Picturewealth

About

PictureWealth is a Perth-based fintech that provides a digital wealth platform aggregating bank accounts, assets, and cryptocurrencies, offering one-minute financial snapshots, adviser onboarding, practice digitisation and on-demand expert advice.

Mission

PictureWealth provides a digital wealth platform that lets users build a ""wealth picture"" and access customised advice through on-demand financial experts, blending professional human knowledge with digital tools. The company plans to use recent capital to further build its technology stack and to acquire and digitise financial planning practices. It has expanded geographically — operating across NSW, WA, SA and QLD and planning to enter VIC — and made its first overseas move in 2020. The business recently moved its headquarters to a new 60-person office in the Perth CBD as it scales. Leadership includes co-founder David Pettit as group CEO focusing on stakeholder engagement, strategy and M&A, and the appointment of Allan Maitland as CEO of PictureWealth Advisory. Financially, the company has raised a total of $30 million to date, including a $14 million Series A in late 2021. PictureWealth is a two-year-old Perth-based fintech co-founded by CEO David Pettit that builds a digital platform for financial advisers and retail clients to modernise advice and superannuation services. The company has an ""engine of innovation"" designed to rapidly onboard advisers, optimise practice operations, reduce product fees and deliver a best-in-class client experience. Within its first two years of commercial operation PictureWealth reports roughly $20M in annual revenues, about $2B of funds under advice and more than 40,000 clients. The business plans to digitally transform the financial-advice and superannuation landscape in Australia and to release a range of value-added services to make advisers’ work easier. PictureWealth recently completed strategic moves to grow through both capital and M&A while positioning Mark Edman, the former MD of NEO Financial Solutions, as Group COO. PictureWealth is a Perth-based fintech that aggregates bank accounts, expenses, assets and cryptocurrencies to build a one-minute ""Welfie"" snapshot of a user's financial position, according to co-founder David Pettit. The company was founded in March and launched its platform last week after a beta period. While still in beta the platform had $500 million in assets being tracked. PictureWealth raised $1.2 million in seed funding in the last couple of months from investors including advisory group Super Advice and with contribution from Neal Cross, who has joined as co-founder and investor. The startup has distribution partnerships with Super Advice and accounting-service RISE Standards that together provide access to about 120,000 prospective users. Pettit says the company plans to scale via partnerships, focus on financial education and offer its service free to users.

Quick Facts