Wealth management giant AMP has just invested $1.5 million in fintech startup MoneyBrilliant, an online hub and mobile app which give users instant insight into their spending and finances.
Established financial industry players, including the big banks, are under pressure from small startups trying to grab a share of the industry.
It’s a booming industry with investment flooding into companies reinventing the way we do payments, lending and investing, and AMP wants to ensure that it has a stake in any new disruptive service in the sector.
In the case of MoneyBrilliant, it gives users automatic access to their bills, spending and savings to see if they are tracking in the green or are slipping into the red against their latest pay slip.
Peter Lord founded MoneyBrilliant after seeing his mother hit tough financial times as she neared retirement.
“A lot of the challenges I saw my mum, and so many other women, face, came from a lack of confidence in managing money,” he says.
“My mum didn’t have the confidence to invest, because she wasn’t on top of her everyday money and finances.
“Women are the heart of this business. We design with women in mind, even though men love us too. I believe the solution to the world’s problems with money has to start with helping women first.”
Co-founder and CEO, Jemma Enright says there’s a huge opportunity to break down old, stuffy models of financial products.
“If you don’t have the basic needs under control, like paying your bills and spending within your limits, you can’t have a conversation about goals and building wealth. You can’t get ahead,” Enright says.
AMP hasn’t disclosed the equity it gained by investing in MoneyBrilliant.