GROW Super has launched its own distributed ledger superannuation platform TINA, as well as raising $17 million in a Series C funding round.
GROW Super, a start-up superannuation fund that launched in May 2017, said it had raised the money thanks to support from firms such as Citi, R3 and Greenstone Financial Services. Meanwhile, TINA was the firm’s blockchain enabled technology for superannuation funds and wealth platforms.
Chief executive, Josh Wilson, said the development of TINA would enable it to advance its operational structures and introduce cost and operational efficiencies.
“Consumers are the big winner here, TINA will introduce drastic cost and operational efficiencies as well as enabling industry to evolve its value propositions- delivering greater value and experience to consumers at a better price and greater speed.”
Co-founder, Mathew Keeley, said: “Technology enabled TINAs value proposition, giving superannuation funds greater control of how they deliver member outcomes.”
GROW Super said it was administering a closed cohort of members on TINA in its new master fund which it recently acquired.
The Association of Superannuation Funds of Australia has appointed a new director representing industry funds, among a number of other appointments in recent months.
The Association of Superannuation Funds of Australia has tapped an experienced public policy executive as head of policy and advocacy.
The firm has welcomed an experienced financial services executive, who helped establish Vanguard's superannuation business, as its new chief financial officer.
The $8.9 billion fund has tapped a fintech company headquartered in Rotterdam as investment performance consultant.
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