Calgary’s OneVest has secured $5 million in venture financing for Canada’s first Wealth-as-a-Service (WaaS) platform.
OneVest provides digital wealth management services that can be embedded in consumer-facing products via a set of simple APIs. This enables consumer fintechs, credit unions, traditional banks and wealth management firms to offer a digitally-native user experience for personalized wealth management to their end customers that can be launched in a few weeks.
The funding news comes on the heels of fellow prairie fintech Neo Financial announcing the launch of its actively managed wealth platform, Neo Invest, built on the OneVest platform.
The round was led by Luge Capital, a leading fintech-focused venture firm, with participation from OMERS Ventures, AAF Management, FJ Labs, National Bank of Canada’s corporate venture capital arm NAventures, Panache Ventures, and strategic angels. The funds will be used to expand the team, grow sales and drive product development.
OneVest was founded last year by Amar Ahluwalia, Jakob Pizzera and Nathan Di Lucca, all of whom have extensive experience building, operating, and scaling innovative companies in North America. Together they bring over 30 years of experience in financial services and technology across fintech, asset management, capital markets, and M&A.
“OneVest’s ability to execute swiftly and with high quality to build an end-to-end platform in such a complex industry, is incredibly impressive,” said Karim Gillani, General Partner of Luge Capital and new appointee to OneVest’s board. “They have assembled a stellar team, which has enabled them to go after a huge untapped market.”
Neo Financial Co-founder and CEO Andrew Chau said, “Our mission at Neo is to reimagine every financial touchpoint Canadians have – including their spending, saving, rewards, and now investing. Partnering with OneVest provided us the ability to embed wealth and investments within our platform, and further grow the relationship with our customer.”
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