Australian digital advice provider SuperEd has acquired the business of robo-adviser Clover.
Clover was founded in 2015 by former Mercer colleagues Harry Chemay, Sahil Kaura and Darcy Naunton together with Warren Burns, founder of digital agency BurnsRed.
It was created to allow a low-cost entry for Australians with insufficient wealth or financial resources to seek financial advice, including those in the 25-45 age bracket, a cohort traditionally not well served by the financial planning industry.
The financial terms of the deal were not disclosed.
Growth plans
Sahil Kaura, Clover’s co-founder and chief executive, said: “The transaction is a big win for our customers, partners, and the team.
“Over time, Clover’s customers will be able to take advantage of SuperEd’s range of proprietary retirement planning and digital advice tools.”
Hugh Morrow, SuperEd chief executive, said: “Clover’s capabilities are an important step forward for us to implement our retirement advice.
“It fits really well with our existing capabilities and moves us forward in terms of our strategic plans to deliver better retirement outcomes.”
SuperEd was founded in 2012 by former Vanguard Australia head Jeremy Duffield and senior banking and technology executive Morrow.
