice not only to their customers, but also directly to their employees.”
Article available at Startup Daily here.