Super Plus switches to SMSF fintech

Brisbane-based SMSF administrator Super Plus is migrating its clients to Mclowd, which provides its core software for free.

The administrator has entered into a five-year agreement with Mclowd – a fintech with about $1 billion in super assets under administration on its SMSF platform.

The shift to Mclowd will help the Super Plus save about $165,000 in costs over the period.

“This move will also reduce our prospective licensing costs by more than $33,000 per annum. As the needs and expectations of our clients evolve we need progressive partners to give us the edge. In that context, the shift to Mclowd is a no-brainer,” Super Plus managing director Phillip Whiteley said.

Mclowd, which says it now manages close to $1 billion in superannuation assets on its SMSF accounting platform, says its offering is based on decentralised and scalable technology which lets it provide accounting services at rates cheaper than legacy platforms.

It said old software vendor models are being replaced around the world democratic, customer-driven platforms, operated at ultra-low cost.

“With savings of up to 90% we expect more and more firms to follow Super Plus’ lead,” Mclowd founder and managing director Ashley Porter said.

Mclowd set up shop about three years ago. The fintech startup’s co-founder then said he anticipated the platform would become the eBay/Freelancer in the SMSF space.

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Source: Super Plus switches to SMSF fintech | Financial Standard