Australian fintech and wealth manager, BigFuture, has completed a $520,000 capital raising as it looks to build its service capabilities.

Co-founded by Michael Clancy, chief executive of Qantas Super, BigFuture’s cloud-based application allows users to view a “one page snapshot” of their financial position, improve their financial literacy and plan for their financial future.

The app’s stochastic Monte Carlo simulation enables members to plan how they want to spend their wealth and then provides an analysis regarding the likelihood of this lifestyle being funded, allowing users to manage risk and see how it affects their personal retirement and savings.

According to BigFuture’s chief executive, Donald Hellyer, all new investors in the capital raising were senior executives from financial institutions in Australia and Asia.

“BigFuture is very pleased with the interest in our cloud financial application, especially from those with deep knowledge of the changing dynamics of this sector,” Hellyer said.

“With two large financial institutions as clients, it is important that BigFuture demonstrates a high level of financial resilience and ability to grow”.

BigFuture first launched its financial advice cloud-based service in September with the aim of “democratising wealth management” by giving individuals tailored information about investing.

According to BigFuture, the funds from the capital raising are now set to be allocated towards expanding its service capability through its app and increasing data automation.