Three fintechs have joined forces to develop a wealth platform for the Australian market, with a former Citi banker having signed on as its chief.
The new platform, Stropro, has been launched with backing from Seed Space, an early-stage venture capitalist. Stropro has leveraged partnerships with anti-money laundering compliance tool provider bronID, registry services provider Automic Group and technology solutions vendor eNoah iSolution.
Stropo has marketed itself as Australia’s first dedicated network for structured products.
Ex-Citi banker Anto Joseph has taken the role of fronting the platform, as its chief executive. Mr Joseph said the fintech set a goal in early 2019 to deliver an end-to-end digital experience for structured product investors.
“After working in investment banking for many years, we saw a huge gap in the market for structured products to be accessed by wholesale investors, SMSFs and the wealth professionals who advise them,” he said.
“What we have created is a first-of-its-kind technology platform dedicated to structured products in Australia.”
The platform’s user interface was designed by Justin Hall of eNoah iSolution. Stropo has also been fully integrated with Automic and bronID, with the aim to enable seamless customer onboarding and experience.
But the platform is angling to integrate itself with more providers.
Ben Streater, chief product officer of Stropro commented: “We are in conversations with major accounting and wrap platforms as part of our mission to drive greater transparency and efficiency within the structured products industry.”
Last year, Stropro was accepted onto Microsoft’s flagship start-ups program.
Stropro head of technology Ritam Anand Gaur said Microsoft’s program will enable the fintech to enhance its technology platform, with its focus on best practices in application architecture, data security and privacy.
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
You can contact her on [email protected].