Sunday, May 22, 2022

Fintech Super Fierce for Women’s Wealth Raises $1.5 Million

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Fintech founded by women super bright has raised $1.5 million in seed funding to help women build better financial security.

The round was led by angel investor Raymond Spencer, backed by Seed Space Venture Capital, Andrew Hamilton, Chapman Capital Partners and members of Southern Angels.

Super Fierce founder Trenna Probert said a majority of her backers were women, but their checks were on average 24% smaller than those of her male investors, highlighting the problem she wants to solve.

The funds will be used to scale up operations and marketing, build out proprietary technology and launch a number of new products on the pension comparison platform.

The superadvice start-up has built several distribution partnerships with companies like MyRewards while in beta, and Probert has set itself the goal of helping women save $100 million in lifetime retirement costs by the end of this fiscal year. She is already a quarter of the way to that goal.

For Probert, Super Fierce is personal. She says she was 34, with an 18-month-old son, when she had to borrow $3,000 from her parents to end a relationship and start over. Despite a previous successful career, she remembers nights when she couldn’t afford to feed her child.

The fintech veteran rebuilt her finances, including time as head of strategy at Macquarie Bank, and emerged determined to change the experience for women who follow. She founded Super Fierce with Keith Moore and her husband, Craig Swanger, Macquarie’s and former chief investment officer in 2019.

probert said: multiple studies of the gender pension gap ranged from 34-67%.

“However, many of these studies erroneously exclude the huge number of people who retire without no super at all, and the vast majority of those are women. So these numbers are much lower than the reality,” she said.

“Our calculations suggest that the median superbalance at retirement is 50% lower for women than for men, and we find this unacceptable.”

Probert says mothers pay an even higher price.

“The average fine is $280,000 for a woman with two children who is out of paid work for an average of six years and then returns to part-time work,” she said.

“Super Fierce is helping women minimize this fine through a number of scalable wealth advisory strategies, starting with removing unnecessary costs.”

A Super Fierce analysis led Probert to conclude that the average Australian woman could save $102,000 in super fees during her lifetime by switching to a cheaper fund.

She also has the fierce impact foundation, which aims to donate $100 million to disenfranchised Australian women. To do that, Probert has pledged to contribute $100 to the foundation for every person who changes money, with the goal of one million women making the change.

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