Australian digital advice provider Decimal has secured significant investments from fund manager IFM Investors as part of A$2.29m capital raise.

IFM, which is owned by 28 superannuation funds, now owns 6.5 % stake in Decimal Software – which has developed an omni-channel, cloud based automated (robo) advice platform.

Decimal said it its intends to use proceeds from investment to increase its marketing and engagement activity targeting the Australian superannuation industry.

Commenting on the deal, Decimal CEO Nic Pollock: “The deal is a significant milestone for the company as it signals a key endorsement of our software and compliance capabilities from one of the leading influencers in the superannuation industry.

“The commitment from IFM Investors allows us to invest more in our distribution efforts targeting the superannuation industry. From the work we’re already undertaking with banks and superannuation funds around the country, we’re seeing a growing trend for them to offer their customers and members digital advice as an option.”

IFM Investors head of active equities Neil Carter said: “The superannuation market knows that members are increasingly demanding digital services. Decimal, as the only provider of enterprise level digital advice, enables the superannuation industry to achieve just that.”

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By GlobalData