Equipsuper chief executive Danielle Press said the partnership will allow Equipsuper to extend its advice offering to members who do not seek advice through traditional advice channels.
“We believe super funds have no option but to integrate fintech into their service offer,” she said.
“We certainly do not intend to be left sitting on the sidelines as member demand for online enablement makes offering these services essential to surviving and thriving in the financial services sector.”
Ms Press added: “We are confident it will appeal to younger people in the wealth-building phase, enabling them to personalise their investment portfolios to achieve their long-term goals. This demographic seldom seeks face-to-face financial advice.”
Clover.com.au chief executive and co-founder Harry Chemay said: “Clients are still burdened with lengthy advice and disclosure documents that are difficult to comprehend, are ushered into expensive investment products that are often opaque, and face on-going advice regimes that vary enormously in frequency and quality. The future of personal financial management is online, secure, inexpensive and available '24/7' at the click of a mouse or touch of a screen.”
Mr Chemay added: “Our technology will help drive Equip's member engagement initiatives at an earlier stage, allowing the fund to have important conversations with younger members well before retirement becomes front-of-mind."
Equipsuper intends to roll out its automated advice service for members using Clover’s technology in mid-2016.
Clover adopts a goals-based approach to advice provision and portfolio construction. The fintech company uses proprietary algorithms to create customised portfolios that work toward a specific goal, a Clover-issued statement said.
Clover will use the investment from the funding round to further develop its digital advice and investment management platform, the statement said.