Moneysoft muscles in on financial sector with $1.5m funding

Moneysoft muscles in on financial sector with $1.5m funding

Summary: Money management app startup, Moneysoft, is moving to muscle in on the financial services sector, with plans to broaden its employee-base and increase its industry footprint after securing a new round of funding.

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TOPICS: Start-Ups, Australia
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Australian money management app developer, Moneysoft, has secured a AU$500,000 round of follow-on funding, bringing its total funding tally to AU$1.5 million.

The startup, backed by BlueChilli, allows users to access information from over 200 different accounts with banks and other financial institutions.

It wants to use the new cash injection to fund its plans to expand further in the local financial services sector and hire key personnel to help drive that expansion.

To this end, the company has hired Jon Shaw — formerly of IBM — as its new head of technology and commercial operations.

"Jon was selected due to the experience and skills he delivered to the Board over the previous 18 months and we welcome his further operational involvement in Moneysoft," said Moneysoft founder, Peter Malekas.

According to Malekas, Moneysoft's growth has exceeding expectations, with new deals at the corporate level opening up opportunities for the company to substantially scale up its operations.

"Moneysoft is in early stage discussion with two of Australia's largest financial advice groups and with a number of additional industry funds," he said.

The new funding round comes as the company reaches the second phase in its integration with browser-based wealth management software platform, XPLAN.

"XPLAN is the most comprehensive range of integrated wealth management software tools in Australia and having Moneysoft integrated means that clients of advisers will be able to view a real … personal asset and cash-flow positions together with their investment portfolio easily," he said.

New appointee, Shaw, said he hopes Moneysoft will eventually become a highly-recognisable Australian brand.

"It's rare to have the opportunity to be involved in such a visionary and exciting technology, and we're all hugely enthusiastic to grow this great little Australian company into a great Australian brand," he said.

Topics: Start-Ups, Australia

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Leon covers enterprise technology and start-ups from ZDNet's Sydney newsroom.

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