Global retirement solutions firm acquires Moneysoft

Through the acquisition, which was finalised on 9 September 2024, Moneysoft has become part of the MUFG Retirement Solutions business, a division of MUFG Pension and Market Services.

Moneysoft is an Australian technology firm catering to a variety of financial services professionals, including advisers, money coaches, mortgage brokers, and retirement funds.

Given Moneysoft’s service relationship with the financial advice profession, MUFG Retirement Solutions chief product officer Jonathan Shaw said the acquisition is an opportunity for the firm.

“This provides an opportunity to continue to expand our offering to superannuation, particularly in the third-party advice channel, the challenges of the Retirement Income Covenant, and international growth opportunities,” Shaw said.

Shaw explained that Moneysoft’s technology will be integrated into MUFG Retirement Solutions product portfolio with its existing consumer-facing personal finance management and micro-investing applications becoming features of its member-facing digital offerings, including the Pathfinder platform.

“This will continue to enhance the member experience, while also helping to build a stronger connection between the fund and their members,” he said.

“Moneysoft technology will also improve our data modelling and analytics, AI, scaled financial advice, retirement income solutions, and identity verification services through open banking, increasing the overall value and capability of our services offerings.”

Speaking on the acquisition, MUFG Retirement Solutions chief executive Dee McGrath said the decision reflects the firm’s commitment to innovation and investment in enhancing its service offerings for the global pension and superannuation industry.

“Moneysoft’s cloud-based capabilities in open finance and the Australian consumer data right, financial planning system integration and financial advice automation will provide our clients the ability to create powerful, meaningful engagement with their members – especially at critical moments such as retirement planning,” McGrath said.

“Our clients will benefit from the ongoing innovation delivered through the platform and an expansion in the number of value-enhancing services available for their members through multiple digital channels.”