Digital financial adviser PictureWealth has acquired Perth-based Neo Financial Solutions and completed a $12 million equity and debt raise as it eyes the vacuum left by the major banks’ retreat from wealth management.

The two-year-old fintech has emerged as an ambitious new player in the fractured wealth management industry, offering itself as a “new home” for financial planners displaced by the exit of the once-dominant big four banks from the sector following the Hayne royal commission.

“As others are running out of the industry, we are running in,” PictureWealth chairman Neal Cross, a former Microsoft and Mastercard executive, told The Australian Financial Review.

“We have the technology, the business model and the people behind us to make a significant dent in the wealth industry in Australia.”

Having raised $12 million from private investors, PictureWealth deployed an undisclosed portion to acquire 100 per cent of Neo, giving it a combined footprint of 94 advisers and $2 billion in funds under advice.

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Source: Fintech start-up becomes $2b wealth player with WA acquisition