Personal finance start-up MoneyBrilliant bought by AMP
AMP has acquired Sydney fintech start-up MoneyBrilliant, after first investing in the company in 2014.
The start-up, formerly known as Cha-Ching, is an app-based personal finance platform offering users a “fun and easy” way to get their finances in order.
It gives users automatic access to their bills, spending and savings to see if they are tracking in the green or are slipping into the red.
The bank (AMP) made the acquisition through its ventures arm, AMP New Ventures, for an undisclosed amount, and will continue to operate the platform under the MoneyBrilliant brand.
The takeover follows AMP’s investment of $1.5 million in 2014.
Co-founder and CEO Jemma Enright, who will leave the start-up to pursue new opportunities in the fintech ecosystem, told The Australian she predicted the acquisition would mark the start of a wave of banks partnering with and acquiring small technology firms.
“It’s a difficult world out there raising investment and getting a business from an idea to viable model. Big corporations have a vital role to play in supporting that,” she said.
“It was really clear to us the business needs big partnerships with the likes of the AMPs of the world to achieve what we set out to do, and this sets the business up really, really well to get it into more Australian hands.”
According to Ms Enright the MoneyBrilliant platform provides unique support for Australians around their everyday cash flow, and in particular benefits women, who she said face a specific set of financial challenges.