Melbourne-based startup LAB Group received a $4M funding round from the Australian single family office of the Costa family. LAB offers a customer-centric, intuitive onboarding platform in the financial sector.
LAB Group: Leading fintech from Melbourne
In 2010, Nick Boudrie and Lyndon Webster launched LAB Group. The main offering of the fintech is a SaaS platform through which financial service providers can onboard new clients with a compliant digital AML/KYC workflow in a digitized way. Thereby, the financial service providers can efficiently and in a compliant way onboard their clients while pushing their digitalization forward and reducing paper forms. In 2020, the Australian startup expierenced a pandemic-related 300% uptick in business. The recent funding round is the first time that the company raises external capital.
Investment from Costa single family office
The single family office of the Australian Costa family, Costa Asset Management, invested $4M in LAB Group. Liza Whitmore, chief at Costa Asset Management, will also join the board of the startup. CAM is the family investment firm of the families of Robert and Anthony Costa. The Australian family office invests in various asset classes and also hosts the “Anthony Costa Foundation”. The Costa family’s wealth is based on Costa Company, the largest fruit wholesale distributor in Australia. In 2011, the family company was listed on ASX and the family office was formed. The family office is based in Geelong, Victoria.
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