OneVest, a Wealth-as-a-Service platform, has secured C$17m ($12.8m) in Series A funding to revolutionise the wealth management experience for financial institutions and their customers.
The funding round, 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 support the company’s growth, expansion into the US market, and other corporate purposes.
The move comes amidst tighter margins in financial institutions, shifting consumer and employee expectations, and increased administrative burdens that are often hindered by legacy technology constraints.
Founded in 2021 by Amar Ahluwalia, Jakob Pizzera, and Nathan Di Lucca, OneVest offers a modular and adaptable infrastructure solution through its platform. This enables financial institutions to seamlessly integrate and configure various components of a wealth management offering based on specific needs and requirements.
The platform automates and streamlines administrative and middle office functions that heavily rely on manual processes.
OMERS Ventures partner Laura Lenz said: “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’s intuitive investor and advisor interfaces, comprehensive data aggregation, reliable book of record, and powerful portfolio management engine empower banks and financial institutions to create tailored wealth services quickly, launching within weeks instead of years.
The modular approach of OneVest ensures flexibility and efficiency, allowing businesses to construct customized wealth management solutions that align perfectly with customers’ expectations and the ever-evolving market landscape. Moreover, the platform enables financial institutions to operate more efficiently, simplifying processes and eliminating siloed systems.
The funding will support the expansion of OneVest’s team across multiple departments, including enterprise sales, business operations, product, and engineering. This strategic growth will further strengthen the company’s capabilities and drive its mission to reshape the wealth management industry.
OneVest CEO Amar Ahluwalia said: “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.
“This new capital will help us ensure financial institutions around the world are well-equipped for the future.”
