CPE News (6.13.2023) – OneVest has raised $17M in Series A funding led by OMERS Ventures with participation from existing investors Luge Capital, Panache Ventures, AAF Management, FJ Labs, and new investors Fin Capital, Pivot Investment Partners and Deloitte Ventures.
Funding will be used to, among other things, accelerate the company’s growth, expand into the US market and for other general corporate purposes. The news comes as margins at financial institutions are being increasingly squeezed, a broad shift in consumer and employee expectations, and increased administrative.
Founded in 2021 by Amar Ahluwalia, Jakob Pizzera and Nathan Di Lucca, OneVest’s platform offers a modular and adaptable infrastructure solution.
OneVest is a registered Portfolio Manager and Investment Fund Manager.
photo credit:
News Release
OneVest Raises $17M and Launches Wealth-as-a-Service Platform for Financial Institutions
Latest fundraise takes total investment to CAD$24M
Capital will be used to drive relationships with financial institutions, expand to the USA, and for other general corporate purposes.
OneVest enables banks, wealth managers, asset managers, and other financial institutions to deploy digital capabilities across the enterprise.
$68 Trillion set to ‘reshape’ the global economy through intergenerational wealth transfer over the next decade, and existing financial institutions are currently ill-equipped.
June 13, 2023 09:00 AM Eastern Daylight Time
CALGARY, Alberta & TORONTO–(BUSINESS WIRE)–Wealth-as-a-Service platform, OneVest, announced CAD$17M in Series A funding as it aims to dramatically improve the wealth management experience for both financial institutions and their customers. The round, which is led by OMERS Ventures with participation from existing investors Luge Capital, Panache Ventures, AAF Management, FJ Labs, and new investors Fin Capital, Pivot Investment Partners and Deloitte Ventures will be used to, among other things, accelerate the company’s growth, expand into the US market and for other general corporate purposes. The news comes as margins at financial institutions are being increasingly squeezed, a broad shift in consumer and employee expectations, and increased administrative burdens that often cannot be automated due to legacy technology constraints.
Founded in 2021 by Amar Ahluwalia, Jakob Pizzera and Nathan Di Lucca, OneVest’s platform offers a modular and adaptable infrastructure solution. With the expansion of the Wealth-as-a-Service platform, financial institutions can seamlessly integrate and configure various components of a wealth management offering for their customers, based on their specific needs and requirements. It also allows enterprises to automate and streamline administrative and middle office functions, which currently rely heavily on manual processes.
“We are excited to support OneVest on their mission to provide full stack WealthTech solutions to the financial services ecosystem,” said Logan Allin, Managing Partner and Founder at Fin Capital. “The team has built best-in-class capabilities that will address key gaps in the North American market and democratize access to wealth management services.”
By providing intuitive investor and advisor interfaces, robust data aggregation, a reliable book of record, and comprehensive and a powerful portfolio management engine, OneVest makes it easy for banks and FIs to create a tailored wealth services offering, which can be launched in weeks, not years.
“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,” said Amar Ahluwalia, Co-founder and CEO of OneVest. “This new capital will help us ensure financial institutions around the world are well-equipped for the future.”
OneVest’s modular approach allows for flexibility and efficiency, ensuring businesses can construct a customized wealth management solution that aligns perfectly with their customers’ expectations and the ever-changing market landscape. In addition, the platform enables the financial institution to operate more efficiently, simplify processes, and do away with siloed systems.
According to Laura Lenz, Partner, OMERS Ventures, who also participated in OneVest’s Seed round last year: “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.”
OneVest will be expanding its team across multiple departments, including enterprise sales, business operations, product, and engineering.
About Onevest
OneVest is a financial technology company on a mission to power the world’s wealth. Founded in 2021, the company has quickly become a leader in wealth management technology. OneVest offers a comprehensive all-in-one wealth management platform that enables enterprises to expand their product capabilities, enhance distribution, and streamline front, middle, and back office operations while extending innovative investor and advisor experiences. For more information, please visit www.onevest.com
Contacts
Amar Ahluwalia
press@onevest.com