Financial advice startup Asendium has raised more than $1.1 million.
The round was backed by a mix of institutional investors, including Holon Global Investments, plus several aligned and independent financial advisers, and private investors.
The funds are earmarked for developing the fintech’s technical capability, product development, and integrations.
Asendium is looking to transform the way financial advisers deliver advice. The dynamic platform creates all required advice documents at the same time, through one instance of data entry. It is designed to eliminate the manual parts of advice generation, creating more time for advisers to work with clients and build their business.
CEO Scott Miller said Asendium is built as an enterprise solution.
“Financial planners have been calling for a solution that directly targets the end-to-end advice creation process. This is evident in their investment and involvement to build out Asendium’s reach and technology,” he said.
“As a result of the capital that was secured in recent months, we have been able to accelerate Asendium’s integrations with key complimentary technologies that will help financial planners create advice more efficiently.”
He sees broader applications for the platform beyond financial planning.
“It is applicable to other industries such as accounting, mortgage broking, legal and has global application,” Miller said.
“If we can crack the nut here in Australia, which has the most difficult, convoluted compliance and regulation system in the world, we can see great appeal and penetration of this technology globally.”
Heath Behncke, managing director of fund manager Holon Global Investments, said the invested in Asendium because Miller and his team have deep expertise in the challenges facing financial advisors and ambitions for global scale.
“They are doing for financial advisers what Xero is doing for accountants. This is the future, and we want to be part of that journey,” he said.
Among the advisors who also backed the round Cameron Forbes, from Forbes Fava Financial Planning, was impressed with the solution Miller has developed.
“Being an adviser for 15 years I have used many different methods. Asendium is compliant, efficient, and easy to use,” he said.
“I wanted to invest in this to be part of the solution for the financial planning industry. I saw this as a way to contribute for the next generation. The ability for Asendium to be configurable for each individual adviser and client is unique.”
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