ASX-backed Fintech Grow continues expansion with help from KWM Fintech specialists

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KWM is delighted to have assisted fintech Grow Inc's $25million series B capital raising, enabling the company to accelerate development of its flagship high-security distributed ledger funds administration platform.

Grow Inc's DLTA platform uses distributed ledger technology – commonly known as the blockchain – to improve security compared to other administration platforms. Grow Inc, founded in 2017 has recently been appointed to provide fund administration services in Australia to Vanguard, the world's second largest asset manager, as well as other asset management funds.

The funding round was led by leading Australian venture capital fund, AirTree Ventures, and also involves a strategic investment from ASX Limited. In addition, Grow issued a series of convertible notes in 2020, which will convert into the Series B Preference Shares offered in the funding round provided certain conditions are met.

KWM advised Grow Inc on all aspects of the capital raising, including multilateral negotiations with AirTree, ASX and its existing shareholders.

Commenting on the deal, Liong Lim, Group Executive, Enterprise Risk said:

"GROW Inc is delighted to be doing our part to innovate the Australian superannuation industry. The recent capital raise sets the organisation up well to deliver on its vision. The KWM team, led by Anthony Boogert, has been a vital legal partner on this journey. We look forward to continuing to work with KWM as the business expands."

Senior Associate Anthony Boogert (who will join KWM's partnership on 1 July) led the fundraising deal. Partner Nicole Heller and solicitor Daniela Lai provided strategic advice on the strategic development agreement with the ASX, under which Grow will develop new infrastructure for the administration of superannuation funds and engage in other collaborative activities with the ASX.

Further commenting on the deal, Anthony Boogert said:

"KWM understands fintech companies, and why Grow Inc's technology is a  game-changing innovation for this market. We're really excited to be working with companies that are fundamentally changing financial services markets."