DASH Technology Group nears 50% FUA growth in 2023 as its software mimics platform growth
DASH Technology Group (DASH) has experienced its strongest year yet, with investment platform FUA increasing by 46.89% compared to 31 December 2022. Additionally, a further $800 million is currently in transition, demonstrating sustained momentum into the new year.
DASH released two significant system upgrades to its investment platform in 2023, including a custodial offering for superannuation and a comprehensive CGT engine overhaul. These advancements have played a pivotal role in the rise of newly opened accounts and increased platform flows.
The software arm of DASH is also experiencing growth with a surge of over 50% in software licenses over the same period. This growth trajectory is expected to continue as plans to integrate data feeds from external platforms in early 2024 further enhances the capabilities of its financial planning software offerings.
Andrew Whelan, CEO at DASH commented on the period of growth, stating, “Last year has been an impressive achievement for DASH and we are grateful to our advisers and their clients for their support. We remain dedicated to listening to and servicing our clients in a manner that adds significant value to their businesses, much like they add value to ours. Listening to our advisers is a crucial element in our continuous R&D process.”
DASH has witnessed a growing trend in independent financial planning firms adopting its end-to-end software and platform offering, with a 50% increase in the last 12 months for IFAs signing up to the whole DASH package.
Total revenue from contracts for both the platform and software segments, as of December 31, 2023, amounted to a significant 63% increase from the prior corresponding period.
Geoff Lloyd, Chairman at DASH added, “The delivery of financial advice plays a pivotal role in ensuring the scalability and accessibility of this crucial service for all Australians. As a contemporary technology solution for both financial planning software and platform, it’s encouraging to see advisers committed to investing in their business now, for the benefit of their clients and the broader industry.”
DASH continues to develop a strong product roadmap, with some industry leading product releases slated for 2024.
