OneVest, a Calgary-based wealth management platform, has raised CA$17 million in a Series A funding round. The round was led by OMERS Ventures, with participation from Luge Capital, FJ Labs, Panache Ventures, AAF Management, and new investors Fin Capital, Pivot Investment Partners, and Deloitte Ventures.
OneVest will use the capital to build relationships with financial institutions. It also aims to expand to the USA, among other corporate purposes. The funding brings the company’s total raise to CA$24 million till date.
Founded in 2021 as a wealth-as-a-service platform by Amar Ahluwalia, Jakob Pizzera, and Nathan Di Lucca, OneVest allows banks, wealth managers, asset managers, and other financial institutions to add digital capabilities across their enterprises.
We’ve built OneVest as a durable, highly scalable platform that can shape the future of wealth management. Financial institutions need exceptional experiences to meet both customer and advisor expectations when it comes to technology. The ability to implement a modern service with all the required compliance requirements built in, is compelling.”
Amar Ahluwalia, Co-founder and CEO of OneVest
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OneVest claims that its interfaces make it easier for banks and FIs to create tailored wealth service offerings. These services can be launched in weeks, not years. Its modular approach allows businesses to construct a custom wealth management solution that aligns with their customers’ expectations and the ever-changing market landscape. Moreover, the platform also enables financial institutions to operate more efficiently, simplify processes, and eliminate siloed systems.
Unlocking financial success with effective Wealth Management
According to the company, the latest funding round serves as a validation of its long-term vision to tackle the significant intergenerational wealth transfer projected to amount to US$68 trillion. This transfer is expected to have a profound impact on the global economy over the next decade. Recognizing the complexity of this challenge, OneVest’s platform positions financial institutions to manage this transition and meet evolving customer expectations.
We believe this market has been primed for a new infrastructure player to emerge for some time. Having had a two-year relationship with Amar, Jakob, Nathan and their team, we know they are best in class. And the data reinforces our view – they have consistently been able to sign new customers at an accelerating pace. It is clear there is a need in the market, and they are meeting it.”
Laura Lenz, Partner, OMERS Ventures
OneVest had last year raised C$5 million in a seed funding rounding led by existing investor Luge Capital. It had also partnered with Canadian FinTech startup Nuula. The app lets SMB owners track their cashflow in real time and alerts them to cash shortfalls before they happen.
As per the research plarform Tracxn, Addepar (Mountain View), Broadridge (New York) and State Street (Boston) are some of OneVest’s competitors.
