PictureWealth raises $14M – Startup Information in WA, occasions, recommendation, podcasts and ecosystem

A rising Perth-founded wealth fintech has introduced it raised $14 million from an investor late final yr, whereas its govt crew has been bolstered by hiring a senior Westpac govt.

PictureWealth acquired the funding from an undisclosed institutional investor in late 2021. The $14 million Collection A funding advances complete funding to $30 million. The capital will likely be deployed to additional construct its know-how stack together with buying and digitizing monetary planning practices.

This follows a late-seed $12 million funding spherical back in 2020. That yr, the fintech additionally made its first move overseas.

Allan Maitland, Head of Westpac’s Client Financial institution for WA has joined the crew because the CEO of PictureWealth Advisory – the most important subsidiary throughout the PictureWealth Holdings group of corporations – and will likely be liable for the expansion of the enterprise throughout its operations in NSW, WA, SA, QLD and shortly to be VIC.

Mr Maitland has over 20 yr’s expertise in monetary planning and shopper banking. Beforehand, he was additionally GM for BT monetary group.

PictureWealth is concentrated on helping clients on each the delivering and receiving facet of the monetary recommendation relationship. By utilizing their know-how, customers can construct their wealth image and are then assisted to enhance that image by providing monetary readability, schooling and customised recommendation.

This help comes from on-demand monetary specialists, a technique that PictureWealth says blends skilled human information with the digital world.  

Good issues are available threes

Together with the funding and Mr Maitland’s appointment, PictureWealth’s headquarters has moved to a brand new 60-person workplace within the Perth CBD because the fintech continues alongside its development trajectory.

PictureWealth co-founder David Pettit will proceed to guide the group as CEO with a concentrate on stakeholder engagement and technique together with mergers and acquisitions.

We’ve got achieved an enormous milestone in our enterprise, with such a big institutional investor behind us we felt it was time to speed up our enterprise additional and Allan is a seasoned skilled that brings a depth of expertise that’s arduous to seek out within the native market.

David Pettit

Commenting on his new position, Mr Maitland mentioned he was excited in regards to the firm’s imaginative and prescient and “the chance to work with the crew to develop a number one Monetary Companies model nationally.”

“It’s a robust begin to the yr and we see nice potential in 2022 and past,” concluded co-founder and chairman Neal Cross.