Fund Manager Summary
The fund managers believe that WRKR Ltd presents a compelling opportunity for growth, particularly in the regulatory technology sector. In their opinion, the company’s recent performance, highlighted by a 45% revenue increase to $9.6 million in FY24, showcases its strong SaaS and transaction revenue model. The partnership with MUFG Retirement Solutions significantly enhances WRK’s reach, potentially accessing up to 7 million users and driving transaction volumes amidst increasing regulatory scrutiny. The fund managers note that WRK’s recent capital infusion will support its growth strategy and aim for sustainable positive cash flows by FY26. With a market cap exceeding $100 million, they anticipate increased institutional interest, bolstered by a capable management team and favorable industry dynamics, positioning WRK for sustained success.
Source: Trading View
Commentary From The Managers
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Saville Capital
31 Aug 2025
$0.11
Summary
- Saville Capital notes that WRK undertook a $15m capital raising to accelerate preparations for Payday Super introduction from 1 July 2026.
- There is a significant revenue opportunity associated with this development.
- Demand for the capital raising from new institutional investors was significant, indicated by stock performance.
- The stock closed at $0.11 on strong turnover, despite raising at $0.09/share.
- Saville Capital's initial investment was at $0.025/share in August 2024, marking it as a strong performer.
- There is a belief that WRK has much further to run as it onboards more large industry super fund clients.
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Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Commentary From The Managers
Saville Capital
31 Aug 2025
$0.11
- Saville Capital notes that WRK undertook a $15m capital raising to accelerate preparations for Payday Super introduction from 1 July 2026.
- There is a significant revenue opportunity associated with this development.
- Demand for the capital raising from new institutional investors was significant, indicated by stock performance.
- The stock closed at $0.11 on strong turnover, despite raising at $0.09/share.
- Saville Capital's initial investment was at $0.025/share in August 2024, marking it as a strong performer.
- There is a belief that WRK has much further to run as it onboards more large industry super fund clients.
Summary
Salter Brothers
19 Aug 2025
$0.12
- Wrkr is a regulatory technology business for Australian employers, focusing on simplifying workforce compliance from hire to retire.
- Salter Brothers initially entered the position through a capital raise in September 2024 at $0.025 and has continued to build a meaningful position, including participation in the recent capital raise.
- Wrkr digitally addresses compliance moments from onboarding to processing pay and super contributions, enhancing user experience through a branded mobile application.
- The company is well supported by July 2026 Payday super reforms, which include real-time super contributions, faster allocations by funds, and increased regulation with revised penalties for non-compliance.
- Recently, Wrkr completed their Pilot Trial with MUFG client Rest Super and signed AusSuper, Australia's largest super fund, indicating strong market traction.
- There are several unsigned MUFG clients and further opportunities in payroll providers, decommissioning of the ATO clearing house, and additional compliance moments for signed users.
- The investment team at Salter Brothers views WRKR as a high conviction opportunity with significant growth potential and a high quality of earnings.
Summary
Saville Capital
31 July 2025
$0.10
- Saville Capital highlights the successful completion of WRK's pilot program with Rest.
- WRK has partnered with MUFG Retirement Solutions to enhance AustralianSuper’s Clearing House and Digital Employer Services.
- This initiative aligns with upcoming Payday Super reforms aimed at improving efficiency and compliance in superannuation administration.
- AustralianSuper is Australia’s largest profit-to-member superannuation fund, managing over $365 billion in funds for more than 3.5 million members.
- The partnership provides WRK with a foundation client, potentially attracting other funds.
- This move significantly advances WRK's goal of reaching 7 million users on its platform, up from approximately 500,000 currently.
- Saville Capital looks forward to the final commercial terms being agreed with Rest, which has over 2 million members.
Summary
Saville Capital
30 June 2025
$0.09
- Saville Capital updates on WRKR Ltd's investment thesis following a successful pilot with Rest, a major superannuation fund.
- The pilot involved deploying a production version of WRK's employer services platform for testing by Rest, MUFG users, and employers.
- Production data was utilized during the pilot, including onboarding new businesses and processing super contributions.
- Co-design efforts during the pilot aimed to enhance user experience and align with upcoming Payday Super changes.
- Rest is moving forward with the implementation phase, negotiating final terms with MUFG Retirement Services, with WRK as the digital compliance provider.
- Rest, managing over $93 billion and serving more than two million members, is preparing for the introduction of Payday Super in July 2026.
- The pilot's success may encourage other large super funds to negotiate with MUFG and WRK to remain competitive.
- WRK currently targets an ARPU of -$7, which is expected to rise as the industry adapts to Payday Super.
Summary
Salter Brothers
30 June 2025
$0.09
- WRKR Ltd (ASX:WRK) was the portfolio’s top contributor in June, rising 48.3% over the month.
- The rally followed the company’s announcement of the successful completion of its pilot program with Rest Super.
- Integration of Rest’s users onto the WRKR Employer Services platform is now underway.
- In July, WRKR announced the expansion of their MUFG partnership to include Australian Super with 3.5 million users.
- This extension aligns with WRKR's targeted average revenue per user (ARPU).
- The transition is expected over the current financial year before pay day super begins in July 2026.
- The conclusion of the pilot and significant contract win are major milestones in WRKR’s growth journey.
- These developments bring WRKR much closer to their targeted 7 million active users.
Summary
Salter Brothers
31 Mar 2025
$0.06
- WRKR experienced a 26% increase in their share price during March following the company’s Roadshow.
- Salter Brothers believe WRKR digitally addresses compliance needs from onboarding to processing pay and super contributions.
- The user experience is enhanced through a branded mobile application.
- Integration with Rest Super is expected to conclude by July 2025, enabling Rest users to transition onto the platform.
- Future ARPU growth is tied to additional super fund signings, particularly with Payday super set to ratify by the end of June 2026.
- This new regulation will require employers to pay super concurrently with salaries and wages.
Summary
Hurdle Rate
30 Oct 2024
$0.06
- Wrkr was sold in its entirety at the start of the month.
- Multi-month re-rating prompted the decision to sell.
- Increased assumptions were required to justify holding the investment.
- Numerous strong alternatives were available for investment.
- A money weighted return of +94% was achieved in just 4 months.
- The position was relatively small, comprising 2-3% of NAV.
- Recent scale back in the SPP influenced the holding size.
Summary
Saville Capital
30 Sept 2024
$0.05
- Saville Capital added WRK to the Fund via a $6.6m placement at $0.025/share, with a notable increase to $0.049/share by end of September.
- WRK operates as a regulatory technology business, aiding employers in simplifying workforce compliance throughout the employment lifecycle.
- Its platform manages compliance aspects including onboarding, payroll processing, and superannuation contributions.
- Clients include Super Funds, payroll providers, and businesses across various industries.
- WRK generates revenue through SaaS and transactions from long-term contracts, supported by significant regulatory licenses.
- In FY24, WRK achieved a revenue growth of +45%, reaching $9.6 million, enhanced by SaaS licensing and large superannuation contracts.
- For the first time, WRK reported a positive EBITDA of $0.5m, reflecting improved cost management and revenue growth.
- WRK's focus will be on reinvesting gross profits to maintain accelerating growth, rather than operating leverage.
- A key feature is its extended partnership with MUFG Retirement Solutions, enhancing integration with major super funds.
- This collaboration could expand WRK’s user base significantly, from 500k to a potential 7m users.
- The Australian payroll and superannuation landscape is facing increased regulatory scrutiny, which WRK aims to leverage.
- Funding from the recent capital raising will assist in contract delivery, support working capital, and enable organic growth initiatives.
- WRK plans to achieve sustainable positive cash flows by FY26, with an expanding customer base and new product offerings.
- The capital raising has introduced new institutional investors to WRK, indicating its potential for greater institutional attention.
- With a market cap exceeding $100m, there is expected upside from growth factors underpinning the valuation.
- WRK is positioned favorably for sustained success, supported by a strong board and management team, a favorable competitive environment, and long-term industry trends.
Summary
Hurdle Rate
31 July 2024
Unknown
- Hurdle Rate notes a satisfactory 4th quarter for WRKR Ltd with cash receipts up 56% year-over-year.
- The company reported its first positive operating cash flow for the full year since listing in 2016.
- Completion of the MUFG Industry build for the Rest Industry Fund pilot is nearing.
- Priorities for the next six months include resourcing for concurrent deployments to more APRA funds and expanding the Wrkr Ready API.
- Upcoming announcement regarding the $3.3m convertible note is anticipated, alongside results.
- WRKR currently trades at an enterprise value of $46m.
- Expected rapid deployment of the industry build over the next 12 months, potentially requiring additional capital.
- Once deployed, revenue is anticipated to scale significantly faster than the cost base, revealing a highly appealing business model.
- The introduction of Payday super is expected to accelerate demand for payroll solutions.
- Hurdle Rate projects WRKR to generate over $30m in revenue and $6m in profit within five years.
- Investment weighting remains low due to reliance on the MUFG relationship and switching of funds.
Summary
Hurdle Rate
30 June 2024
Unknown
- Wrkr is a new investment for Hurdle Rate this month.
- It is an Australian regulatory software business.
- Wrkr is one of 9 gateway operators on the Superannuation transaction network.
- It is one of 5 ESA providers capable of processing superannuation rollovers and release transactions.
- Wrkr holds one of the few ‘noncash payments’ AFSLs.
- Previously known as InPayTech, Wrkr underwent management changes following the acquisition of ComplyPath.
- New management has implemented a strategic plan, achieving rapid revenue growth and margin expansion over the past four years.
- Wrkr is poised to benefit from the upcoming ‘Payday Super’ regime, expected to triple transactions through the STN.
- The partnership with Mitsubishi Financial Group provides potential access to half of Australia’s workforce.
- Wrkr's revenue model is based on a ‘per transaction’ basis, offering significant operating leverage and growth potential.
- The Payday Super regime is set to come into effect on July 1, 2026.
Summary
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
ANALYST INSIGHT
Equity Research Analyst
"With regulatory winds shifting, WRK Ltd appears poised to capitalize on a burgeoning compliance market, potentially transforming its user base from 500k to millions. As institutional interest grows, the stage is set for a remarkable ascent in both revenue and market presence."
Last Updated: 31 Aug 2025
Query The Data
Frequently Asked Questions
Who is investing in WRKR Ltd (ASX:WRK)?
Fund managers including Saville Capital, Salter Brothers and Hurdle Rate have invested in WRKR Ltd (ASX:WRK).
Why do fund managers invest in WRKR Ltd?
Fund managers are investing in WRKR Ltd due to its strong growth potential as a regulatory technology provider, facilitating compliance for Australian employers through an integrated platform. The company reported a 45% revenue increase to $9.6 million in FY24 and achieved a positive EBITDA for the first time since its listing. Its strategic partnerships, particularly with MUFG Retirement Solutions, enhance its market reach and transaction volumes, especially with upcoming regulatory changes. WRKR's focus on expanding its customer base and recurring revenue streams positions it favorably for sustained growth, attracting institutional interest and indicating significant upside potential.
What happened to WRKR Ltd (ASX:WRK)?
Fund managers have invested in WRKR Ltd due to its innovative regulatory technology solutions that streamline workforce compliance for Australian employers. The company's strategic positioning ahead of the July 2026 Payday Super reforms presents significant revenue opportunities, especially with recent partnerships with major super funds like AustralianSuper and Rest Super. WRKR's ability to enhance user experience through a comprehensive digital platform, coupled with strong demand from institutional investors during capital raises, underscores its growth potential and high-quality earnings.