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OneVest raises CAD $5m and launches Embedded Wealth Management PlatformOneVest raises CAD $5m and launches Embedded Wealth Management Platform

By Edlyn Cardoza

April 26, 2022

  • APIs
  • Canada
  • Credit Unions

OneVest, Digital Banks, FinTechs, Financial Institutions, Venture Firm, Luge Capital, Digital Wealth Management Services, APIs, Credit Unions, WaaS, Neo Financial, Neo Invest, CanadaOneVest, an embedded wealth management platform serving FinTechs, digital banks and financial institutions, recently announced that it has secured $5 million 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. Karim Gillani, former PayPal executive and current General Partner of Luge Capital, will join the OneVest board as part of the round. Atul Tiwari, the 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 personalised 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 various FinTechs and financial institutions, enabling them to bundle personalised 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, personalised 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. 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.”

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