Ex-Sharesies Managers Secure $4.6 Million for AI Assistant Marloo

Marloo, a start-up specializing in artificial intelligence solutions for financial advisers, has successfully raised A$4.2 million (approximately $4.6 million) in pre-seed funding. Founded in June 2022 in Wellington, the company aims to alleviate the administrative burdens faced by wealth-planning, insurance, and mortgage advisers. The funding round attracted several prominent entrepreneurs from New Zealand, underscoring the start-up’s potential in the financial technology sector.

The co-founders of Marloo, Shakeel Lala and Hardy Michel, both former managers at Sharesies, alongside Ben Robertson, who has previously led two start-ups in the capital, are driving the initiative. Their primary focus is to streamline compliance and administrative tasks, claiming that their AI technology could save advisers up to a full day each week.

The funding round was led by Blackbird Ventures, the largest venture capital firm in Australasia. Additional backing came from Brand Fund, an Auckland-based investment group supported by Previously Unavailable and Icehouse Ventures, as well as Co Ventures from Sydney.

Addressing Administrative Challenges

Marloo’s innovative approach targets the extensive paperwork that financial advisers frequently encounter. The founders believe their AI assistant can significantly enhance productivity by automating routine tasks, allowing professionals to focus more on client relationships and financial strategies.

Lala and Michel’s experience with Sharesies, a well-known investment platform, has equipped them with valuable insights into the challenges faced by financial advisers. Robertson, who has developed applications like Roadtrip and Upstock, adds further entrepreneurial expertise to the team.

As Marloo expands operations across the Tasman Sea, the start-up is poised to make an impact in both New Zealand and Australia. The funding secured will enable further development of their AI technology and facilitate market entry strategies.

Future Prospects

The success of this funding round reflects a growing interest in AI-driven solutions within the financial advisory industry. As compliance regulations become increasingly complex, tools that simplify these processes are in high demand. Marloo’s founders are confident that their product will not only save time but also improve the overall client experience for financial advisers.

The backing from established venture capital firms and fellow entrepreneurs highlights the confidence investors have in Marloo’s vision. As the company gears up for its next phase, the financial services landscape may soon witness a transformation in how advisers manage their workloads.

With the launch of their AI assistant, Marloo is set to redefine efficiency standards in the financial advisory sector, positioning itself as a key player in the evolving fintech landscape.