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Spring FG expands fintech presence

By Aleks Vickovich
2 minute read

Listed financial services company Spring Financial Group has acquired 100 per cent of a digital wealth management tool as it moves into the burgeoning fintech market.

The company has acquired Digifi Group for $450,000 in a bid to move “into robo-advice”, a Spring FG spokesperson said, following the establishment of existing fintech product Wealthadviser.

Digifi operates two websites, Sharecafé and Sharescene, specialising in providing financial markets information, and has a subscriber base of 70,000 with 7,000 unique visits each day.

Spring FG managing director Keith Cullen said the acquisition will add expertise and personnel to help the recently-listed company expand further into the financial technology and digital investment market.

“Our online community, that now exceeds 130,000 people, is one that is focused on building, managing and protecting wealth, and it clearly has a thirst for information and is comfortable with technology,” Mr Cullen said.

“As such, we have established our platform to be at the forefront of delivering innovative online services to consumers across a broad range of wealth management; insurance and superannuation; and tax and accounting services.

“Our rollout of emerging technologies like so-called ‘robo-advice’ will not only allow us to deliver cost-effective services to an emerging market of self-directed investors, it will help us deliver cost-effective hands-on personal advice on a broad scale to consumers outside of our capital cities and improve the experience of existing clients by lowering the cost of service delivery, thereby improving accessibility and affordability.”

The company recently established a real estate asset management division, the spokesperson added.