Common Wealth, which claims to be Canada’s fastest-growing group retirement provider, has closed a $12m CAD equity financing round to broaden retirement plan access for Canadian workers.
The round drew participation from both new and returning investors, including the Broadbent group, Good & Well, AgeTech Capital, Deokali Capital, Eventi Capital Partners, and Flow Capital, alongside a number of prominent Canadian families and individuals.
Notable participants include Michael Jantzi, former CEO of Sustainalytics; Richard Rooney, OOnt, co-founder and former CIO of Burgundy Asset Management; Jim Keohane, former CEO of the Healthcare of Ontario Pension Plan; Alan Broadbent, CM, former chair of Sustainalytics; Vernon Lobo, founder and managing partner of Mosaic Venture Partners; and Scott Lamacraft, executive chair of ATB Cormark Capital Markets.
The raise, structured through a combination of preferred and common shares, builds on a $15m venture debt facility that Common Wealth established with Flow Capital in July 2025.
Proceeds will be directed towards expanding distribution to small and mid-sized employers, deepening advisor partnerships, and investing in the platform infrastructure that supports these businesses. The company also plans to broaden retirement income services for members aged 50 and older, extend access to financial planning, and accelerate development of its proprietary technology and AI capabilities.
More than ten million Canadians employed in the private sector currently have no access to a workplace retirement plan. The shortfall is particularly pronounced among employees at smaller businesses, with fewer than one in five employers in the 5-to-499 employee range offering any such scheme — a stark contrast to nearly half of equivalent employers in the United States. Meanwhile, three-quarters of Canadians aged 55 to 64 have savings of $100,000 or less, highlighting the urgency of the income transition challenge that the company is seeking to address.
Common Wealth operates a full-stack technology platform designed to help employers of all sizes offer competitive retirement benefits, support members in building long-term financial security, and equip advisors with tools to better serve their clients. Since the start of 2024, the company has grown its employer base threefold to more than 1,500 businesses — over 80% of which were setting up a workplace retirement plan for the very first time.
Membership has risen 3.5 times over the same period, assets under administration have quadrupled, and the company’s advisor network has more than tripled to over 400 professionals. Common Wealth also launched a savings programme for Personal Support Workers with the backing of the Government of Canada.
Common Wealth co-founder and CEO Alex Mazer said, “This financing is about doubling down on what’s working and accelerating our vision to be Canadians’ most trusted retirement plan for life.
“We’re opening up the retirement market for small and mid-sized employers and their employees – people who’ve been left behind by a legacy industry built for big employers and wealthy people. And we’re building the platform to help Canadians with one of their biggest financial concerns: turning their savings into income they can count on.”
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