OneVest Raises $17M and Launches Wealth-as-a-Service Platform for Financial Institutions
Congratulations to Fund II portfolio company, OneVest announcing 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.
According to Ahluwalia, OneVest has dozens of enterprise clients, including a number of financial institutions. He said over the coming weeks, the startup will announce new enterprise partnerships with Schedule 1 Canadian banks and large wealth-management firms.
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.”
Read more: Financial Post, Bloomberg Interview, OneVest Press Release
AAF Management Ltd. (AAF) is a leading early stage venture capital firm focused on direct investments into pre-Seed, Seed and Series A stage technology companies in North America. We are sector agnostic but have a core focus on Fintech, Enterprise SaaS, Digital Healthcare, E-Commerce and Deep Tech. To-date, AAF and its partners have invested in over 120 venture-backed companies. The firm has over $180M in AUM.
In 6 years, our portfolio companies have raised over $4.35B of which $3B was raised after we initially invested, Today, we share the cap table with over 70 venture capital firms with more than $1B in AUM.
