Christmas has come early for the bank’s shareholders with the decision to slightly increase the 2024 dividend – despite a single-digit decline in the net profit and cash earnings.
Beating the market benchmark is never easy, with 72 per cent of Australian actively managed global equity general funds trailing the S&P World Index in the six months to June 30, 2024. Domestic equity funds performed slightly better, albeit against a significantly lower bar set by the S&P/ASX 200 Index.
Fintech Pearler raises $7.8 million despite challenging market
Leading Australian investment and wealth management app, Pearler, has closed a seed funding round raising $7.8m led by Portage Ventures, Archangel Ventures and Ten13. According to the company website, Pearler is an investing app designed to help you reach your financial goals, within a supportive community. The fintech’s mission is to help everyday people become successful long-term investors.
So far, the investment app has amassed some 53,000 customers on its platform since its launch in 2021. Co-Founder Nick Nicolaides says the latest funding round will allow the continued development of core technology and expand their suit of products. With this funding round, Pearler plans to launch the following:
- A new range of social wealth features, including the Pearler Exchange, an in-app group for discussing money issues with financial advisers.
- Expansion into the New Zealand market as a stepping stone into other geographies.
- Pearler Headstart, is an investing app for kids.
Pearler’s existing products include:
- Online brokerage providing access to Australian and US listed shares and ETFs.
- A micro-investing facility linked to a suite of ETFs that allows investors to make small regular investments plus roundups from everyday transactions.
- Auto invest, a sophisticated rebalancing tool that allows investors to set rules across multiple bank accounts and automate their spending, saving and investing.
Nicolaides says Pearler’s focus is on millennials and providing them with a strategy to set and meet future goals. He has identified a gap in the market between trading single stocks and having an advisor do everything. He says, “What attracts investors is our emphasis on helping young investors navigate their wealth journey over the next 20, 30 or 40 years while giving them the tools to navigate any market environment. We are not interested in enabling investing as a series of transactions. Rather, our process is about helping people set goals and achieve them over the long term in a simple and efficient way.”
And, to do this, Pearler plans to use automation investment techniques such as automatic top-ups that can help millennials with their banking needs. Nicolaides says, “We believe automation will play an increasingly important role in managing investments and it is central to our business development plans. For example, Auto invest will continue its expansion to encompass areas such as bank transactions, superannuation top-ups and philanthropy.”
Nicolaides concludes by saying, “We started with shares and ETFs because there is something there for everyone, but what we have always had as a goal is to establish a holistic wealth platform, giving investors tools they need to be successful with money.”
