Cashwerkz moves into bonds

John Kavanagh

Cashwerkz has launched a new service offering bonds and other fixed income products to wholesale investors and financial advisers.

The initiative, Bond Income, will complement the company’s established term deposit and cash management platform.

It is the first new offering from the company since chief executive Jon Lechte, who was appointed at the end of March, promised a range of initiatives to improve the company’s performance.

The company has reported a string of losses and was running out of cash early this year. Since then it has raised capital, promising investors that it would “sprint to make a profit”.

Cashwerkz was launched in 2016 as an investment platform allowing institutional and retail investors to switch between term deposit and at-call account providers without having to verify their identity each time they move their accounts.

At the end of December, the company had A$1.08 billion of investor balances on its platform, invested in a range of bank accounts.

The company said Bond Income would attract investors looking for higher interest rates than those currently available on savings accounts and TDs.