Robo-advice start-up Future Penny has entered the superannuation market by partnering with and completing an equity raise with an employee benefits advisory group.
Super-Advice is set to roll out Future Penny’s combination of robo-advice and general financial literacy education to its more than 75,000 clients.
Super-Advice has also taken an undisclosed amount of equity in Future Penny in helping the robo-advice firm complete its $750,000 seed round, the firm said in a statement.
The move brings Future Penny into the New Zealand market along with expanding its Australian base.
Future Penny chief executive and co-founder David Pettit said the firm is taking a leadership position in making sure a robo-advice experience is about more than just financial products.
“Robo-advice needs to be about guided decision making that educates along the way and improves people’s lives,” he said.
“The shared values across both Super-Advice and Future Penny represent a great opportunity for the partnership to educate people on how to achieve their financial and lifestyle objectives through online interaction with the Future Penny software.”
Super-Advice chief executive Allan Rickerby said he cannot wait for the Future Penny software to be rolled out to his corporate clients.
“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,” Mr Rickerby said.
“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.”
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