A new platform that makes it easier to compare superannuation funds and switch to better, high-performing investments has soft launched.
Roll-it Super helps boost super fund choice for employees by providing monthly performance, fees and benefits for the top 100 industry and retail funds.
The platform is free to use for employees via employers partnering with Roll-it Super.
Founder and chief executive Mark MacLeod said he was inspired to launch Roll-it Super after he lost $50,000 of his own super when his employer unintentionally invested him in an under-performing default fund.
MacLeod spent more than 11 years at Computershare working in senior managerial roles across strategy, sales and marketing, before leaving in December 2017 to kick start Roll-it.
MacLeod said he aims to empower others and reclaim control of their super, and equip them with the tools they need to properly understand and maximise it.
He added that Roll-it Super does not recommend products or receive commissions from super funds.
"The Royal Commission hearings exposed super funds putting commercial self-interest before member interests, while the Productivity Commission exposed the market failure of the default super sector," he said.
"The solution is not more super funds-that is the last thing Australians need. What all Australians need is for current super funds to work hard for our money and do better.
Roll-it Super raised $250,000 via convertible notes in October and will consider a further capital-raising round in early to mid-2019 to help it scale.
The platform also provides a financial literacy and rewards programs.