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Practifi expands its Australian footprint

The Australian financial advice technology firm has announced plans to expand further into the local market following great success in the US.

Since completing its $24 million 'Series B' investment led by US based venture capital firm Updata Partners in 2020, Practifi has invested heavily in building out a platform that can help change the industry in Australia based on global best practice.

In the past nine months, Practifi said it has built more functionality and features on its platform, while expanding to also cater to enterprise clients.

Practifi's president and co-founder Adrian Johnstone said: "People talk about how the advice industry in Australia needs to change, but a lot of this boils down to the technology and the tools that drive it."

"Financial advice is a technology-enabled industry so this must change for the industry to thrive here.

"Practifi is not simply an advice or CRM platform; we are an end-to-end business performance optimisation tool."

Johnstone said that while the advice industry in Australia has been in turmoil, firms that have emerged strongest are those with a value proposition that goes well beyond basic transactional advice where adviser success is tied to the performance of the portfolio.

"Advice businesses with a deep and holistic understanding of clients will thrive, and all others will continue to contract."

He also added: "Our strategic focus is on making the market aware of the value of data-driven logic across all roles. This year we will also be launching a comprehensive business intelligence platform, a new app dedicated to supporting M&A and growth activities and many new integrations."

"We're excited to power more possibilities for the industry and provide the technology data-driven businesses need to scale and accelerate."

Read more: PractifiAdrian JohnstoneUpdata Partners