Fresh from adding Amaysim’s Peter O’Connell to its capital table, financial advice services and technology company Padua has picked up $9.8 million in its private funding round.
O’Connell’s expected to cut a cheque alongside some new faces, including institutional investors Acorn Capital and Microequities Asset Management, via its Private to Beyond the IPO fund.
O’Connell doubled down on his earlier investment in the company, and towed in former Amaysim CFO Gareth Turner. Turner is also joining the board.
The Kiama-based business was founded by brother and sister team Matthew Esler (a Midwinter founder) and Anne-Marie Esler (formerly at Findex) in 2013.
Padua provides software to financial advisors to help them collect information required to prepare and deliver financial advice, prepare client recommendations, product comparisons, modelling and advice documentation. It also has a services arm.
The company enlisted Rosa Smith’s (also formerly of Amaysim) advisory firm Tiger & Bear Partners to help with the raising. Tiger & Bear also invested in Padua.
Tiger & Bear isn’t a name we see often, but the firm has also worked with Ampol and real estate investor EG Funds.
Padua’s customers include the likes of Findex, InvestBlue, Count, Pinnacle and Fiducian.
“This injection of capital will allow us to further ramp up our investment in sales, distribution and marketing and accelerate our technology roadmap. We have some new software releases imminent that will greatly improve our offering and drive further adviser market share whilst also improving the productivity of Padua’s services divisions,” Matthew Esler said.
The original article by Financial Review can be viewed here: https://www.afr.com/street-tal...