Financial wellness start-up eyes next stage for growth

Your Financial Wellness (YFW), a Sydney-based data analytics and financial wellness platform, has secured investor backing in a series A funding round and a new advisory board as it positions the business for the next stage of its development.

YFW’s advisory board includes leading management risk expert and Bank of Queensland’s former chief risk officer Peter Deans.

“With the financial fallout from COVID-19 causing widespread financial stress and distress, YFW is well-placed to support the need for tools to help customers through their banks navigate their way through this difficult period,” Deans said.

“I believe there is quite a bit of blue sky in also helping banks better understanding their customer portfolios,” he added.

In fact, across the market, RFi Group data shows that 38 per cent of savings account holders feel they have a somewhat or high level of understanding about banking and finance.

And according to the data, in the last four years, consumers have become increasingly likely to have a savings goal, from 74 per cent in 2016 to 82 per cent in 2020.

YFW has already forged partnerships with six banks since it began in early 2018. The business is also working with the University of New South Wales (UNSW) to deliver landmark research into the financial wellness of Australians.

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Source: Financial wellness start-up eyes next stage for growth | RFi Group