PictureWealth raises $14M

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PictureWealth's David Petit with Neal Cross. Image supplied.

A growing Perth-founded wealth fintech has announced it raised $14 million from an investor late last year, while its executive team has been bolstered by hiring a senior Westpac executive.

PictureWealth received the investment from an undisclosed institutional investor in late 2021. The $14 million Series A investment advances total funding to $30 million. The capital will be deployed to further build its technology stack along with acquiring and digitizing financial planning practices.

This follows a late-seed $12 million funding round back in 2020. That year, the fintech also made its first move overseas.

Allan Maitland. Image supplied

Allan Maitland, Head of Westpac’s Consumer Bank for WA has joined the team as the CEO of PictureWealth Advisory – the largest subsidiary across the PictureWealth Holdings group of companies – and will be responsible for the growth of the business across its operations in NSW, WA, SA, QLD and soon to be VIC.

Mr Maitland has over 20 year’s experience in financial planning and consumer banking. Previously, he was also GM for BT financial group.

PictureWealth is focused on assisting customers on both the delivering and receiving side of the financial advice relationship. By using their technology, users can build their wealth picture and are then assisted to improve that picture by offering financial clarity, education and customised advice.

This assistance comes from on-demand financial experts, a method that PictureWealth says blends professional human knowledge with the digital world.  

Good things come in threes

Along with the funding and Mr Maitland’s appointment, PictureWealth’s headquarters has moved to a new 60-person office in the Perth CBD as the fintech continues along its growth trajectory.

PictureWealth co-founder David Pettit will continue to lead the group as CEO with a focus on stakeholder engagement and strategy along with mergers and acquisitions.

We have achieved a huge milestone in our business, with such a significant institutional investor behind us we felt it was time to accelerate our business further and Allan is a seasoned professional that brings a depth of experience that is hard to find in the local market.

David Pettit

Commenting on his new role, Mr Maitland said he was excited about the company’s vision and “the opportunity to work with the team to grow a leading Financial Services brand nationally.”

“It’s a strong start to the year and we see great potential in 2022 and beyond,” concluded co-founder and chairman Neal Cross.