Sydney-based robo-advisor and fund management firm Stockspot has raised $2.2m in a Series B round.
Australian asset management company ETF Securities’ founder Graham Tuckwell co-led the investment with Alium Capital.
Entrepreneur Danny Bhandari also participated alongside existing backers including H2 Ventures.
Stockspot aims to lower the barrier to entry for investment advice by eliminating minimums, high fees, business jargon and paperwork to allow ordinary consumers to invest in ETFs.
The company charges no fees for the first six months, after which it costs $6 per month for accounts of less than $10,000.
It did not disclose its assets under management but counts 25,000 registered users.
Founder and CEO Chris Brycki commented: “Our new shareholders have deep knowledge across exchange-traded funds, wealth management and FinTech.
“Globally, robo-advice is the fastest growing category of wealth management, it is expected by 2020 total global assets under management will grow to $2.2 trillion.”
Stockspot will use the new capital to hire more engineers to build out its AI tech and grow its client base.
The round takes the company’s total funding to $3.7m with it previously raising $1.25m in a Series A led by H2 Ventures in June 2015.
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