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FinClear acquires cash investment platform Transact1

Acquisition to create preeminent offering to meet increasing customer demand

Sydney, 1 August 2023 – FinClear, Australia’s leading independent technology and infrastructure provider for financial market access, clearing and settlement services, has today announced its acquisition of Transact1, a cash investment technology provider for wholesale and institutional customers.

Transact1 operates a robust cloud-based platform that hosts the majority of Australia’s deposit-taking financial institutions, including the Big Four.  It also hosts numerous leading international banks. It offers institutional and wholesale investors an aggregated range of cash investment products and provides automated price discovery, portfolio optimisation, administration, and compliance services to meet regulatory demands and ongoing risk management.

This strategic acquisition positions FinClear to take advantage of the growing demand for cash investment products among clients and the broader market. Additionally, Transact1 ideally positions FinClear to meet wider market demand for cash products expected over the coming years.

Transact1 also offers institutional and wholesale investors the Wealth Cash Income Fund,  a term deposit managed fund for smaller cash investments which Transact1 then diversifies across numerous banks to meet necessary compliance requirements and risk profiles. This will provide FinClear customers with the ability to readily access a portfolio of high interest earning term deposits without the administration burden.

Transact1 is based in Brisbane and expands FinClear’s geographical presence to a fourth state in addition to existing offices in Sydney, Melbourne and Perth.

Commenting on the acquisition, David Ferrall, Founder and CEO of FinClear Group, said: “We’re thrilled to welcome Transact1 into the FinClear Group. It is an exceptional business with a proven track record of combining technology, strong client and banking relationships, and expertise in cash investing.

He added: “Our thesis for FinClear has always been, to achieve critical scale in our core operational business and then begin adding further products and services that deliver genuine benefits to our clients. Enhanced cash management capabilities have become a core requirement for our clients given current economic conditions and we look forward to collaborating with Bill Keogh and his team to scale this offering and take advantage of the technology, IP and relationships the acquisition will bring.”

The Brisbane-based Transcact1 team will continue to be led by CEO, Bill Keogh.

Bill Keogh, Founder of Transact1, expressed his enthusiasm about the partnership:

“We are delighted to join forces with FinClear at a time when cash returns are important to super funds and other institutions who are seeking an aggregated view of cash products. The confidence in getting the best price, using automation to transact while meeting compliance requirements has become paramount.”

“With FinClear’s support, we are well-positioned to scale our business and engage with a broader set of counterparties, meeting the evolving needs of the market,” Keogh concluded.

The acquisition of Transact1 fortifies FinClear’s commitment to expanding its offerings and providing cutting-edge solutions to the financial services industry. The combined expertise of the two companies will create unparalleled opportunities for clients seeking reliable and efficient cash investment services.