PictureWealth raises $12m, acquires NFS

Perth-based fintech startup PictureWealth has announced two major moves in its efforts to expand its market reach, raising $12 million and acquiring financial services manager Neo Financial Solutions.

Operating commercially since January of last year, PictureWealth offers a free, digital financial management platform that allows users to monitor their superannuation fund, insurance policies and estate.

According to co-founder and chair Neal Cross, the company currently services more than 40,000 clients and manages $2 billion in funds.

Founded in 2010, Neo Financial Solutions primarily offers support and services to self-employed financial planners.

Managing director Mark Edman will now serve concurrently as PictureWealth’s chief operating officer as a result of the acquisition.

In a statement, co-founders Neal Cross and David Pettit praised Mr Edman, saying he would be pivotal to the company’s attempts to transform the financial planning industry.

“We are super excited about completing this transaction and welcoming the NFS clients and staff into the PictureWealth family,” Mr Cross said.

Mr Edman said that PictureWealth would now undertake a range of value-added services to make the lives of financial advisers easier.

“This acquisition allows a unified and streamlined approach to provide consumers an accessible personalised service,” he said.

“The use of the fintech will assist in lifting the financial barrier many consumers may experience as the industry evolves.”

Mr Cross has around two decades of experience in the fintech sector, having previously worked with Microsoft, MasterCard and the office of the Prime Minister of Singapore on matters of finance and innovation.

Prior to founding PictureWealth, he spent four years as chief innovation officer with DBS Bank.

Mr Pettit, who serves as PictureWealth’s chief executive, had previously founded Advocate Private Wealth in 2011 after having worked as a financial advisor since 2004.