Fintech platform myprosperity announces integration with Macquarie Wealth

From

Chris Ridd

myprosperity, Australia’s leading personal wealth platform for advisors today announced an integration with Macquarie Wealth to allow its customers secure, real-time access to the bank’s popular investment and cash management accounts.

Macquarie Wrap is an industry-leading full service investment platform with more than $A85b in funds on platform, and its Cash Management Accounts (CMAs) the chosen cash hub for one in three SMSFs. By integrating with Macquarie’s open banking platform, myprosperity empowers its rapidly growing base of advisers to give clients a complete view of their entire financial world.

Established in 2011 and headed up by former Xero Australia Managing Director Chris Ridd, myprosperity is Australia’s leading personal wealth platform. Available on desktop and via mobile app as a white-label portal, accountants and financial planners grant access to their clients on a subscription basis. Clients connect their financial affairs via a suite of automated data feeds to gain a real-time, consolidated view of their financial position.

To date, myprosperity has over 530 advisers and 23,000 active users, and is tracking more than $33B in assets and $6B in liabilities. In March, myprosperity was awarded Financial Advice Innovator of the Year at the Australian Fintech Business Awards.

Speaking about the integration, Chief Executive Officer of myprosperity Chris Ridd said, “We are thrilled to provide our clients with secure, direct access to Macquarie’s comprehensive Wrap platform and its popular cash management accounts. Ultimately consumers will – and should – control their own data. With this integration, myprosperity clients can integrate yet another important component of their personal wealth.”

Ridd continued “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.”

Cameron Garrett, Head of Wealth Product and Technology for Macquarie Wealth, said: “We want to create the best possible experience for our advisers and clients and seamlessly integrating with third parties is an important part of that.

Macquarie’s platform brings together market leading technology and innovation, with scale and security to support advisers and clients in reaching their goals. 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.”

Stuart Stoyan, Chair of Fintech Australia commented “This is an important collaboration between a fintech startup and a major and established industry player. Collaborations such as these are most welcome and important to drive better customer outcomes and financial services innovation.”

“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.”

This functionality is now live for myprosperity clients.

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