Australian FinTech start-up Finspo secures Series A funding

By Edil Corneille

Finspo, a Melbourne-based FinTech, has raised $2.7 million in its Series A funding which will enable the further product development and take-to-market activities of the company.

The investment comes as Finspo prepares to launch its free, easy-to-use service that will help Australians save on their banking.

This year, Finspo has launched beta versions of two key features: Rate my Rate, a home loan comparison tool; and Finspo Bill, an aggregated view of users’ true cost of banking across multiple products and providers.

The Finspo app which is to be released in coming weeks and is currently being tested with customers will include an overview of the true cost of a user’s banking across multiple products and providers; personalised insights on savings; and ways in which savings can be done and getting a better home loan rate.

“We can’t wait for the upcoming launch of our app, which aims to help Australians save thousands on their banking,” Finspo CEO, Angus Gilfillan, said.

“This investment will help us to finalise and enhance product development, and increase take-to-market activities for our app and future features.”

Lead investors of the Series A fund raising included Mark Armour and Ashok Ramamurthy, both former CEOs and Board Directors of financial services companies. Armour and Ramamurthy will join co-founders Angus Gilfillan, Bill Armour and Josh Brougham on the Board of Lab35 Pty Ltd (trading as Finspo) as Non-Executive Directors this month. Armour will also be appointed Board Chair.

Armour is said to have an extensive career leading large complex financial services organisations in Australia and abroad, most recently as CEO of Invesco Perpetual and Charmain of Invesco UK. He is currently an Independent Director of UniSuper, and Chair of the Investment Committee, and an Independent Director of Neurosciences Victoria.

Ramamurthy was previously the CEO of AmBank and has held a number of CFO and COO roles at ANZ Bank.

Brad Gravell will join the Board as an Executive Director. He has been Finspo’s Chief Operating Officer since its inception, following a successful career in banking across Australia, New Zealand and Asia, including as ANZ’s General Manager of Home Loans, Deposits and Commercial Lending products and AmBank’s Head of Retail Distribution in Malaysia.