Sydney-based Dash Technology Group has raised $22 million in a round led by listed venture fund Bailador Technology Investments (ASX:BTI).
The Bailador deal will see the VC invest an initial $15 million now with $5m in follow-on funding in six months in January 2025.
Dash is a cloud-based financial advice and investment management software platform for financial advisers and institutions to provide more affordable, personalised advice to clients. It was created two years ago when Wealth02 and Roar Software merged and went on to raise capital in December 2022.
The fintech is chaired by Geoff Lloyd., who was chair of the Financial Services Council from 2016 to 2020.
“We’re excited to be partnering with a high-quality investor in Bailador who share our vision of delivering an innovative technology platform that empowers IFAs [independent financial advisors] to provide Australians with access to affordable financial advice,” Lloyd said.
“This new capital raise positions Dash very well as we look to expand our sales and marketing investment and accelerate our exciting product development roadmap.”
CEO Andrew Whelan said Dash currently administers over $4 billion on its investment platform and grew revenue 63% in the six months to December 2023.
Financial institutions and industry super funds are using Dash as a white label solution to the federal government’s Quality of Advice changes to automate digital financial advice to their customers.
Bailador cofounder and managing partner David Kirk said he’s witnessed first hand the challenges advisors face in efficiently delivering financial advice to their clients as the chair of New Zealand’s largest financial advisory group, Forsyth Barr.
“Bailador is excited to be partnering with Andrew, Darren [Pettiona, executive director strategy], and the Dash team as they realise their vision of facilitating a different advice model that gives more Australians access to the financial advice they need to build wealth for a comfortable retirement,” he said.
Kirk and and Bailador partner James Johnstone will join the Dash board as part of the deal.
Johnstone said the investment platform market administers around $1 trillion for Australian investors and is constantly increasing along with super contributions.
“Despite its huge size only 10% of Australian retail consumers obtain financial advice,” he said.
“With financial advisor numbers declining 44% since 2018 technology will be required to bridge this gap and Dash is very well positioned to be a beneficiary of this technology led solution.”
In May, Bailador invested $20 million on telehealth platform Updoc meaning the fund has now deployed $20 million in just two months.
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