PractiFi said to raise AUD $3m in funding led by Microequities

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 FinSMEs. As part of the transaction, Equity Venture Partners founder Howard Leibman will join the company’s board of directors.

Australia-based PractiFi is a business management platform for financial services, helping to connect wealth enterprises with their customers. The platform offers a range of automation solutions and deep analytics tools to improve a business’ revenue, efficiency and compliance.

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.

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.

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