Sydney, 30 September 2013: Self-Managed Super Fund services provider Mclowd today announced the successful close of an angel funding round totalling A$300,000.
Commenting on the capital raising Managing Director Ashley Porter said, “We started Mclowd 18 months ago with a vision to fundamentally change the cost structure of the SMSF industry in Australia and improving net returns for Trustees. Through our SMSF Platform and Marketplace Trustees are now able to realise significant savings on their annual SMSF administration expenses by harnessing the power of cloud computing and the crowdsourcing. This additional funding allows us to accelerate the development of both the free SMSF accounting Platform and the services Marketplace, responding to the feedback from our early-adopter-Trustees who have been so important in building the Mclowd Community, and allowing Mclowd to reach a broader audience.
Alongside this investment Mclowd also announced the appointment of Amin Shayan as Chief Operating Officer. Amin brings 18 years of corporate finance and investment banking experience to Mclowd including roles with Deutsche Bank and JP Morgan. Mr. Shayan said: “ SMSF Trustees are paying more than $1 billion per year in fees, including accounting and tax compliance. By providing greater transparency and accountability, we think we can see a large proportion of that money back in the balances of the country’s 1,000,000 SMSF members, while at the same time making self-managed super a realistic alternative for more Australians.”
Commenting on the continued success of Mclowd, superannuation industry veteran and Advisory Board Chair Mike McKay said: “Through their efforts over the last 18 months the team at Mclowd has laid a strong foundation and have consistently shown their ability to engage with and respond to Trustee Users. I am very proud to be working with Mclowd to both reduce the cost of self-managed super and make it accessible to far more people. Mclowd is at the vanguard of major structural change in the superannuation industry and one to watch for the future.”
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About Mclowd www.mclowd.com
Mclowd provides Self-Managed Super Fund Trustees with a free, cloud-based accounting platform as well as an online services Marketplace where Trustees can access SMSF professionals at rates that are a fraction of those traditionally charged by firms in Australia’s major cities. It significantly lowers the costs of SMSF accounting and tax compliance, as well as other professional services, realizing significant net savings for users and making running an SMSF a viable option for more Australians.