Luge Capital Leads $5M Investment in OneVest to Embed Wealth Management within Fintech Platforms
We are thrilled to announce a new investment in Calgary-based OneVest, a digital wealth management platform that can be embedded into consumer-facing products via simple APIs. Luge Capital led this $5M seed financing round, with participation from OMERS Ventures, AAF Management, FJ Labs, National Bank of Canada’s corporate venture capital arm NAventures, Panache Ventures, and strategic angels. With their wealth-as-a-service (WaaS) platform, OneVest has removed the complexity that comes with launching digitally-native investing experiences.
The total Canadian wealth management industry is estimated to be $4.5 trillion in assets under management (AUM), and the retail portion is estimated to be $1.5 trillion. In the last two years, COVID accelerated digital wealth management as more people discovered retail investing for the first time. We believe that digital wealth management will become a larger portion of overall retail investing as more consumers discover delightful user experiences for accessing capital markets.
For many people, investing is still intimidating and feels scary with confusing jargon. Furthermore, getting access to fully managed wealth services, with access to alternatives, has typically been reserved for the very rich. That’s because wealth advisors don’t want to spend time developing investment strategies for small account sizes.
OneVest is simplifying investing and making it more accessible. By allowing fintech companies, wealth management firms, credit unions and digital banks to offer OneVest services, people can invest through the user experiences they already know and find familiar. No need to switch to something new or sign up for another service. OneVest is embedded. And all you need is $1 to get started.
OneVest is now live with Neo Financial, one of the largest fintechs in Canada. Partnering with OneVest provided Neo the ability to offer a simple, yet robust wealth management product and further grow the relationship with their customers. Not only will this become a new revenue stream for Neo, but they didn’t need to hire a big team to build it in-house.
The OneVest wealth-as-a-service platform is the first of its kind in Canada, and includes the following capabilities:
- 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
- The ability to offer innovative wealth experiences to customers, including goals-based investing, thematic & responsible investing, personalized portfolios, and alternative investments.
- Fractional shares allocations with no investment minimums
- Rapid deployment (in weeks instead of years)
“Our mission is to make investing more accessible to everyone, and available anytime, anywhere and through any channel”
-Amar Ahluwalia, CEO of OneVest
The OneVest team is exceptional. The company 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. In a span of twelve months, they assembled a high-quality squad, built the entire technology stack (robust and scalable), became licensed under several regulatory regimes, signed their first handful of customers and delivered great early traction.
OneVest is on a mission to simplify investing and make it more accessible to everyone, and we’re excited to have their back.
-Karim Gillani, General Partner, Luge Capital
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OneVest is currently hiring for the following roles:
- Backend Developers
- Software Developers
- DevOps Engineers
- Implementation Managers
- Finance Managers
Please apply here: OneVest Careers
About Luge Capital
Luge Capital is a FinTech-focused venture capital fund, investing in early-stage teams shaping the way the world experiences financial services. We invest in fintech and AI solutions applied to financial services and love when entrepreneurs challenge the status quo. We work with dedicated founders who are driven to solve real problems that affect people on a global scale. We are an experienced team of operators with a deep industry network to help leaders build successful companies.
