Commenting on the investment, the fund’s responsible entity Millinium Capital Managers said, “Demand for a low cost, easy-to-use consumer experience coupled with the best interest legislation will drive rapid growth.”
This market gap provides a need and opportunity to leverage new technology to bring affordable independent financial advice to a mass market.
“Globally, digital financial advice services are demonstrating rapid growth,” Millinium Capital Managers’ managing director Tom Wallace said in a statement.
“We believe that Ignition Wealth delivers the best-in-class offering for the Australian market and provides the best opportunity for growth.”
Ignition Wealth recently announced several business advancements, including partnership with global fund administrator Link Digital Solutions and a significant investment from Class and Countplus chairman Barry Lambert.