Australian bitcoin entrepreneur Zhenya Tsvetnenko and Perth-based financial planning guru David Pettit have teamed up to develop and fund a new robo-advice platform.

Coined ‘Future Penny,’ Pettit and Tsvetnenko have personally invested along with a range of other investors to provide $500,000 in development capital. The start-up is one of many seeking to usurp the traditional banks with affordable finance advice solutions.

Pettit, the founder and managing director of boutique Perth advice firm Advocate Private Wealth is confident a partnership with Tsvetnenko will guide customers to informed and planned financial decisions.

“The financial services industry continues to be led by product, rather than the best interests of the consumer,” he said. 

“Existing robo-advice offerings are essentially designed to sell a product, while Future Penny is a platform for guided decision-making.” 

Future Penny is the latest player in the rapidly expanding robo-advice sector and provides financial advice based on users generated algorithms.

The new Tsvetnenko and Pettit will provide information across a broad range of sectors including superannuation, insurance, budgeting, estate planning and investments.

Future Penny has already received backing from Development Bank of Singapore chief innovation officer Neal Cross, who said the platform could be utilised as a tool to attract and retain staff in large firms.

“In an increasing war for talent, companies deploying this solution will not only improve the financial health of their staff but also provide valuable financial skills that they can utilise in their current roles,” he said.  

Pettit stated that the product-led fintech industry should begin to focus on consumers, a method that Future Penny will employ.

“The financial services industry continues to be led by product, rather than the best interests of the consumer,” he said.

Existing robo-advice offerings are essentially designed to sell a product, while Future Penny is a platform for guided decision-making.”