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West Australian
4 days ago
- Business
- West Australian
Escalante-backed fintech WeMoney doubles down on WA roots as it eyes ASX listing
Laurence Escalante-backed WeMoney is on the path to an ASX listing even before it turns a decade old, its chief says, as the WA-founded fintech charts ambitious local expansion plans. The financial wellness app, founded by former National Australia Bank banker Dan Jovevski, aims to help people manage earnings by using artificial intelligence to detect their spending patterns and make suggestions on where to save cash. With the app already clocking over one million downloads in Australia since it went live in late 2020, Mr Jovevski is now charting the business' next phase of growth. 'We've always had a desire to become a public company and for our particular business, it makes a lot of sense because the growth (trajectory) we're currently on, there may not be an option to raise money privately,' he said. 'We're not going to rush into it . . . but our general goal now is to (list on the ASX) within the next three years based on our current growth rate.' All of that would be done from WA, Mr Jovevski said. WeMoney on Friday unveiled its new headquarters on St Georges Terrace and plans to create 50 news jobs across data science, AI development and product design within three years, with a strong focus on early-career professionals and recent graduates. 'The office is symbolic because it plants our roots here in WA, but also sends a signal to the broader tech community that more companies should (establish) offices here because the talent pool and density is phenomenal,' Mr Jovevski said. It comes after WeMoney in April secured $12 million in funding — valuing the enterprise at $100m — led by Virtual Gaming Worlds founder Mr Escalante's family office. The round also attracted support from RAC's venture capital arm BetterLabs and Mastercard. The funds raised were used for research and development. With 80,000 monthly active users, Mr Jovevski pointed to the persistent high cost-of-living pressures as being 'an accelerant' of its growth. 'About half of Australians are living pay cheque to pay cheque,' he said, with higher interest rates and housing costs crunching people's incomes. 'People are still struggling even amidst the interest rate cuts and what's been a real catalyst for our growth is people wanting to get more control and transparency over their money and their finances.' Mr Jovevski said on average, its customers saved $335 a month by using the WeMoney app. 'One of the outcomes were really proud of is in a short nine months of using WeMoney, our members report that their credit health improves by 63 points,' he said.
Herald Sun
15-05-2025
- Business
- Herald Sun
Top reasons stopping Aussies from financial success
The cost of living crisis has pushed many into high levels of financial stress, yet comparison site Finder discovered many are sabotaging themselves even further. A survey of 1,011 respondents from Finder revealed that most Aussies are setting themselves up for financial failure and have exposed the biggest obstacles that stood in the way. The most common barrier was wasteful spending with the average Aussie wasting $154 per month. Over a third of respondents said the biggest waste was spending too much money on shopping, according to Finder. MORE: Insane demands of mega wealthy exposed by staff Other money mistakes included paying bills late, which one quarter of respondents were guilty of, one in five fell into credit card debt and 20 per cent said they spent too much money at bars, pubs and clubs. Sarah Megginson, personal finance expert at Finder, said majority of Aussies are unknowingly standing in their own way. MORE: Simple way to unlock $20k in extra home value New neighbourhood coming to Sydney 'Most people don't have a money problem – they have a mindset problem. Breaking these patterns could be the difference between staying stuck and building real financial freedom. 'The idea that you're 'too old' or 'too busy' to build wealth is a myth – and one that's costing Australians dearly.' Another major roadblock was that one in five felt their lack of financial knowledge was preventing them from financial success. 'These blockers are silent wealth killers – they creep into our everyday choices and steal opportunities,' Ms Megginson added. MORE: Alarming way Gen Z are getting homes What homes will be worth in each suburb by 2030 'But the good news is once you are aware of them, you can change them.' She urged Aussies to scrutinise all their living costs to free up more discretionary income. 'It's never too late to take control – increasing personal wealth does require a plan and discipline to reach your goals,' she said. Young Australians wasted the most money, according to a Finder survey, with gen Z admitting to wasting a whopping $237 a month, compared to just $65 by baby boomers. Finder money expert Rebecca Pike said whether you're wasting $5 or $500, it all adds up. 'It's not about living like a monk – no one is saying not to have fun and enjoy yourself from time to time,' she said. 'The more you can segment or budget what you will spend for fun, the better. 'Once you think about spending as a long-term investment rather than short-term indulgence, the more you will actually enjoy when you do splurge.' Ms Pike said even small changes can have a big impact. 'When you add it all up, that's money you could be saving for a home deposit, a holiday, or just a rainy day. 'Redirecting just a small portion of that could set you up for greater financial security, whether it's building savings or paying off debt.' Her tips included manually tracking your spending, through apps like Gather or WeMoney and putting savings into a high-interest savings account. 'It's a low-risk way to let your money grow – helping you build a financial cushion.' Other tips included putting 24-hours between unplanned purchases and unsubscribing from tempting emails and alerts. MORE: Top NSW regions for lifestyle and investors Oroton heirs' stunning $30m payday
AU Financial Review
21-04-2025
- Business
- AU Financial Review
Escalante-backed WeMoney valued at $100m as it eyes ASX listing
WeMoney will roll out artificial intelligence-powered tools for its lending comparison tools after raising $12 million in a transaction that values the business at $100 million and puts it on a path to an ASX listing. The company, which launched in October 2020 and was founded by Dan Jovevski, helps its customers make better financial decisions and pay off their debts faster by giving them an insight into their spending. It allows them to compare and apply for credit cards, swap to lower-cost products and identify where they can save money by switching providers for a range of services.
