Wealth management technology platform OneVest has secured $20m in a Series B equity funding round led by Salesforce Ventures.
The financing round also saw participation from new investors Allianz Life Ventures and TIAA Ventures. Existing investors OMERS Ventures, Luge Capital, Deloitte Ventures, Fin Capital, and Pivot Investment Partners also joined the round.
Salesforce Ventures senior associate Zak Kokosa said: “OneVest is at the forefront of transforming wealth management technology by providing institutions with the tools needed to deliver personalised and scalable solutions.
“We’re excited to support OneVest as they continue to set the standard for innovation in an industry pofised for tremendous growth.”
OneVest’s platform is designed to help financial institutions modernise their wealth management services through modular technology that allows firms to customise solutions for their clients.
The wealth management technology platform plans to use the funding to develop artificial intelligence (AI) capabilities aimed at improving decision-making and client engagement.
It will also expand its offerings in alternative investments, providing enterprises with tools to diversify client portfolios.
The company is strengthening strategic partnerships with firms such as BlackRock, Vanguard, and Salesforce Financial Services Cloud to enhance its market presence.
Many of OneVest’s clients already use Salesforce, and the company aims to further integrate its services to streamline the client-adviser experience.
In addition, the latest funding will support OneVest’s growth and product development as it seeks to redefine wealth management technology.
Founded as a financial technology company, OneVest provides an end-to-end wealth management platform covering client onboarding, portfolio management, and analytics.
Its software is designed to help financial institutions modernise their services by integrating modular solutions based on their specific needs.
OneVest CEO Amar Ahluwalia said: “We are tackling massive challenges in an industry that’s been traditionally slow to adopt new technologies. Having such esteemed investors solidifies our position to reimagine wealth management technology for enterprises across the US and Canada.
“With this new funding, we are poised to achieve our goal of becoming the leading wealth management platform in North America.”
