PictureWealth closes AUD $12m in late-seed round alongside acquisition of NEO Financial Solutions

Australia-based PictureWealth, which is boosting the financial education of consumers, has closed AUD $12m ($8.2m) in its late-seed round.

The capital injection was made up of both private equity and debt.

PictureWealth is a personal finance platform which aims to improve the money management of consumers. The platform will help the consumer understand their finances and show them how the future can look, as well as how they can improve their financial profile via savings and investing.

Users can set goals and keep track of them to ensure they meet them.

In addition to the investment, the FinTech has acquired NEO Financial Solutions for an undisclosed amount. NEO is a fellow Australian company and offers licensing services to more than 80 finanical advice professionals across the country.

As part of the deal, NEO managing director Mark Edman will now become a COO of the companies.

Edman said, “This acquisition allows a unified and streamlined approach to provide consumers an accessible personalised service. The use of the Fintech will assist in lifting the financial barrier many consumers may experience as the industry evolves.

“A great combination of real people with technology. At the same time, we will be releasing a range of value-added services to make the lives of financial advisers easier so they can spend more time helping their clients achieve financial happiness”

Since it launched operations two years ago, the company has boosted revenues to AUD $20m ($13.7m), AUD $2bn ($1.3bn) of funds under advice, and more than 40,000 clients.

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