Money management fintech Upworth has secured $1 million in venture capital from leading business angel investors and entrepreneurs for its first external round.
The Sydney fintech’s cofounders Alexandre Chavotier (CEO), Carlos Rios (CTO) and Maxime Chaury (COO & CMO) come from technology, finance and consumer services backgrounds and set out to change the way people manage their money.
Upworth launched this week in the wake of the raise offering a free consumer dashboard to track all your financial life, from saving accounts to crypto wallets, loans and mortgages, superannuation and even your frequent flyer account.
The platform then leverages open banking (aka consumer data right) and AI to share unique insights and help users build their wealth. They include a mortgage refinancing module enabling anyone to see in 60 seconds if you can save money on loans.
Chavotier, who previously worked at McKinsey & AI firm Quantum Black, said they’re working on introducing new tools for users in 2024, such as a self-serve financial roadmap to achieve retirement goals, a fee scanner to identify how to reduce financial costs and other premium features.
“We are proud to bring Upworth to the world, starting with Australia, providing individuals with powerful tools to achieve financial independence,” he said.
“Our digital platform offers consumers access in a simple and efficient way to financial products that fit their needs, starting with home loans. Upworth is an authorised credit representative (ACR) in Australia, working with a panel of 30+ lenders, including ANZ, Westpac, NAB and Bankwest.
The fintech’s dashboard makes it simpler to track all your assets and liabilities in one place, also giving you free access to 170,000 securities across 70-plus global exchanges, and the ability to see the breakdown and evolution of your wealth.
Alexandre Chavotier said they have designed Upworth with security and privacy at its core. All customer data is stored in Australia, at data exchanges with military grade encryption protocols, and the fintech meets Australia’s stringent open banking security and privacy requirements.
“We’re also committed to contributing to financial literacy, building a knowledge base around personal finance, called Upworth Hive as well as starting the podcast Upworth Talks in collaboration with personal finance and investment experts,” he said.
You can sign up for a free account at upworth.com.au