Cashwerkz has announced that cash invested using its deposit platform has reached $1.5 billion, ahead of its forecast.
Cashwerkz, an online platform in Australia designed for cash investing has previously reached in excess of $1 billion in October, ahead of its end-of-October 2018 forecast of $900 million.
The platform, wholly owned by Trustees Australia Limited, is built on workflow processes which means that the platform never accesses the funds being invested, ensuring a high level of security for investors.
Trustees Australia group chief executive Hector Ortiz said the company was proud to have reached such a financial high ahead of its forecasts.
“This milestone has capped off a fantastic period of growth on the Cashwerkz platform as we reach this new and significant milestone,” he said.
Mr Ortiz said that by adding on new clients the platform continued to surpass forecasts and continued to showcase potential for revenue growth.
“By adding new APRA-regulated ADI and wealth management partners onto the platform and ensuring our re-investment levels with current investors remain in strong demand, the Cashwerkz platform continues to surpass forecasts.
“We now have around 2,000 registered entities and nearly 40 banks trusting we can continue to deliver industry-leading efficiency levels, highlighting the potential for revenue growth in coming months,” he said.
Some of the recent ADI partners include Gateway Bank and Bank of us while Elders Financial planning has also joined the growing network.
Mr Ortiz said that in 2019 Cashwerkz would continue to streamline the platform and introduce a product offering at call accounts to change the way stockbrokers and advisers manage their At Call money.
“The Cashwerkz platform is now accepted as a highly transparent, efficient cash investment tool delivering more choice for all parties than ever before.
“We are very proud that our commitment to innovation and this first-to-market approach is being recognised and appreciated across broad sections of the financial services community.”
Eliot Hastie is a journalist at Momentum Media, writing primarily for its wealth and financial services platforms.
Eliot joined the team in 2018 having previously written on Real Estate Business with Momentum Media as well.
Eliot graduated from the University of Westminster, UK with a Bachelor of Arts (Journalism).
You can email him on: [email protected]