Fintech startup shares $7m of investment

Months since its launch, Ilumony has announced more than $7m in financial investments

Fintech startup shares $7m of investment
Since its launch in June, fintech startup Ilumony has reported more than $7 million in financial investments. Of the $7 million, it has charged no fees for advice on $1 million worth of customer KiwiSaver money.

“A lot of people we are helping with KiwiSaver also want to look at investing outside of KiwiSaver, and we have a great range of cost and tax efficient portfolios available online,” Ilumony founder and chief executive officer Rachel Strevens said.

“We are seeing a lot of interest from people who have never invested before, and who would not be your typically investors — it’s great to be helping a new wave of investors come through and make smarter financial decisions.”

According to Strevens, the Auckland fintech startup is currently working with employer groups to provide KiwiSaver advice to their staff.

“The feedback from both employers and staff members has been fantastic, and people are really loving the help and advice we are giving them – with very high rates of registration from employees,” Strevens said.

The uptake by employer groups and their staff members showed there was a need for accessible financial advice in New Zealand, she said.

“We've found that our hybrid model of an online investment platform combined with the ability to talk to Authorised Financial Adviser (AFA) if required is working really well, and is allowing us to work with a wider range of customers,” Ilumony co-founder and chief technology officer Abhy Singla said.

Ilumony is a fintech startup claiming to be NZ’s smartest technology-based financial advisor. It monitors publicly available KiwiSaver funds to deliver financial advice to users online.

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