Netwealth takes stake in Aussie fintech

Wealth management company Netwealth has announced its investment and partnership with data solutions fintech Xeppo.

Netwealth purchased a 25% stake in Xeppo with the option to increase its holding to 50% in the future but noted the investment is not initially “financially material” but instead will further the company’s proposition.

Xeppo’s technology specialises in data reconciliation to support wealth management, accounting and mortgage industries resulting in users to better manage client relationships, new business and monitor compliance.

Its primary focus includes customer relationship management, workflow, marketing capacity and tools and reporting to provide licensee and practice management insight which in turn reduces the amount of technology systems advice firms need to use.

Netwealth joint managing director Matt Heine said a key element of Netwealth’s strategy is to enrich data which underpins its current and future technology.

“From our recent research, we found that advice firms on average use between 12 and 15 technology systems in their business, all of which have different data models, significant data discrepancies and often overlap from a features perspective,” he said.

“Working closely with Xeppo can solve this challenge and enable systems to better connect and integrate with each other driving business efficiency and great client experiences.”

As a part of the partnership, Netwealth will expand its current integrations to support two-way data feeds between Xero, MYOB, BGL, Class, Iress and Midwinter.

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Source: Netwealth takes stake in Aussie fintech | Financial Standard