Canadian wealth management solutions provider PureFacts Financial Solutions has raised C$20m ($15.3m) from Scotiabank and venture capital firm Round 13 Capital.

The privately held wealth-tech already has tie-ups with the investor firms. The infusion marks its first institutional investment round.

The company has been self-funded since its establishment in 2010.

PureFacts will use the new capital to support its global growth plans and finance purchases, including the recently announced takeover of Quartal Financial Solutions.

Additionally, the company will use the fund to ramp up its product development and expand its sales and marketing efforts.

Speaking on the financing round, PureFacts CEO Robert Madej said: “As a client-centric firm, our search for financial partners has focused on ensuring that our corporate values are aligned and that our clients’ interests are front and centre.

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“We are very excited to be partnering with Scotiabank and Round 13 Capital as they showed tremendous flexibility in creating a win/win scenario. Having their financial support and expertise will help us service our clients around the globe, execute on our vision and fuel our continued growth plans.”

In May this year, PureFacts acquired Boston-based salesforce consulting firm VennScience, to enhance its AI-based client retention solution and expand its services for wealth management firms.

The company also made key hiring during the year, including the appointment of former Royal Bank of Canada executive Rajini McRae as its president.

Round 13 Capital co-founder Bruce Croxon said: “PureFacts is the market leader, with a reputation for providing exceptional software and service to its customers.

“We are excited to fund the next leg of growth and look forward to working closely with an exceptional management team to help achieve their goals.”