Business
Ambitious fintech Spitfire in administration – The Australian Financial Review
The wealth platform backed by Regal and IFM Investors has appointed administrators and owes $5 million to creditors including Bloomberg and Equity Trustees.
Spitfire’s ambitious plans to steal market share from ASX-listed darlings Netwealth and Hub24 and the large bank-owned wealth managers were being watched closely, especially after UBS analyst Kieren Chidgey listed it as a key participant in the “next wave of disruption” in the industry.
It raised $9 million in 2019 via equity and convertible instruments, including from the powerful IFM Investors, owned by 27 industry super funds, and hedge fund Regal.
A Spitfire investor pitch deck circulating…
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