Australian bitcoin entrepreneur Zhenya Tsvetnenko and Perth based financial planner David Pettit have teamed up to fund a new robo-advice platform to help every day people plan their financial lives.
The startup is called Future Penny, with the pair both personally investing capital, alongside several other investors who have pitched in $500,000 in development capital. One of the investors is Neal Cross, the chief innovation officer at DBS Bank.
Future Penny was founded six months ago and has become the latest player in the increasingly competitive robo-advice sector. It can provide information for customers based on algorithms for budgeting, insurance, estate planning, superannuation and general investments.
The platform is due to go live by the end of June for every day consumers, however the bigger market Future Penny is targeting is large firms, looking to offer their service as perk to customers’ staff. Those companies will be able to offer the service as a white label package for staff to help better manage their money.
The startup is hoping by then new regulatory reforms which could change default super fund selection will be a boost, as their service can help pick the best one for each employee.
Tsvetnenko, 33, had previously made his money out of his blockchain venture Digital CC and digital advertising firm Tech Mpire.
“Before becoming an entrepreneur I worked in several corporate jobs, but I never had the luxury of being exposed to a service that helped me understand my finances so simply,” he said on why he started Future Penny.
“In hindsight I realise I could have benefited significantly from this at a very early stage in my career.
“Our research shows that only one in six Australians feel 100 per cent on top of their personal financial situation and I see working with Future Penny as an opportunity to change this and improve these numbers.”
Future Penny has several big challenges to face in the competitive market, with several players already well established. Decimal Software for example currently advises more than $3 billion in funds and 170 superannuation fund customers.