Girls’s wealth fintech Tremendous Fierce raises $1.5 million seed spherical

Feminine-founded fintech Super Fierce has raised $1.5 million in a seed capital to assist girls construct higher monetary safety.

The spherical was led by angel investor Raymond Spencer, supported by Seed Area Enterprise Capital, Andrew Hamilton, Chapman Capital Companions, and Southern Angels members.

Tremendous Fierce founder Trenna Probert mentioned {that a} majority of her backers have been girls, nonetheless, their cheque measurement was a median 24% smaller than her male traders, which highlights the issue she’s trying to clear up.

The funds might be used to scale up operations and advertising and marketing, construct out the proprietary know-how, and launch various new merchandise on the superannuation comparability platform.

The tremendous recommendation startup has construct a number of distribution partnerships with firms akin to MyRewards, whereas in beta mode, and Probert has set herself the aim of serving to girls save $100 million in lifetime superannuation charges by the tip of this monetary yr. She’s already 1 / 4 of the way in which to that aim.

For Probert, Tremendous Fierce is private. She recounts being 34, with an 18-month-old son, when she needed to borrow $3000 from her mother and father to depart a relationship and begin once more. Regardless of a previous high-flying profession, she recollects nights the place she couldn’t afford to feed her baby.

The fintech veteran rebuilt her funds, together with time as Head of Technique at Macquarie Financial institution, and emerged decided to alter the expertise for girls who comply with. She based Tremendous Fierce with Keith Moore and her husband, Craig Swanger, Macquarie’s and former chief funding officer in 2019.

Probert mentioned a number of research on the superannuation retirement hole between women and men ranged between 34-67%.

“Many of those research, nonetheless, incorrectly exclude the large variety of those that retire with no tremendous in any respect, and the overwhelming majority of these are girls. So these numbers are a lot decrease than actuality,” she mentioned.

“Our calculations recommend the median tremendous steadiness at retirement for girls is 50% decrease than for males, and we imagine that is unacceptable.”

Probert says moms pay a good larger price.

“The common penalty is $280,000 for a girl with two kids who takes a median six years out of paid work after which returns to half time work,” she mentioned.

“Tremendous Fierce helps girls to minimise this penalty by way of various scalable wealth recommendation methods, starting with eradicating pointless charges.”

A Tremendous Fierce evaluation led Probert to conclude that the common Australian lady might save $102,000 in tremendous charges in her lifetime by switching to a lower-cost fund.

She’s additionally established the Fierce Impact basis, with the aim of donating $100 million to disenfranchised Australian girls. To do this, Probert has pledged to contribute $100 to the muse for each one who switches funds, with a goal of 1 million girls making the change.