Fintech startup myprosperity partners with Macquarie on wealth advice platform

Australian startup myprosperity, which has created an online platform to help financial advisers better work with their clients, has announced a partnership with Macquarie Wealth.

The partnership will see myprosperity integrate with Macquarie’s Wrap platform, allowing customers access to the bank’s investment and cash management accounts.

Former Xero chief Chris Ridd, who took on the role of CEO at myprosperity last year, said the startup is “thrilled” to be able to provide its clients with access to the Wrap platform.

“Ultimately consumers will – and should – control their own data. With this integration, myprosperity clients can integrate yet another important component of their personal wealth. Like us, Macquarie cares about creating great experiences for its clients and is setting the standard for the rest of the industry to follow when it comes to open banking.”

The partnership comes as the startup reported it now has over 530 advisers and 23,000 active users on board, tracking more than $33 billion in assets and $6 billion in liabilities.

Cameron Garrett, head of wealth product and technology for Macquarie Wealth, said the organisation wants to create the best possible experience for its advisers and clients, and “seamlessly integrating” with third parties plays a key role.

“Our focus is on increased flexibility and personalisation through our innovative digital banking and wealth solutions, and Macquarie’s open platform facilitates this, enabling approved third-party providers to connect to offer new services and experiences,” he said.

Stuart Stoyan, chair of Fintech Australia, added that the partnership is an “important collaboration” between a fintech startup and a major industry player.

“Collaborations such as these are most welcome and important to drive better customer outcomes and financial services innovation,” he said.

“Our recent EY FinTech Australia Census identified that Australian fintech firms are keen to take advantage of an open data framework, and to collaborate with banks. It is good to see that this partnership ticks both of these boxes.”

The partnership comes in the wake of the banking royal commission, which has thrown the banks and their operations under the microscope.

AMP in particular has dominated the headlines over the last few weeks following the revelation that it had misled the Australian Securities and Investments Commission (ASIC) about the fact it had been charging clients fees for no service.

Three directors at AMP this morning resigned from the company Holly Kramer and Vanessa Wallace, both up for re-election, announced they will step down ahead of the company’s annual meeting this Thursday, while a third, Patty Akopiantz, will step down at the end of the year.

Image: Chris Ridd. Source: Supplied.