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Sydney-based Bailador Technology Investments (ASX:BTI) has committed more $40 million towards Australian startups in just over a month, following up its $20 million investment in digital healthcare group Updoc with support for DASH, a cloud-based financial advice and investment management software platform.
Led by experienced industry executives Andrew Whelan and Darren Pettiona, DASH's CEO and executive director of strategy respectively, the platform administers approximately $4 billion on behalf of independent financial advisers (IFAs), with revenue up 63 per cent for the half year ending in December 2023.
The DASH brand itself is just two years old, formed by the merger of software companies Wealth02 and ROAR joining forces in 2022.
Bailador notes that following the government's recent Quality of Advice reforms, large financial institutions and industry super funds are using DASH’s financial advice infrastructure to white label and automate the delivery of digital financial advice to their large customer bases.
The ASX-listed company will firstly invest $15 million into DASH upfront, with a further $5 million to be paid in January 2025.
"DASH operates in the investment platform market which administers around $1 trillion for Australian investors and is constantly increasing due to superannuation contributions and market movements," says Bailador partner James Johnstone.
"Despite its huge size only 10 per cent of Australian retail consumers obtain financial advice.
"With financial advisor numbers declining 44% since 2018 technology will be required to bridge this gap and DASH is very well positioned to be a beneficiary of this technology led solution."
Bailador's co-founder and managing partner David Kirk also happens to be chair of Forsyth Barr, New Zealand’s largest financial advisory group, where he has seen the many challenges advisors face in efficiently delivering financial advice to their clients.
"Bailador is excited to be partnering with Andrew, Darren, and the DASH team as they realise their vision of facilitating a different advice model that gives more Australians access to the financial advice they need to build wealth for a comfortable retirement," says Kirk, the former CEO of Fairfax Media who also currently chairs Kathmandu and Rip Curl owner KMD Brands (ASX: KMD) and Rosterfy.
DASH chair Geoff Lloyd says the company is excited to be partnering with a high-quality investor in Bailador, which shares DASH's vision of delivering an innovative technology platform that empowers IFAs to provide Australians with access to affordable financial advice.
"This new capital raise positions DASH very well as we look to expand our sales and marketing investment and accelerate our exciting product development roadmap," says Lloyd.
Both David Kirk and James Johnstone will join the DASH board as part of Bailador’s investment.
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