Fourth Line has closed a first-round equity raising to further fund its technology agenda, talent resources and business growth.
The equity raising is the first raising by the company since its founders funded and started the company more than 18 months ago.
The equity raising also follows its technology partnership with Swinburne University of Technology covering machine learning and other technology innovations. The company also expects to accept further investor funds in 2020 and has already had discussions with various interested parties.
Fourth Line works closely with the wealth management profession to improve the quality and content of financial advice for all Australians by utilising leading technology augmented with human oversight.
Fourth Line is a rigorous RegTech risk management and compliance system which helps dealer groups and advice practices meet their regulatory compliance obligations and helps ensure that they are acting in their clients’ best interests.
Fourth Line developed its rigorous and comprehensive algorithmic approach to reviewing financial advice in collaboration with Mills Oakley and is working with a number of leading dealer groups and advice practices to provide improved advice oversight, directly addressing recommendations from the recent Royal Commission into Financial Services and Superannuation and other regulatory reports.
The industry first partnership with Swinburne University enhances Fourth Line’s algorithmic approach to pre and post-vetting of financial advice by ensuring that Fourth Line’s artificial intelligence (AI) and machine learning offer is world leading in its application to financial advice.
Commenting on the next evolution of Fourth Line, Tony McDonald, Chairman of Fourth Line noted: “Continuous investment in both leading technology and human oversight processes is critical for monitoring the quality of advice given the complexities and volume of regulatory change in the financial services industry. Critically, to deliver on our vision we need leading edge technology combined with human input. One or the other is not sufficient”.
“In today’s environment you need both”, he added.