Canada-based embedded wealth management platform OneVest, which caters to fintechs, digital banks and financial firms, has raised $3.89m (CAD$5m) in venture financing.
The seed funding round, which was led by Luge Capital, will enable the firm to grow its team, bolster sales and accelerate product development.
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AAF Management, OMERS Ventures, NAventures, FJ Labs, Panache Ventures, and a number of strategic angels invested in the round.
As part of the financing round, Luge Capital general partner Karim Gillani will join the OneVest board while Atul Tiwari, former CEO of Vanguard Canada, will become a strategic adviser to the company.
Established in February 2021, OneVest specialises in digital wealth management services that can be embedded in consumer-facing products through a set of APIs.
This allows consumer fintechs, credit unions, traditional lenders and wealth managers to provide their end customers with a digitally-native personalised wealth management experience in a span of few weeks.
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By GlobalDataOneVest’s technology also allows partner firms to bundle customised wealth and investing capabilities with other financial offerings.
In addition, the platform enables them to goals-based investing, thematic and responsible investing, personalised portfolios, and alternative investments.
OneVest co-founder and CEO Amar Ahluwalia said: “People are increasingly demanding a more seamless and simple experience where financial products are integrated into their everyday lives.
“Our mission is to make investing more accessible to everyone, and available anytime, anywhere and through any channel.”
Gillani said: “OneVest’s ability to execute swiftly and with high quality to build an end-to-end platform in such a complex industry, is incredibly impressive.
“They have assembled a stellar team, which has enabled them to go after a huge untapped market.”
Last month, Canada-based British Columbia Investment Management agreed to invest in UK-based specialist fund service provider ZEDRA.
