The Australian fintech’s new wealthtech platform aims to address the $30 trillion global gender wealth gap and is being backed by a $1.5 million seed round including investors such as Raymond Spencer, Seed Space Venture Capital and Chapman Capital Partners after also generating $137,000 of revenue.
Super Fierce says the platform will initially focus on superannuation – given the 47 per cent super gap currently facing Australian women at retirement – and will aim to save women $100 million in lifetime superannuation fees by July 2022.
“There are many studies that have tried to calculate the superannuation retirement gap, and the findings range between 34 to 67 percent. Many of these studies, however, incorrectly exclude the huge number of people that retire with no super at all, and the vast majority of those are women. So, these numbers are much lower than reality,” Super Fierce founder and CEO Trenna Probert said.
“Our calculations suggest the median super balance at retirement for women is 50 percent lower than for men, and we believe this is unacceptable.
“There is a particularly high penalty for mothers, which is ridiculous given parenting is the one thing that no society or economy can do without. The average penalty is $280,000 for a woman with two children who takes an average six years out of paid work and then returns to part time work.
“Super Fierce helps women to minimise this penalty through a number of scalable wealth advice strategies, beginning with removing unnecessary fees.”
