Sydney-based startup Practifi has raised AU$24 million in series B funding to expand its business management platform for financial advisors and superannuation fund companies.
Led by US tech equity firm Updata Partners with participation from existing Series A investors Equity Venture Partners, the new funding will be used to scale the platform and expand into international markets.
Founded in 2013, Practifi is a business and employee management software platform for wealth management businesses, offering CRM functions, compliance monitoring, and automated workflows.
Practifi’s top line feature is a “compliant by design” platform that captures data automatically and offers compliance monitoring tools.
According to research by Deloitte, Australian organisations spend $250 billion annually administering and complying with the rules set by both governments and businesses, and it takes up an average of eight weeks a year of employee time.
The government is currently investigating policy settings to encourage Australia’s FinTech and RegTech industries in the hope of minimising some of the pain points with technology.
“I’m tremendously proud of how much we’ve accomplished in revolutionising the technology available to Australian advisors, superannuation funds and trustees, but this is only the beginning,” said Practifi co-founder and chief executive officer, Glenn Elliott.
“Our continued partnership with EVP and our new partnership with Updata will help us drive even more growth. Our vision is to create the most efficient business management platform possible for financial advice firms and the most comprehensive trusted office platform for superannuation funds.”
Carter Griffin, general partner of Updata said, “We invested in Practifi because they have a genuine vision for an industry that needs revolutionising. We‘re excited to be partnering with them as they build exciting new features and create a more innovative financial services solution.”