Former Xero Australia managing director Chris Ridd has been appointed chief executive of fintech startup Myprosperity, just as it completed a $2.5 million “strategic” investment round.
MYOB co-founder Craig Winkler has joined existing investors to back the latest capital raising round, which sees well-known identities with roots from opposite sides of the cloud accounting war – Ridd and Winkler – join forces for the Melbourne startup.
Ridd said that there is no product in the market that does what Myprosperity offers, which is to automatically collate stats from sources such as RPdata, ASX, Yodlee, RedBook and Class Super to present a real-time dashboard of their situation. Bank accounts, insurance policies, superannuation, credit cards and loans are all integrated into a single portal.
Accountants and financial advisors can then use this unified picture to provide advice or perform taxation duties for the client.
“In the same way that Xero made accounting accessible and easy for small businesses, Myprosperity simplifies the task of putting all of an individual’s financial matters in one place, enabling them to be in complete control of their finances,” he said.
Ridd, since leaving Xero early last year, has been in investment and advisory roles in the startup sector, including roles with PowerPoint competitor SalesPreso. Myprosperity founder and chair Peter McCarthy said Ridd voluntarily contacted him after being a user of the app for a year.
“I was thrilled that Chris was so taken with our product and could see the substantial market opportunity,” said McCarthy of his first meeting with Ridd last year. “Shortly after that meeting Chris came on board as an advisor and it became clear to me that he would bring enormous value to our plans to rapidly grow our presence in the market.”
Myprosperity claims more than 250 financial advisors, 10,000 end users and more than $15 billion of assets tracked on its platform. Ridd said that the cash injection would be used to scale the startup both domestically and in “selected” overseas markets.