Superannuation

Nov
15

Spaceship super’s secret talks with APRA, a $50 million capital raise and Julia Gillard buys in

Millennial super fund Spaceship has been in secret talks with banking regulator for its own licence. Investors have backed the licensing application with a $50 million capital raising round. One new investor, a US venture capital firm, has former Australian prime minister Julia Gillard on the board. Millennial online superannuation fund Spaceship has completed a $50 million capital raising round, while waiting for a rare Australian Prudential Regulation Authority (APRA) licence. Spaceship and other startup pension funds, like Grow Super, Zuper and Mobi Super, typically pay to use the licence of a traditional company to operate. Spaceship itself changed its parent licence holder over the winter, switching from Grosvenor Pirrie […]

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‘Lazy Cash’ now for FEE-HELP and Mortgages, not just Investing

Carrott, a micro-savings app for superannuation, announced it has added new ways to use the ‘lazy cash’ it helps users save. Carrott now helps its users to pay a bit extra off their mortgage or FEE-HELP debt; as well as its core product of saving for retirement. Carrott exhibited its largest software update since launching two and half months ago, at Collab/Collide (Intersekt FinTech Festival), in Melbourne last week. This comes as after Carrott recently opened its seed funding round to expand into overseas markets. Carrott uses everyday transactions, identifies if the user has made any ‘lazy cash’ transactions on their debit or credit card. On applicable transactions, Carrott rounds […]

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Investment platform Stake opens the US floodgates for self-managed super accounts

Stake, the fintech platform redesigning investing for Australians, today announced the beta launch of Stake Premium, which gives self-managed superannuation funds direct access to commission-free US share trading for the first time. Stake has also appointed Matthew Rady, a global financial markets expert and former IRESS executive, as Head of Business Development to help expand Stake into new services and offerings for investors and prospective partners. Stake Premium takes the features already available to Stake members — zero brokerage, paperless sign-up and a powerful dashboard to discover and buy US shares at any amount — and makes it available to the $700 billion SMSF market in Australia to help diversify […]

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Oct
31

Treasurer rules out further super changes

Future reforms to superannuation appear to be off the table, as the Treasurer sets his eyes on the fintech scene. Speaking at the FSC BT Political Series, Treasurer Scott Morrison said revisiting changes to superannuation was not the way he preferred to “do business”. “I hope people will pick up one thing from the way I like to do business,” said Mr Morrison. “Once I go into a particular area and seek to make change, I seek to do it once and for all. I tend not to go and revisit it. “We made some major changes to superannuation, I’ve made some major changes in previous portfolios on pensions, made […]

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Oct
27

GROW Super reduces its fees

The move comes just three weeks after rival super fund Spaceship dropped its fees. New super fund GROW Super has today announced it’s lowering its fees and introducing new features to the way its members can select their insurance cover. Since launching in May, the new fund which has been initially targeting Australian millennials has successfully attracted over 12,000 members. Until now the boutique fund has charged a fee of 1.85% p.a. on your investment; quite high compared to many other funds, and especially for a new player. From today GROW Super will charge a much more competitive fee of 0.95% plus $1.65 per week. The move comes just three […]

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Oct
16

Moneysoft launches Round-ups, allowing people to invest spare change into their super and investment funds

Superannuation and investment funds have a new way to boost the engagement of their members and clients with the launch of Moneysoft’s latest digital solution, Round-ups. Round-ups lets people make small, regular contributions to their investment or superannuation account by automatically investing the spare change from their everyday transactions. Whether offered as a stand-alone application or integrated with existing digital platforms, Round-ups is highly customisable for each institution’s individual needs and brand. It’s a turn-key solution that uses enterprise-grade technology and is designed for an optimal mobile experience on smartphones and tablets. “Round-ups is available to superannuation funds, and investment platforms, to help them grow customer engagement and encourage wealth […]

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Oct
10

Spring FG Ltd to launch its fintech platform in Australia

Spring FG Ltd is planning a pre-Christmas launch of its innovative fintech platform, MyMoney247. MyMoney247 will allow consumers to link hundreds of Australian bank, brokerage and investment accounts and retail and industry super funds. The platform aggregates up-to-date transaction data of all these accounts into a single user friendly dashboard. Spring’s platform will employ customised technology from Australian fintech company, MoneyBrilliant, including advanced budgeting, cashflow management, bill management and spending analysis. The company already has offices in Sydney, Melbourne, Brisbane, Canberra, Newcastle and Wollongong and is preparing for a rollout of a company-operated and franchised branch office network. Spring also operates a range of fintech services including the Spring247 personal […]

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Oct
05

Millennials could pay over $300,000 in super fees

Millennials in a Fat Cat Fund could lose over a quarter of their super balance to fees. Robo advice platform Stockspot has launched its fifth annual Stockspot Fat Cat Funds report, which analysed a record 4,102 super and managed funds and highlights the link between high fees and poor long-term performance. A Fat Cat Fund is one that has performed worse than others in the market by more than 10% over two, three and five years, and typically has fees of more than 1.5% p.a. This year’s report has shown the number of Fat Cat Funds has decreased slightly by 18%, from 638 in 2016 to 521 now. However, it […]

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