Future Penny: A new robo-advice platform that reduces reliance on financial institutions for information

It’s no secret that Bitcoin entrepreneurs and startups have a vested interest in disrupting the financial system. Maybe not everyone knows the name Zhenya Tsvetnenko, but the Australian Bitcoin entrepreneur has teamed up with David Pettit to build a new robo-advice platform.

Where financial technology meets Bitcoin

Those who are active in the financial sector will have heard of robo-advice before, as the term has become one of the hottest trends in financial technology. Millennials in particular are seeking financial advice, but they are not willing to rely solely on information from banks and other financial institutions.

When a bitcoin entrepreneur and a financial planner join forces to create a new robo-advice service, something exciting is bound to happen.

The startup funding for the Future Penny platform came from the two founders’ own investment in the platform, as well as external funding. The company received $500,000 in seed round funding.

It’s no surprise that a Bitcoin entrepreneur would want to get in on the action, given how robo-advice platforms use algorithms to provide financial advice to users, not only on investing, but also on budgeting, insurance and estate planning.

Zhenya Tsvetnenko has extensive experience in the financial sector and is the founder and director of DigitalX and Mpire. DigitalX (formerly Digital CC) is listed on the Australian Stock Exchange.

Zhenya Tsvetnenko

David Pettit, co-founder of Future Penny, said:

“The financial services industry is still driven by products, rather than the best interests of consumers. While Future Penny is a platform designed to guide decisions, existing robo-advice products are essentially designed to sell products.”

Like other companies trying to expand into the bitcoin and financial technology space, Future Penny will face challenges in attracting customers. Although the concept of a robo-advice platform is very attractive and the company has already held talks with three "top" companies, there is a lot of competition in the market.

Original article: http://bitcoinist.net/australian-bitcoin-entrepreneur-launches-robo-advice-platform/
Author: Jp Buntinx
Compiled by: Kyle
Source (translation): Babbitt Information (http://www.8btc.com/launches-robo-advice-platform)