Marbanc International Backs 2024 Telstra Award Winner Chirpy Plus for US Expansion

Australia's fastest growing community of over 50's, Chirpy Plus, has welcomed investment from Marbanc International to fuel the online network’s expansion into the United States, helping address the growing need for communities that address loneliness among the global ageing population.

Marbanc International has taken a stake in the online networking business via its wholly owned Australian subsidiary, Income Direct, shortly after the company was awarded Queensland’s 2024 Telstra Award for Embracing Innovation.  Chirpy Plus is now preparing for the National Finals in the 2024 Telstra Best of Business Awards held in Sydney this February.

The Chirpy Plus friendship community solves loneliness for over 50’s in Australia and was started by mother-and-son duo Carol and Shaun Mahoney. Both high achievers, Carol was New Zealand’s first female Chief Technology Officer and Shaun a winner of numerous awards in the US financial services industry.  Since 2018 they have built a growing community of over 3,000 members who collectively meet over 125 times per week in over 100 locations, helping forge new friendships and networks.

With Marbanc’s support the company is forecasting to expand their membership community to over 30,000 in Australia and over 100,000 in the US in the next 24 months, representing a strong potential return on investment for the growing asset management group. The American Association of Retired People boasts 38 million members as the United States’ largest association highlighting the significant growth potential for Chirpy Plus by expanding its business beyond Australia.

Chirpy Plus CEO Shaun Mahoney said “We are thrilled to have the backing of Marbanc and Income Direct as shareholders in Chirpy Plus. They were recommended to us because of their expertise in helping companies like ours scale into overseas markets. The doors they have started to open for us are very exciting and align with our vision of helping millions of people experience real connections.”

It is widely recognised that active social circles can prolong lifespan, improve health and mental wellbeing. Chirpy Plus is presently working on expanding its group travel offerings following successful recent trips to destinations including Egypt, South Pacific and New Zealand.

Income Direct’s Executive Chairman Gerard Sivaprasad said “Chirpy Plus has a solid revenue stream, capable and driven management, and it is highly scalable.  This asset aligns with our strategy of deploying capital in businesses that drive positive change and can be scaled into broader markets. It generates consistent monthly cash flow and has good upside. We look forward to helping put them on the world stage as they address a growing need in society for real human connection.”

About Chirpy Plus
Chirpy Plus is the fastest growing network of over 50’s in Australia. The 2024 Telstra Award-winning business holds more than 500 events around Australia every month for a nominal monthly fee which are coordinated via its online community. Chirpy Plus helps address loneliness, forges new friendships and relationships, and offers travel events and other incentives to its fast-growing membership base.