Leading Australian money management app startup Moneysoft has closed a further $500,000 follow on funding round to continue its rapid growth in the financial services space, taking total funding raised to $1.5M.
Moneysoft, a BlueChilli backed startup, will use the funding to assist expanding its reach in the financial services sector and to hire key personnel to fulfill specific needs of the business’ growth.
One of the key appointments is its new Head of Technology & Commercial Operations, Jon Shaw.
“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,” Moneysoft founder Peter Malekas said.
“Over the past 18 months, I’ve seen first-hand what a great job Peter and the Moneysoft team have done to get this brilliant application built and market-ready. I’m humbled to be invited in as part of the team that will take Moneysoft to the next stage in its evolution,” Mr Shaw said.
“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.
Mr Malekas said the rate of growth was exceeding expectations with the opportunity to scale rapidly being assisted by a raft of new deals at the corporate level.
“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.
Moneysoft has also reached the second phase in its integration with 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 (non-static) personal asset and cash-flow positions together with their investment portfolio easily – something the financial services industry has failed to deliver in the past and a real game changer for the industry,” Mr Malekas said.