Practifi completes A$24M Series B funding round with US-based Updata Partners to accelerate growth

Practifi completes A$24M Series B funding round with US-based Updata Partners to accelerate growth

Practifi, a business management platform for financial advisors and superannuation funds, announced the completion of a A$24 million Series B funding led by U.S.-based Updata Partners, with participation from existing Series A investors Equity Venture Partners (EVP). With this investment, Practifi plans to scale the team, expand presence around the globe, and invest in the software platform to further elevate the client experience.

“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. 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 trustee office platform for superannuation funds,” stated Glenn Elliott, co-founder and chief executive officer of Practifi.

Adrian Johnstone, co-founder and chief commercial officer of Practifi, added, “With so much pressure across both advice and super, we are deeply committed to extending our platform to add even more value. Whether our clients are looking to improve client, member or employer relationships or they’re wanting to reduce the burden of compliance, we’re right there.”

Driven by a passion for the client experience, Practifi’s collaborative platform connects the tools needed to drive efficient operations so advisors can concentrate on building trust and positive relationships with their clients.

Carter Griffin, general partner of Updata, added, “In a competitive market, Practifi has created a tool that enables growth, compliance, and efficiency for financial advice firms and superannuation funds. 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.”