The Royal Bank of Canada is investing in d1g1t, a Toronto-based financial technology firm.
Founded in 2016 by Dan Rosen and Philippe Rouanet and Benoit Fleury, d1g1t’s flagship Enterprise Wealth Management Platform is designed to transform the patchwork of legacy systems with integrated software that drives scale and operational efficiencies across the organization.
RBC is investing in d1g1t alongside venture capital firm JAM FINTOP.
“We’re proud to invest in d1g1t, a company that’s helping to redefine wealth technology,” remarked Barrie Laver, Head of Venture Capital and Private Equity for RBC.
Laver says that what sets d1g1t apart from rivals “is the combination of deep financial engineering expertise, bold technology vision, and a product that’s purpose-built to help solve the most pressing needs of modern wealth firms.”
But the transaction is not strictly financial; RBC Wealth Management, with nearly $5 trillion of assets under administration, will leverage d1g1t’s institutional-grade performance and risk analytics engine to “deliver an enhanced digital experience for advisors and clients in Canada,” according to a statement from the fintech.
Rosen, who serves his upstart as chief executive officer, says that “the opportunity to work with RBC is a major milestone for us.”
“RBC is a global financial leader,” he noted, “and we’re honoured to bring our capabilities to them as they reimagine the future of wealth management, bringing next-generation analytics at scale, and a great digital user experience to the forefront.”
D1g1t’s tech stack provides on-demand analytics consistently used across integrated workflows for reporting, billing, trading, compliance, and client engagement activities—providing advisors “with the best digital experience available in the market.”
Mike Scott, who serves RBC Wealth Management as managing director, is “excited about leveraging d1g1t’s capabilities to enhance our advisor and client experience.”
“The platform brings together advanced analytics, and real-time insights,” he says, adding that “This is a clear demonstration of our continued investments in cutting-edge technology infrastructure to help deliver a best-in-class client experience.”
Other institutions taking advantage of d1g1t’s fintech include Calgary’s Northern Light, Chicago’s Gresham, Victoria’s Burkett Asset Management, and Virgo Digital Asset Management.
In November, the Toronto firm unveiled its Trading Unified Managed Accounts framework, which is designed to reduce the cost and complexity associated with the implementation and management of sophisticated investment strategies that rely on multiple models or third-party managers.
Leave a Reply