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PictureWealth scores $12 million seed funding; acquires NFS

PictureWealth scores $12 million seed funding; acquires NFS

Australian wealthtech startup PictureWealth has secured $12 million in seed funding and acquired Perth-based financial planning tool NEO Financial Solutions for an undisclosed sum.

Within its first two years of trading PictureWealth has recorded revenues of AUD$20m, AUD$2bn of Funds Under Advice and over 40,000 clients.

The firm offers financial advice to clients and connects them with on-demand experts to shape their goals.

PictureWealth was founded by CEO David Pettit, and chairman Neal Cross, a former chief innovation officer at DBS Bank.

Says Cross: "We have built an engine of innovation that enables us to rapidly onboard new financial advisors, optimise how they run their business and give customers a best in class digital platform while at the same time helping them to reduce their product related fees.”

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