PictureWealth swoops on NEO Financial Solutions

Fintech startup PictureWealth has snapped up Perth-based financial services licensee NEO Financial Solutions (NFS).

With the deal, NFS becomes PictureWealth’s wholly-owned subsidiary. The deal value was not revealed.

PictureWealth will retain NFS employees and clients as part of the deal.

This includes NFS managing director Mark Edman will assume the position of group COO at PictureWealth.

NFS offers licensing services to over 80 financial advice professionals in Australia.

Edman noted: “This acquisition allows a unified and streamlined approach to providing consumers an accessible personalised service. The use of Fintech will assist in lifting the financial barrier many consumers may experience as the industry evolves.

“A great combination of real people with technology. At the same time, we will be releasing a range of value-added services to make the lives of financial advisers easier so they can spend more time helping their clients achieve financial happiness.”

Meanwhile, PictureWealth closed its A$12m ($8.2m) late-seed funding round including private equity and debt.

The firm currently has A$2bn in funds under advice and 40,000 clients.

PictureWealth co-founder and group CEO David Pettit said: “We found that the leadership team at NFS shared our outlook on the future of financial advice and we wanted to align to take the companies forward together.

“That’s why we felt acquiring NFS with its robust compliance protocols was the way forward so that we could offer advisers and their clients a new home amidst very turbulent market conditions.”

Read more news from the Australian startup ecosystem here