Upworth closes first funding round with $1m

Fintech company Upworth has completed its first funding round securing $1m in capital, from business angel investors and entrepreneurs.

[L-R] Alexandre Chavotier CEO; Maxime Chaury, CMO; Carlos Rios, CTO.

Maxime Chaury, CMO and co-founder at Upworth told Digital Nation a part of this funding will help them develop their current product.

“The remaining will be used to grow our user base, ramp up our operations and develop further our mortgage broking deal flow in the coming months,” he said.

Alexandre Chavotier, CEO of Upworth said, "We are proud to bring Upworth to the world, starting with Australia, providing individuals with powerful tools to achieve financial independence.”

Upworth allows its users to track all of their assets and liabitlites in one place such as bank accounts, investment accounts, superannuation funds and cryptocurrencies.

Chaury said, “Upworth is the solution we dreamt of for ourselves. We want to turn a source of stress into a source of strength. We want everyone to be in the driving seat and believe it is all about accessing the right insights and knowledge about one’s financial situation and the opportunities to grow.

“There should now be better ways than juggling between ten apps or having no other option than paying thousands of dollars to be told what to do.”

Operating in a highly regulated and sensitive space, Upworth said it has doubled down on putting security and privacy at the core of its activities.

According to Upworth, all customer data is stored in Australia, data exchanges are subject to AES-256 military grade encryption protocols, and Upworth meets Australia’s stringent open banking security and privacy requirements (including Australian Consumer Data Rights legislation).

Regarding plans for the next round of funding, Chaury said he and his team are focusing on the business for now.

“But for sure we will need more capital to go to the next level, so we are expecting to raise a seed round by the end of 2024 at this point,” he said.

For the next 12 months, Chaury said the team is working on new tools that should be available to users from 2024.

“Notably a self-serve financial roadmap to achieve retirement goals, a fee scanner to identify how to reduce financial costs and many more premium features,” he said.

“From a commercial standpoint, we plan to be a household name in Australia and be the go to solution for people to manage all their finances in one place, from having a view of all their assets and liabilities to taking the right mortgage to buy a property.”