Mafematica puts spotlight on robo-advice

By tlewis ·
August 27 2015

Mafematica puts spotlight on robo-advice

Mafematica has been named as one of Stone & Chalk's founding fintech start-ups, substantiating the place of robo-advice software solutions within the industry.

Mafematica managing director Derek Condell said the company has the ambition of becoming the "driverless car" of the financial services industry.

Mr Condell said Mafematica provides a platform that is "highly scalable, high speed, [and] low cost".

"We give the [adviser] a low-speed, high-cost tool, to use, that [they] can quite rapidly assess a client's situation with, and then move on to the next client," he said.

Mr Condell stated that the company's inclusion in Stone & Chalk's line-up will act as a "launch pad" for the business to go global.

Stone & Chalk "is a magnet for external investors to come to, if they want to invest in fintech. So for example, global investors, why would they go anywhere else other than Sydney's premier fintech hub?"

"Stone & Chalk is just a fantastic environment, socially, commercially, techy, everything for new start businesses. It's better than working out of a garage," Mr Condell added.

Nonetheless, Mr Condell pointed out that the company is still seeking further investment capital.

Mafematica's current sources of capital have come from a financial advice firm and a private investor.

Commenting on the advice firm's investment, Mr Condell said the firm has recognised that robo-advice is changing the industry.

"The best way to keep up with change is to be a shareholder in one of the groups in Australia that's doing something seriously interesting in change, changing the whole industry, and that's us.

"We're being recognised as being an agent of change, and why wouldn't they get on board?

"They want to keep to at the forefront in their knowledge, [and] then they want to use us," he said.

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