According to its campaign page, Rimbal is an online financial advisory platform that automates investment advice and allocation for retail clients. It is scheduled to be functional and operational with fully regularity compliance by late 2014. By using Rimbal, users have the ability to build a tailored investment strategy for their investment goals.
It was also revealed that the tailored investment strategy for each user incorporates up to 12 asset classes, spread across different countries and industry sectors, with the portfolio composition varying according to the market conditions and financial goals and circumstances of the user.
In regards to the targeted customers, Rimbal team added, “With strong precedent for the business model through NutMeg.co.uk, Rimbal is initially targeting the Australian market (as a springboard for Asia) with a focus on the 80% of people aged 25 – 44 who don’t feel confident managing their finances.”
Also sharing details about the company and its employees, it was revealed that the Rimbal Team has “a combined 35 years’ experience in the technology and financial sectors and starting, running and selling companies in the UK and Australia.”
It was also noted that, “Rimbal has agreements and/or strong relationships with technology firms including a market-leading investment platform company, Edentiti who operates greenID verification technology among others. The initial stage of the platform development has been completed including the technical architecture/design, end-to-end user workflows, the investment risk/return diagnostics/algorithms and the diagnostics for user profiling, identification, verification (including greenID verification test environment).”
Managing director of Rimbal, Angus MacNee stated, “The potential for seed fundraising in Australia is limited and crowdfunding and the UK Seed EIS tax relief program is extremely efficient structure to attract start-up capital for Rimbal and our investors.”
He then added, “Over the past few years, I have engaged many corporate advisors and it is clear that crowdfunding is the future to raise seed capital or complement a funding strategy for certain companies like Rimbal.”
The Rimbal team also noted that the funds would be put towards the following:
- 80% towards ongoing platform development
- 10% towards completing the basic compliance structure and system
- 10% towards business development with financial advisors and “affiliate partners”
They noted, “The platform development is progressing through three phases with the Alpha stage complete. We expect that this fundraising will facilitate the completion of an operating and compliant web platform.”
“The compliance system requires the input of specialist advisors to ensure the platform meets all regulatory and compliance requirements to operate. We believe that the Rimbal compliance engine will provide a considerable competitive advantage as a robust system and potential revenue generator through licensing to financial advisors.”
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