Australian startups Stockspot and InDebted have raised funding in the form of a Series B and seed round respectively.
Stockspot raises $2.2m Series B
Sydney-based robo-adviser and fund management firm Stockspot has secured a $2.2 million Series A round led by Graham Tuckwell, founder of international asset management company ETF Securities, and Australian investment manager and fund Alium Capital.
Australian entrepreneur and Young Rich List member, Danny Bhandari, and existing investors joined in the round.
This brings Stockspot’s total equity funding to $3.7 million, having raised $1.25 million in June 2015
Founder and CEO Chris Brycki said, “Our new shareholders have deep knowledge across exchange-traded funds, wealth management, and fintech. Globally, robo-advice is the fastest growing category of wealth management, it is expected by 2020 total global assets under management will grow to $2.2 trillion.”
InDebted raises $1m seed from Reinventure Group
Westpac Banking Corp’s venture capital fund, Reinventure Group, has backed a $1 million seed round in Sydney-based debt collection platform InDebted. This marks its 15th transaction since inception in early 2014.
InDebted claims to be revenue-generating with over 1,000 customers. InDebted has plans to expand its platform to service banks and other companies with large numbers of debtors.
Currently, the firm competes against the likes of ASX-listed Credit Corp and Collection House. The industry is highly fragmented, with processes for collecting debts often paper-based and lacking data analytics.