OneVest Raises CAD $5 Million and Launches Canada’s First Embedded Wealth Management Platform

• OneVest’s latest CAD $5M seed round was led by Luge Capital
• Total funding raised to date is CAD $7.1M
• OneVest’s digital wealth management platform can be embedded in consumer-facing products via simple APIs
• Proceeds from this round will be used to expand the team, grow sales and drive product development
• Neo Financial, a Canadian fintech, is the first to launch a new investment service using the OneVest platform

CALGARY, Alberta & TORONTO–(BUSINESS WIRE)–OneVest, an embedded wealth management platform serving fintechs, digital banks and financial institutions, announced today that it has secured $5M in venture financing to expand the team, grow sales and drive product development.

The round was led by Luge Capital, a leading fintech-focused venture firm, with participation from OMERS Ventures, AAF Management, FJ Labs, National Bank of Canada’s corporate venture capital arm NAventures, Panache Ventures, and strategic angels. As part of the round, Karim Gillani, former PayPal executive and current General Partner of Luge Capital, will join the OneVest board. Atul Tiwari, former CEO of Vanguard Canada, will become a strategic advisor to the company.

Founded in February 2021, OneVest provides digital wealth management services that can be embedded in consumer-facing products via a set of simple APIs. This enables consumer fintechs, credit unions, traditional banks and wealth management firms to offer a digitally-native user experience for personalized wealth management to their end customers that can be launched in a few weeks.

Until now, fully managed investment services have only been accessible to the very wealthy population through legacy financial institutions. OneVest’s technology integrates seamlessly with a variety of fintechs and financial institutions, enabling them to bundle personalized wealth and investing capabilities with other financial products. This introduction of Canada’s first Wealth-as-a-Service (WaaS) platform includes:

• A full turn-key solution that offers robust APIs, white-labelled mobile apps and front-end widgets
• The ability to embed wealth management journeys into existing customer experiences
• Fractional shares allocations with no investment minimums
• The ability to offer innovative wealth experiences to customers, including goals-based investing, thematic & responsible investing, personalized portfolios, and alternative investments.
• Rapid deployment (in weeks instead of years)

“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,” said Karim Gillani, General Partner of Luge Capital. “They have assembled a stellar team, which has enabled them to go after a huge untapped market.”

OneVest was founded by Amar Ahluwalia, Jakob Pizzera and Nathan Di Lucca, all of whom have extensive experience building, operating, and scaling innovative companies in North America. Together they bring over 30 years of experience in financial services and technology across fintech, asset management, capital markets, and M&A.

“People are increasingly demanding a more seamless and simple experience where financial products are integrated into their everyday lives,” said Amar Ahluwalia, Co-founder and CEO of OneVest. “Our mission is to make investing more accessible to everyone, and available anytime, anywhere and through any channel.”

This funding news comes on the heels of Canadian fintech Neo Financial announcing the launch of its actively managed wealth platform, Neo Invest, built on the OneVest platform.

Neo Financial Co-founder and CEO Andrew Chau said, “Our mission at Neo is to reimagine every financial touchpoint Canadians have – including their spending, saving, rewards, and now investing. Partnering with OneVest provided us the ability to embed wealth and investments within our platform, and further grow the relationship with our customer.”

About OneVest

OneVest is a financial technology company on a mission to reinvent wealth management. The company offers an embedded Wealth-as-a-Service (WaaS) platform that allows any enterprise to offer personalized investment portfolios via a simple API. OneVest manages all the complexities of providing cutting-edge wealth management for enterprises. OneVest is backed by notable investors including Luge Capital, OMERS Ventures, AAF Management, FJ Labs, NAventures, Panache Ventures and Harvest Venture Partners. For more information, please visit www.onevest.com.

OneVest Management Inc. is a registered Portfolio Manager in each province and territory of Canada and an Investment Fund Manager in the provinces of Alberta, Newfoundland and Labrador, Ontario, and Quebec. Assets in OneVest accounts are held with CI Investment Services (CIIS), a registered investment dealer in each province and territory of Canada, a member of the Investment Industry Regulatory Organization of Canada (IIROC). OneVest Management Inc. is a wholly owned subsidiary of One Wealth Technologies. Copyright @ 2021, One Wealth Technologies Inc. All rights reserved.

Contacts

Amar Ahluwalia
[email protected]