Sydney, Australia: Australian Fintech startup, MoneyBrilliant, has been wholly acquired by AMP New Ventures, following an initial AMP investment in the business in 2014, the startup’s founders announced today.
MoneyBrilliant (formerly Cha-Ching) is a personal finance platform which empowers users to make more informed financial decisions by understanding their complete financial picture. It is available via an online hub and mobile app.
MoneyBrilliant was founded in 2011 by Peter Lord and developed together with co-founders and shareholders Jemma Enright, CEO and Adrian Soldan, Head of Product.
Mr Lord and Mr Soldan will remain with the business in key leadership roles. Ms Enright has elected to leave MoneyBrilliant in April, following a transition period, to pursue new opportunities within the start-up and innovation community.
Mr Lord said the acquisition by AMP is a natural evolution of the synergistic relationship between the two brands.
“We’re excited to extend the relationship we have with AMP through this acquisition,” he said. “AMP’s customer strategy is to create easier ways for customers to engage and manage their finances. MoneyBrilliant is well aligned with this strategy and the acquisition of our brand will allow AMP to leverage its capabilities in the development of new customer offers during 2016 and beyond.
“We are extremely proud of how far MoneyBrilliant has come within a short time under the talented leadership of Jemma, working alongside Adrian’s product development expertise. We’re grateful for the incredible contribution Jemma has made in setting MoneyBrilliant up for success. The business has grown strongly with the combined efforts of a capable team and continues to develop in good hands under the ownership of such a stable and highly regarded brand,” said Mr Lord.
Ms Enright said MoneyBrilliant responds to a compelling and real need in the market, providing Australians with the foundations of sound money management.
“The MoneyBrilliant platform provides unique support for all Australians around their everyday cash flow. In particular it benefits women, who face a specific set of financial challenges, and need to be supported to stronger financial futures,” she said.
“It’s been fantastic to build MoneyBrilliant in partnership with Peter, Adrian and AMP. I leave the venture at a time when the business has great momentum and I am confident MoneyBrilliant can continue to scale its offering and importantly encourage more Australians be brilliant with money. Whilst the change in ownership presents a natural transition for me, I intend to continue to play an active role in helping Australia’s startup and Fintech community,” said Ms Enright.
AMP Chief Innovation Officer, Jonathan Deane said: “AMP is delighted to have been a part of MoneyBrilliant’s development to date, and we look forward to working with the team as they continue to develop exceptional personal finance solutions for customers. We thank Jemma for the contribution she has made as CEO, leading the MoneyBrilliant team in establishing and building the business to this point.”
Peter Lalor, most recently the General Manager and CFO of SMSF administration business SuperIQ, and who was part of the team who built the start-up from its inception has been appointed as CEO, MoneyBrilliant.
Sarah Bond, Launch Group (02) 9492 1000 or 0449 543 181 / email@example.com
About MoneyBrilliant https://www.moneybrilliant.com.au/
Money Brilliant is an online hub and mobile app which connects live banking data to give users instant insight into their spending and finances. MoneyBrilliant provides an innovative approach to money management, as a virtual financial assistant, which transforms old models of budgeting.
Users can view all their accounts in one place, with hundreds of Australian and international banks accessible via the FinTech service, and can automatically have their bills, spending and savings organised to see if they are tracking ‘in the green’ with each pay cycle.
MoneyBrilliant’s founder, Peter Lord started MoneyBrilliant to help women like his mum, nan and sister who experienced real financial hardship. He was joined by an ever growing team of passionate individuals that are devoted to making a difference by helping Australians get ahead with their finances and feel confident in the future.