OneVest, a WealthTech firm aiming to significantly upgrade wealth management experiences for both financial institutions and their clients, has just announced a noteworthy CAD$17m in Series A funding.
The round was spearheaded by OMERS Ventures and received contributions from several existing investors such as Luge Capital, Panache Ventures, AAF Management, FJ Labs, and newcomers like Fin Capital, Pivot Investment Partners, and Deloitte Ventures.
The substantial funding is set to fuel OneVest’s ambitious expansion plans. Founded in 2021 by Amar Ahluwalia, Jakob Pizzera, and Nathan Di Lucca, OneVest operates a unique platform which provides a modular and adaptable infrastructure solution.
Through the expansion of their Wealth-as-a-Service platform, financial institutions are given the power to integrate and customise various components of a wealth management offering. This flexibility, tailored to their individual customer needs and requirements, can facilitate automation and streamline administrative functions, a vast improvement from their current reliance on manual processes.
The company has plans to utilise this fresh capital injection to accelerate their growth, broaden their US market reach, and address other general corporate purposes. This strategic move comes at a time when financial institutions are grappling with tightening margins, shifting consumer expectations, and rising administrative burdens due to outmoded technology constraints.
Logan Allin, Managing Partner and Founder at Fin Capital, expressed his excitement, “We are excited to support OneVest on their mission to provide full stack WealthTech solutions to the financial services ecosystem. The team has built best-in-class capabilities that will address key gaps in the North American market and democratise access to wealth management services.”
Amar Ahluwalia, Co-founder and CEO of OneVest, elaborated on the company’s vision, “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. This new capital will help us ensure financial institutions around the world are well-equipped for the future”.
Another noteworthy endorsement came from Laura Lenz, Partner at OMERS Ventures, who participated in OneVest’s Seed round the previous year. She said, “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.”
The company has also indicated plans to expand its team across multiple departments, including enterprise sales, business operations, product, and engineering.
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