Australian fintech startup Marloo has raised AUD $4.2 million in pre-seed funding to grow its AI-powered assistant for financial advisers. The round was led by Blackbird Ventures.
Other backers include CoVentures, Brand Fund, and well-known angel investors from companies like Xero, Revolut, and Adyen.
Marloo’s business is growing fast, with a 45% increase each month in Australia, the UK, and New Zealand.
Research shows that most of the money spent on financial advice—about 60%—goes to administration and compliance instead of the actual advice given to clients.
The company’s AI assistant helps financial advisers save time by turning client meetings, calls, and files into documents, review letters, and messages that match the adviser’s style.
The new funding will help the company create more features based on customer feedback. The AI is designed to solve the problem of advisers spending too much time on paperwork instead of giving financial advice.
“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.
“What makes them exceptional is their product obsession: prioritising a beautiful, intuitive AI-first experience, adopting a global-first mindset, and building a product-led strategy that reminds us of the early days of Canva,” said Samantha Wong, partner at Blackbird Ventures.
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