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TOMORROW Super – Australia’s only digital-first managed account platform launches

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Australia’s multibillion-dollar financial services industry is about to get an exciting new entrant, TOMORROW Super. Readying for a $5m pre-IPO funding round, TOMORROW is promising to deliver a ‘game changing’ low cost, hassle free, transparent and ‘financial adviser friendly’ solution to customers looking to take control of their wealth.

The funding round comes to market off the back of a recent $1.2m capital raise for commercialisation of TOMORROW’s superannuation, pension and direct investment platform. TOMORROW has carefully studied and learned from the evolution of platforms in the U.S., including Charles Schwab, which were designed for the consumer but enjoy mass adviser support. Crescent Wealth acquired an 8% stake in the recent raise and will become TOMORROW’s maiden white label platform client.

TOMORROW is bringing a neo-banking customer experience to the world of superannuation and investment. It is the brainchild of former BT Financial Group executive Wes Hall (pictured).  Former King & Wood Mallesons Chairman and a Managing Partner, Frank Zipfinger will chair the company, Professor Talal Yassine and UK based financial services veteran, Peter Nicholas, round out the board.

According to Hall, “There are three undeniable trends when it comes to investing in Australia: economic activism through ESG investing, low cost, and the rise of the self-directed investor – and TOMORROW will deliver on all three,” he said.

“Many existing ESG offers in the market feel too much like a ‘one size fits all approach’ and they aren’t all low cost, so we wanted to create a platform that allows an individual or a household to invest in a portfolio or specific companies that align to their values or interests.

For TOMORROW’s target market, it’s about “stage, not age”, but Hall draws parallels from those who typically establish an SMSF, usually aged in the 35-50 year bracket.

“Many SMSF customers don’t believe ‘traditional super’ options meet their needs and they’re on the hunt for something better. They might have ambitions of running their own super in a SMSF but the reality is that it’s much more administratively challenging and there is a truism in the market that for most people, ‘there is nothing self-managed about a self-managed super fund.”

“The platform offers many self-managed super fund attributes but without the hassle and high costs. We believe that by offering greater choice, transparency and control with a consumer-led and financial adviser proposition, we can help address the current difficulties Australians face with their super,” Hall said.

TOMORROW’s proposition provides a lower-cost, entirely digital alternative to the existing platforms in market at a time where financial advice in Australia is experiencing rapid dislocation, and the Best Interest test and FASEA standards are re-shaping what and how advice is provided, and the emerging trend of episodic advice is embraced.

Hall said TOMORROW was ideally placed to benefit from the transition to episodic advice (i.e. one off strategic advice) that is complementing traditional advice models in a dislocating market where adviser numbers are decreasing despite the need for advice growing.

The company will offer a low cost, fully managed account platform proposition that gives clients a guided journey to help them choose between diversified actively managed and index portfolios aligned to their values and interests and the portfolios that include a blend of managed funds, ETFs and direct Australian and international shares.  Outside of the managed portfolios, TOMORROW also will also offer clients the ability to invest in both Australian and US stocks to invest in global brands such as Nike, IBM, Microsoft, Zip & Tesla.

“TOMORROW is positioned to take advantage of the changing dynamics of investing and financial advice in a way that builds a better consumer outcome. We’re proud of how far we’ve come with the concept; it delivers high margin and will be low cost.

“We know that the Australian superannuation industry has changed little over forty years. It’s currently highly overpriced for what you get, and the customer experience and investment choices tend to be an afterthought, so it’s difficult to differentiate between funds. TOMORROW when launched, will change this,” said Hall.

In addition to Wes Hall as founder and CEO of TOMORROW Super, the executive team features chief product officer Tristan Laszok who will spearhead product development and client experience head Steve Bull, who will focus on ensuring the client experience is like no other. Anne Fitzgerald will drive strategy and commercialisation.

TOMORROW is being assisted by Prime Financial Group’s (ASX:PFG) Capital & Corporate Finance team.

TOMORROW is seeking investors in its current funding round, who have the unique opportunity to participate in the next generation of wealth management platforms, TOMORROW Super is commencing a pre-IPO raise and sophisticated investors who want to be become a shareholder in the business can register their interest at www.tomorrowsuper.com.au

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Source: https://australianfintech.com.au/tomorrow-super-australias-only-digital-first-managed-account-platform/

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Deals and dollars: European fintechs land $1.7B in funding rounds

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European fintechs fared well in funding rounds this week, with neobank N26 nabbing $900 million and banking infrastructure company Euroclear collecting $824.5 million. N26’s series E funding round brought the bank’s valuation to more than $9 billion. Third Point Ventures and Coatue Management led the funding round for the Berlin-based bank, and were joined by […]

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Source: https://bankautomationnews.com/allposts/retail/deals-and-dollars-european-fintechs-land-1-7b-in-funding-rounds/

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Umpqua focuses on ‘human-digital’ banking strategy amid merger

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Umpqua Bank is cultivating its “human-digital” strategy as it approaches a partnership with Tacoma, Wash.-based Columbia Bank that will boost its market share on the West Coast. “Our human-digital initiatives remain critical to our long-term strategy as our customers continue to engage with us through digital channels at an accelerated pace,” Cort O’Haver, president and […]

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Source: https://bankautomationnews.com/allposts/retail/umpqua-focuses-on-human-digital-banking-strategy-amid-merger/

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Klarna Adds Online Trip Planning with Inspirock Acquisition

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Does COVID have you dreaming up your long-awaited vacation? Consumer payment services firm Klarna’s latest acquisition may be of help.

The Sweden-based company snapped up Inspirock, an online trip planning service, for an undisclosed amount. Klarna CEO and Co-Founder Sebastian Siemiatkowski described the addition of travel planning “a natural extension of the benefits Klarna brings to payments and shopping.”

Founded in 2012, Inspirock leverages AI to help its customers explore a destination’s offerings and create personalized itineraries utilizing local expertise. On an annual basis, the California-based company sees 25+ million customers each year.

The integration will allow Klarna’s 90 million customers to use the Klarna app to pay for a trip in installments. In addition to the payment aspect, Klarna will also help users plan for their trip. Inspirock matches travelers’ preferences with over 230 million data points to optimize their travel itinerary and discover hidden gems.

“For customers, this makes the whole journey from inspiration to planning and preparing for a trip simpler, less stressful, and more fun, while enabling our retail partners to better reach and engage with their audiences by offering more personalized content,” said Siemiatkowski.

Combining travel planning with its existing payment capabilities inches Klarna towards becoming more like a super app. Founded in 2005 and with $3.7 billion in funding, Klarna offers buy now, pay later options to help users avoid credit cards while enjoying payment flexibility. Klarna also offers a shopping app to provide users with a holistic shopping experience– from payments to shipment tracking– and a rewards club it describes as the “vibeyest community in shopping.”


Photo by JESHOOTS.COM on Unsplash

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Source: https://finovate.com/klarna-adds-online-trip-planning-with-inspirock-acquisition/

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Finastra partners with Bakkt to offer crypto services to community banks, credit unions  

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Financial services software provider Finastra has tied up with Atlanta-based crypto exchange Bakkt to offer digital asset trading solutions and services to community banks and credit unions. The partnership will let smaller financial institutions enable customer access to a digital asset marketplace and wallet services offered by Bakkt, the two firms announced last week. Bakkt, […]

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Source: https://bankautomationnews.com/allposts/crypto-defi/finastra-partners-with-bakkt-to-offer-crypto-services-to-community-banks-credit-unions/

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