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AMP just bought a Sydney fintech startup

(Photo by Scott Barbour/Getty Images)

After investing $1.5 million into Sydney-based fintech startup MoneyBrilliant in 2014, AMP announced it has acquired the startup for an undisclosed sum.

AMP has said that it wants to keep on growing MoneyBrilliant and will keep it as an independent company to expand its customer offerings.

MoneyBrilliant’s CEO Jemma Enright will be leaving the company and is being replaced by Peter Lalor who helped build SMSF administration startup SuperIQ.

Founded in 2011, MoneyBrilliant was originally named Cha-Ching, and is a platform that helps its users make better financial decisions by helping them to completely understand how they are placed financially. It’s essentially your own virtual finance assistance.

You can access the service either through an app or website where all your accounts and bills are located in the one spot. From there, users can have it all automatically organised and budgeted to make sure they don’t fall behind with their money.

MoneyBrilliant co-founder Peter Lord said, “We’re excited to extend the relationship we have with AMP through this acquisition. AMP’s customer strategy is to create easier ways for customers to engage and manage their finances. MoneyBrilliant is well aligned with this strategy and the acquisition of our brand will allow AMP to leverage its capabilities in the development of new customer offers during 2016 and beyond.”

AMP’s chief innovation officer Jonathan Deane said: “AMP is delighted to have been a part of MoneyBrilliant’s development to date, and we look forward to working with the team as they continue to develop exceptional personal finance solutions for customers.”

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