Corporate advisory firm Pitt Capital has invested $3 million in peer-to-peer investment platform SelfWealth, bringing the fintech company’s most recent capital raise to $4.3 million.
Speaking to InvestorDaily, SelfWealth chief executive Andrew Ward said Pitt Capital turned down 20 other ‘robo-advice’ firms both in Australia and overseas to invest in SelfWealth.
Dean Price, the executive director of Washington H. Soul Pattinson Company-owned Pitt Capital, has also joined SelfWealth’s board.
Mr Ward said Pitt Capital is more of a “true corporate funding partner” than a venture capital fund.
“They want to support us both domestically and internationally over a long period of time,” he said.
According to Mr Ward, Pitt Capital’s investment was based on SelfWealth’s position at the juncture of the digital investing sector and the fastest-growing area of wealth in Australia: self-managed super.
SelfWealth signed a wholesale distribution agreement with software supplier BGL Corporate Solutions on 2 July 2015, giving it exclusive access to 75 per cent of the SMSF space via accountants.
On top of Pitt Capital’s investment, SelfWealth has also raised $1.3 million from its existing investors.
Mr Ward can now claim former iSelect (now Compare the Market) chief executive Matt McCann as a new investor – along with Carsales.com.au chief executive Greg Roebuck.