// PictureWealth has signed an MOU to put its tech in front of 400,000 South-East Asian customers…
After raising $12M a few months ago – the largest fund raise of the year so far – local fintech (wealthtech) startup PictureWealth has signed a deal to herald its first overseas expansion.
The ASEAN Youth Organization (AYO), a youth-led community of more than 400,000 Southeast Asian young people, has signed a Memorandum of Understanding with them, to ‘foster a strategic collaboration in digital financial education’.
“After living and working in the ASEAN region for over 10 years, I am incredibly positive about the future of this region,” said Neal Cross, Co-founder and Chairman of PictureWealth.
“This is because the young are the largest population segment and are rapidly defining how the region works, plays, and gets educated, and we want to be a part of this tectonic shift,” he said.Neal Cross
PictureWealth allows users to build their ‘wealth selfie’ – called a ‘Welfie’ – so they can see their financial position at any one time, while also providing them with financial advice and services.
“We believe that to help youth of ASEAN improve their quality of life, we should break the poverty cycle and empower others to do the same,” said Jayren Teo, co-Founder and President of AYO.
“Having better education about managing their finances is one of the key factors to achieve that,” he said.
Co-founder and CEO David Pettit, who gave a detailed presentation at eGroup this week, told Startup News that “our focus is on providing financial education to help impact 10 million youths across the region by 2025.”
The company is already putting impressive numbers on the board, with annualised recurring revenue of more than A$21 million, more than $2 billion in funds under advice, an office in Sydney and 40,000 customers across the country.
“PictureWealth’s technology is a key driver in improving financial education and creates a safe place for people to learn about how to optimise their money,” said David.David Pettit
Main Photo: Neal Cross, co-Founder and Chairman of PictureWealth, and Mr. Jayren Teo, President of the ASEAN Youth Organization ‘virtually’ signing the MOU. Sources: supplied.