Wealth management company d1g1t has closed a CAD $12m ($9m) as it continues its expansion efforts across the US.
Of the funding, CAD $3m ($2m) was a strategic investment from early-stage venture capital firm Illuminate Financial Management.
Capital from the round is being used to support the product innovation of the company and furthering the commercial expansion of d1g1t in the US.
The Canadian company’s goal is to replace legacy systems with a single, integrated platform which manages the entire wealth management advisory life cycle. Its solution helps advisory firms to scale up the operations and automate various back-office processes.
With institutional-grade analytics and risk management tools, firms can better align a client’s goals with investment strategies, make better investment decisions, manage the risk of a client’s portfolios and communicate with clients.
Illuminate partner Mark Rodrigues said, “The wealth industry is at a crossroads and ready for change. We believe there is a huge opportunity for an end-to-end platform which streamlines the existing infrastructure and brings institutional-grade analytics to the underserved wealth market.
“The firms using d1g1t’s platform have not only improved internal efficiencies, but also accessed a whole new set of capabilities which allow them to deliver an exceptional experience to their clients. We’re very excited to add d1g1t to our portfolio and support an experienced management team with a proven track record of delivering advanced solutions to top financial institutions around the world.”
As part of the deal, Illuminate’s Mark Rodrigues will join the d1g1t board of directors.
Last year, Illuminate led the £5.7m seed funding round of regulatory compliance startup SteelEye. The UK-based company uses data analytics to help companies with their transaction reporting, record keeping, and data insights.
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