Sydney based robo-advisor Ignition Wealth has raised $1m from financial planning pioneer investor Barry Lambert. Ignition Wealth separates itself from competitors with their "holistic approach" that cover all aspects of a user's financial footprint.
Ignition Wealth CEO Mark Fordree says he has known Lambert for many years and his pitch centered on the impact technology is having on financial advice. “Given his interest in both the superannuation industry and technology it was a very natural conversation to talk about what Ignition was doing and how we could complement his existing businesses and have a major impact on the advice market generally,” Fordree tells StartupSmart. “Barry absolutely understands that advice is really only available to the top 15% of the population now, so it stands to reason that you’ve got a massively underserved market which can only be serviced by using technology combined with compliance.” Ignition Wealth initially launched in 2008, and earlier this year became the first digitally-led financial advisor to be granted an Australian license.