Mark MacLeod

Leading financial data aggregation platform Moneytree and Australia’s first independent choice-of-fund service for employees Roll-it Super, has announced a partnership that will allow users of Roll-it Super to view all their financial accounts across providers in one place.

Roll-it Super is a new platform service for Australian companies that provides a super fund investment comparison and switching tool, to empower employees to join high performing funds. As part of the partnership between the two fintech companies, Moneytree will provide API infrastructure that will enable Roll-it Super users to gather all their financial accounts in one place in a secure and highly private way. The data aggregation solution powered by Moneytree won’t share it with the employer or any unauthorised third parties.

“We chose to partner with Moneytree because we adhere to its strict privacy policy of not disclosing financial information with any unauthorised third parties,” said Mark MacLeod, founder of Roll-it Super.

“Accessing banking and super information from one place in a single login is a feature entirely for the benefit of Roll-it Super users. With this, they’ll be able to better understand their financial position and review their income, spending and saving patterns overtime,” he added.

Commenting on the partnership, Moneytree Founder, CTO and Executive Director for Australia, Ross Sharrott said: “We’re delighted to commence our partnership with Roll-It Super. We are a supporter of their mission to empower people to make better informed decisions about their super, and not leave this important decision to a default alternative that doesn’t match their situation.”

“Finding the right superannuation fund is extremely important and can have a significant impact on people’s retirement. We view Roll-it Super as a natural partner in our mission to help people understand their financial position across all their accounts to take action and ultimately be better off,” he added.

Leveraging different capabilities

Both Moneytree and Roll-it Super are resident companies at the fintech hub Stone & Chalk in Sydney and Melbourne. Through the hub’s network, the two companies learned about each other’s mission and capabilities and decided to form a partnership in 2018.

“After our initial conversation with Moneytree, we quickly realised the value of their offering for users of Roll-it Super. Once we learned about their privacy and security policies, we decided they were the right fit for us,” said Mr MacLeod.

“Roll-it Super is helping people to make sense of a sea of information in the superannuation sector, which is a very daunting process if done manually. We are very happy to partner with companies making a difference and Roll-it Super is certainly one of them,” said Mr Sharrott.

Commenting on the announcement, Alex Scandurra, Chief Executive Officer at Stone & Chalk, said: “The partnership between Moneytree and Roll-it Super is living proof that startups and scaleups don’t have a mindset of acting in isolation, but rather leveraging each other’s capabilities and expertise to collaborate on an even better solution for their customers.

“The good news is this way of doing business is spreading to the traditional financial services sector helping substantially de-risk collaboration between startups/scaleups and incumbents. Startups in Australia are partnering with incumbents in ways that were not foreseen five years ago. We believe the future for all industries will see more organisations partnering with startups to increase the pace of transformation and to inject much needed innovation to ultimately deliver a better product and/or solution for customers and better outcomes for shareholders,” he added.

The post Moneytree and Roll-it Super establish fintech partnership for data aggregation solution appeared first on AdviserVoice.

Paul Chapman

Moneytree KK (Shibuya, Tokyo) has completed a Series B funding round that will drive its further expansion in the rapidly developing global FinTech industry, including entering the Australian market within the coming months.

The development paves the way for unprecedented connectivity across the financial services sector with Moneytree providing tools and services that enable individuals and businesses to aggregate and control all their financial data in a single place.

Moneytree will use the funding to add functionality to its popular personal finance management app, as well as to invest in deepening the capabilities of its Moneytree LINK platform that connects financial institutions and customers through a permission-based data-sharing platform.

Moneytree CEO Paul Chapman said: “We are accelerating Moneytree’s growth to deliver seamless access to Japan’s financial services. In coming months, we will expand beyond the Japanese market and become a regional player, working for positive change, and cementing a position as the most trusted financial data portability platform.”

Funds were raised from SBI Investment Co., Ltd., Fukuoka Technology Partners Co., Ltd., Hiroshima Venture Capital Co., Ltd., Senshu Ikeda Capital Company Ltd., and noted British asset management company Baillie Gifford & Co., as well as reinvestment from Series A round investors Mizuho Capital Co., Ltd., SMBC Venture Capital Co., Ltd., and salesforce.com, inc. The total amount raised exceeds JPY 1 billion. SBI Investment Co., Ltd. led the round.

The participation of British asset management company Baillie Gifford & Co. signals a significant step forward in Moneytree’s plans for overseas expansion.

Moneytree LINK has secured over twenty customer and partner companies since 2015. Japanese ‘mega banks’ Mizuho Bank Ltd and Sumitomo Mitsui Banking Corporation have adopted Moneytree LINK, with leading regional bank Senshu Ikeda also on the platform. Moneytree LINK powers solutions from ten accounting software providers, making it the number one platform in the Japanese accounting industry.

Moneytree will increase headcount across the organisation, including Development, Platform, Sales, Marketing and back office.

Mr. Chapman added: “As the fintech market expands rapidly, Moneytree remains focused on our core values of security, privacy, and transparency. As a platform, we will continue to maintain neutrality with regards to partner type, vertical, and even size.”

The post Moneytree completes a JPY 1 billion funding Series B funding round appeared first on AdviserVoice.