PractiFi, a finances management platform for businesses, has reportedly raised AUD $3m ($2.2m).
Microequities Venture Capital Fund served as the lead investor, according to a report by SmartCompany. As part of the transaction, Equity Venture Partners founder Howard Leibman will join the company’s board of directors.
Founded in 2013, Australia-based PractiFi is a financial business management platform, helping to connect wealth enterprises with their customers. With clients in Australia, New Zealand, the US and Europe, PractiFI provides a wide array of features including pipeline management, productivity tracking, interactive analytics dashboards, asset and liability insights, recordkeeping, compliance and automation tools.
Its financial advice service offers businesses tools to maximise revenue through real-time insights to identify opportunities within advice, lending, and accounting, among others. The superannuation solution provides features to help wealth managers grow and run their fund through automation, data insights and integrated tools.
PractiFI for Financial Advice claims to capture ‘all the compliance information’ a user needs, enabling them to record meetings, calls, email, digital-signatures, and even SMS. It integrates compliance information into the client record to create a ‘single rich, complete’ audit history of every relationship, and powers fee disclosure statements (FDS) directly from the service record either in bulk or adhoc.
Capital from the round will be used to create a North American headquarters to support the expansion into the US, the article said. Alongside this, the company will open an office in Chicago and look to crate a selection of new product integrations for more financial apps and tools.
Earlier in the year, Microequities reportedly took part in the AUD $1m funding round of Snooper, a retailer data platform. The company provides a mobile app that enables retailers to access data from mystery shoppers. Customers can download the app where they will be asked to fill out mystery shopper survey in exchange for a cash reward of up to AUD $15 on each trip.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
