Netwealth adds digital financial literacy platform to acquisition roster

Netwealth has confirmed the acquisition of digital financial education platform, Flux Corp, as the business looks to grow its wealth literacy strategy.

First announced in its quarterly update made to the Australian Securities Exchange (ASX) last week and following in the wake of its Xeppo acquisition in August, Netwealth CEO and Managing Director Matt Heine said the takeover of Flux was a “natural fit” as the business continues to “expand [its] capabilities and reach”.

First established in 2020, Flux offers a variety of digital educational tools, resources and content to improve financial literacy among young Australians through simplifying complex financial concepts.

“We are thrilled to welcome Flux to the Netwealth family,” Heine said.

“As part of the intergenerational transfer of wealth across Australia, which many believe to be more than $3 trillion over the next 10-15 years it is crucial for us to equip our adviser and licensee network with the tools to engage with these new segments effectively.

“Flux’s innovative approach to financial education will enable us and our advisers to engage with the next generation of investors in meaningful ways.”

The Flux app offers access to a variety of topics explained in a variety of content formats, including budgeting, saving, investing and retirement planning in short-form video, open banking standards and gamification challenges. Flux also hosts a range of digital tools to encourage users to take charge and control over their finances, including budgeting calculators, credit score trackers and monthly educational programs.

“Joining forces with Netwealth is an exciting opportunity for Flux,” Flux chief executive, Brett Joffe, said.

“Our mission has always been to make financial literacy accessible and enjoyable for all Australians. By leveraging technology, Flux looks to make financial education accessible to everyone, regardless of their background or financial situation.

“With Netwealth’s support, we can amplify our impact and reach even more people. We look forward to working together to help Australians with their wealth and secure their financial futures.”

Flux has reported having a 430,000-strong user base to date.