Fintech iPartners in private funding round
A pair of former investment bankers are seeking backers for their fintech business which is designed to open up alternative asset classes to high net worth investors.
Travis Miller, a former managing director at UBS in Sydney, and ex-Macquarie and CBA banker Rob Nankivell are in front of high net worth investors this week pitching their business, iPartners.
iPartners has investment platform software that enables direct investment in institutional grade alternative assets on the same terms as professional investors.
It has already raised more than $45 million capital, has more than 2500 registered wholesale investors and is said to be cash flow positive for the financial year to date.
Its pitch is underpinned by the structural shift towards direct investing by high net worth investors, and away from the use of advisers.
iPartners reckons there are about 460,000 high net worth investors in Australia and 54 per cent of them are self directed, using platforms to access investments.
The company is now seeking to raise another $3 million in ordinary equity at a $15 million pre-money valuation, with the ability to take up to another $2 million in oversubscriptions.
Potential investors have been told to think about a potential exit in 2022 – when the company wants to have 20,000 wholesale investors, more than 50 iPlatforms, $15 million revenue and a $100 million-odd equity value.
Miller and Nankivell line up as iPartners co-managing directors – but have access to an advisory board that includes Wesfarmers executive David Baxby.
iPartners is seeking to have the raising closed by May 30.
Source: Sarah Thompson and Anthony Macdonald, FINANCIAL REVIEW
May 21, 2019
Posted by: DNW Group