Robo-advice setting sail in Australia
Stockspot has run a successful series B funding round, hoping to fuel expansion.
The funds, the company says, will be used to attract new clients as well as expand staff numbers.
“Globally, robo-advice is the fastest growing category of wealth management, it is expected [that] by 2020 total global assets under management will grow to $2.2 trillion US,” said Chris Brycki, Stockspot’s CEO and founder.
“Originally fuelled by investors in the US and Europe, Australian investors are fast catching on.”
Founded in Sydney in 2014, Stockspot runs an automated investment advise and portfolio management platform. Users can invest as little as $2,000, and the service is free for the first six months.
The idea to found the business came from Mr Brycki’s time at UBS, where he saw the damage tech innovators did to media and retail.
Figuring the same trends would soon hit wealth management, he decided to start his own robo-advisor.
Since founding, the company has sourced $5 million in investment and has over 25,000 users.
Its business model has won innovation and startup awards every year. In 2016, the company placed in the top 50 startups in Australia and New Zealand, as ranked by H2 Ventures.