Fintech Marloo receives $4.2m led by Blackbird

The news: Australian financial technology startup Marloo has secured AUD$4.2 million in pre-seed funding, led by Blackbird Ventures, to develop its artificial intelligence assistant for financial advisers. The funding round included support from CoVentures, Brand Fund and notable angel investors from companies including Xero, Revolut, and Adyen.

The numbers: Marloo reported 45% month-on-month growth across its operations in Australia, the UK, and New Zealand. Research shows that 60% of total advice costs are currently allocated to administration and compliance rather than actual financial advice delivery.

The context: The company's AI assistant helps financial advisers automate administrative tasks by converting client meetings, calls and files into advice documents, review letters and communications written in the adviser's style. The funding will support the acceleration of new feature development based on customer feedback. The technology aims to address the industry challenge where advisers spend more time on paperwork than providing financial guidance to clients.

What they said: "Our goal at Marloo is to empower advisers by building the number one product for them, loved for its design, simplicity, and ease of use. We are committed to building the AI assistant that the market is clearly asking for," said Shakeel Lala, co-founder and chief executive officer of Marloo.