Selfwealth reported net losses after tax of $3.2m in FY17, of $2.5m in FY16 and of $2.1m in FY15. The company has accumulated losses of $9.9 million to the end of FY17.
Selfwealth has raised $12.3 million in capital through several private financing rounds, including an offer at the end of 2016 for sophisticated investors.
Founder and managing director
Andrew Ward remains a major shareholder, with an 18.1 per cent stake, while Washington Soul Pattinson also holds 13.8 per cent. Another 10.5 per cent of the company is controlled by Rod Lesh, managing director of BGL, a leading developer of SMSF software and compliance software.
Since launching the share trading functionality in October 2016 the amount of trading has grown rapidly from 179 trades a month in October 2016 to 3719 in August 2017.
Among the popular features provided by the website are model portfolios, including the Selfwealth 200, which is an index of the most popular holdings from the most successful investors. In the 2016 financial year the Selfwealth 200 outperformed its benchmark by 14.3 percentage points.
Member trade data is sliced and diced a number of ways. Investors are warned when their portfolio is out of alignment with desired criteria.
Data from the pool of Selfwealth members is augmented with daily trading data of 15,000 self-managed super funds sourced through a partnership with SMSF administration service BGL. Selfwealth has a seven-year contract with BGL.
The company also maintains relationships with global research house Thomson Reuters, Powerwrap provides the execution services and Chi-X the live pricing of securities on the platform.
Source
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