SMSF service provider Mclowd is set to increase the speed of its administration platform and marketplace development after securing additional funding of $300,000.
The firm launched its free SMSF administration platform earlier this year.
“We started Mclowd 18 months ago with a vision to fundamentally change the cost structure of the SMSF industry in Australia and improving net returns for trustees,” Mclowd managing director Ashley Porter said.
“Through our SMSF platform and marketplace, trustees are now able to realise significant savings on their annual SMSF administration expenses by harnessing the power of cloud computing and crowdsourcing.
“This additional funding allows us to accelerate the development of both the free SMSF accounting platform and the services marketplace, responding to the feedback from our early-adopter trustees, who have been so important in building the Mclowd community, and allowing Mclowd to reach a broader audience.”
In conjunction with securing the new funding arrangement, the firm has boosted its financial services experience with the appointment of Amin Shayan to the role of chief operating officer. Shayan joins Mclowd after employment stints with Deutsche Bank and JP Morgan and said he was very positive about Mclowd’s aims.
“SMSF trustees are paying more than $1 billion per year in fees, including accounting and tax compliance. By providing greater transparency and accountability, we think we can see a large proportion of that money back in the balances of the country’s 1 million SMSF members, while at the same time making self-managed super a realistic alternative for more Australians,” he said.