Practifi collects AUS $24m in Series B as it looks to grow international presence

Business management platform Practifi has scored AUS $24m ($16m) in its Series B round which was led by Updata Partners.

Former Practifi investor Equity Venture Partners also committed to the Series B.

The FinTech plans to use the capital to grow its team, boost its presence around the world and invest into its software to improve customer experiences.

Australia-based Practifi is a business management platform aimed at giving financial advice to businesses around the world. Financial advisors, family offices and broker dealers can use Practifi to manage client relationships, monitor compliance and automate workflows.

The platform offers a tailored dashboard which a client can filter out irrelevant information and get instant access to assigned clients, key dates, tasks and workflows. Some of its other benefits include workflow analytics, automated compliance processes and daily reports.

Practifi co-founder and CEO Glenn Elliott said, “I’m tremendously proud of how much we’ve accomplished in revolutionising the technology available to Australian advisors, superannuation funds and trustees, but this is only the beginning.

“Our continued partnership with EVP and our new partnership with Updata will help us drive even more growth. Our vision is to create the most efficient business management platform possible for financial advice firms and the most comprehensive trustee office platform for superannuation funds.”

The company collected $2.2m in a funding round in 2018, which was supported by Microequities Venture Capital Fund.

FinTech investment in Australia hit a record high in 2019, with it reaching $1.4bn, according to FinTech Global. Funding has increased at a CAGR of 59.9% between 2015 and 2019.

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