OneVest, a Calgary, Alberta, and Toronto-based Wealth-as-a-Service platform, announced CAD$17 million in Series A funding as it aims to dramatically improve the wealth management experience for both financial institutions and their customers.
The round was led by OMERS Ventures, with participation from existing investors Luge Capital, Panache Ventures, AAF Management, and FJ Labs. New investors Fin Capital, Pivot Investment Partners, and Deloitte Ventures.
The funds will be used to, among other things, accelerate the company’s growth, expand into the US market, and for other general corporate purposes.
With the expansion of the Wealth-as-a-Service platform, financial institutions can seamlessly integrate and configure various components of a wealth management offering for their customers, based on their specific needs and requirements. It also allows enterprises to automate and streamline administrative and middle office functions, which currently rely heavily on manual processes.
“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,” said Amar Ahluwalia, Co-founder and CEO of OneVest. “This new capital will help us ensure financial institutions around the world are well-equipped for the future.”
OneVest will be expanding its team across multiple departments, including enterprise sales, business operations, product, and engineering.
Company: OneVest Management, Inc.
Raised: CAD$17.0M
Round: Series A
Funding Month: June 2023
Lead Investors: OMERS Ventures
Additional Investors: Luge Capital, Panache Ventures, AAF Management, FJ Labs, Fin Capital, Pivot Investment Partners, and Deloitte Ventures
Company Website: https://www.onevest.com/
Software Category: Wealth Management
About the Company: Founded in 2021 by Amar Ahluwalia, Jakob Pizzera, and Nathan Di Lucca, OneVest’s platform offers a modular and adaptable infrastructure solution. OneVest is a financial technology company on a mission to power the world’s wealth. OneVest offers a comprehensive all-in-one wealth management platform that enables enterprises to expand their product capabilities, enhance distribution, and streamline front, middle, and back-office operations while extending innovative investor and advisor experiences. OneVest believes in empowering challengers and incumbents alike to make investing better for everyone.
Source: https://www.businesswire.com/news/home/20230613005065/en/OneVest-Raises-17M-and-Launches-Wealth-as-a-Service-Platform-for-Financial-Institutions