New Aussie financial wellness app Subi launches from beta
A new Australian financial wellness app, Subi, has been launched by Max Moran, a former Sydney school teacher, and entrepreneur Glenn Rosen, following its beta testing phase.
Glenn Rosen and Max Moran launch Subi
The new platform, which entered development in 2020, converts accrued annual leave into accessible cash for employees in an attempt to reduce leave balances and “handle employee leave complexities”.
Data provided by Roy Morgan Research reveals that, as of 19 December 2023, almost nine million workers in Australia have over 200 million days of accrued annual leave, a 7.9% increase from two years previous.
Subi claims the platform, which is only available to those who accumulate over 20 days (152 hours) of annual leave, can convert a user’s annual leave into cash within an average of 12 hours, following a two-step process.
Max Moran, co-founder of Subi, explains that the start-up was designed to help those who are “struggling to keep up with everyday costs”, and are turning to high-interest payment credit cards as an alternative.
He claims there are 4.2 million Australians who qualify for the new platform, “but current processes are too hard to navigate”. Adding that the app also helps employers by providing “managers time to focus on other important jobs”.
In the near future, Subi aims to expand its financial tool offerings, which will include helping users oversee their assets and handle expenses.
Subi joins new private bank Volans in entering the Australian finance scene in recent weeks.
