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Capital Raising

Digital wealth management platform Tomorrow Super goes on the hunt for $5 million pre-IPO round

- September 20, 2021 2 MIN READ
Tomorrow Super, Wes Hall
Tomorrow Super founder and CEO Wes Hall 
An upcoming challenger superannuation brand, Tomorrow Super, is on the hunt for $5 million in pre-IPO funding.

Founder and CEO Wes Hall says he wants to create a digital-first “game-changing” low cost, hassle free SMSF-type model for a ESG-conscious generation.

“There are three undeniable trends when it comes to investing in Australia: economic activism through ESG investing, low cost, and the rise of the self-directed investor – and Tomorrow will deliver on all three,” he said.

“Many existing ESG offers in the market feel too much like a ‘one size fits all approach’ and they aren’t all low cost, so we wanted to create a platform that allows an individual or a household to invest in a portfolio or specific companies that align to their values or interests. “

Hall, a former BT Financial Group exec, says Tomorrow’s target market is about “stage, not age”, with people in the 35-50 year bracket setting up self-managed funds

“Many SMSF customers don’t believe ‘traditional super’ options meet their needs and they’re on the hunt for something better,” he said.

“They might have ambitions of running their own super in a SMSF, but the reality is that it’s much more administratively challenging and there is a truism in the market that for most people, ‘there is nothing self-managed about a self-managed super fund’.”

While Tomorrow has yet to hit the market, he’s building it with the innovations of neo-banking in mind to offer many of the attributes of a self-managed super fund without the hassle and high costs. 

“We believe that by offering greater choice, transparency and control with a consumer-led and financial adviser proposition, we can help address the current difficulties Australians face with their super,” Hall said.

The fresh funding follows a recent $1.2m capital raise, which saw Crescent Wealth take an 8% stake and became its first white-label platform client, to commercialise the platform, which will allow investors to choose between diversified actively managed and index portfolios. Outside managed portfolios, Hall wants Tomorrow to offer the ability to invest in US stocks such as Nike, IBM, Microsoft and Tesla.

“We know that the Australian superannuation industry has changed little over 40 years,” he said.

“It’s currently highly overpriced for what you get, and the customer experience and investment choices tend to be an afterthought, so it’s difficult to differentiate between funds. Tomorrow when launched, will change this,” said Mr Hall. 

Details on the raise at tomorrowsuper.com.au.