Canada-based OneVest scores CAD 5m for its WealthTech platform

Canada-based OneVest, an embedded wealth management platform, has collected CAD 5m ($3.8m) in a venture funding round.

Luge Capital served as the lead investor, with commitments also coming from OMERS Ventures, AAF Management, FJ Labs, National Bank of Canada’s venture capital division NAventures, Panache Ventures and more. The round was also supported by a series of unnamed angel investors.

The capital injection will help the company hire more staff, grow sales and bolster its product development.

Founded in 2021, the WealthTech company offers digital wealth management services that can be embedded in consumer-facing products via APIs. Through this, FinTechs, credit unions, traditional banks and wealth managers can offer digitally native user experiences within weeks.

It claims to be Canada’s first wealth-as-a-service platform. Its features include APIs, white-labelled mobile apps and front-end widgets, fractional share allocation, tools for goal-based investing, thematic and responsible investing, personalised portfolios and alternative investments, and more.

OneVest co-founder and CEO Amar Ahluwalia said, “People are increasingly demanding a more seamless and simple experience where financial products are integrated into their everyday lives.

“Our mission is to make investing more accessible to everyone, and available anytime, anywhere and through any channel.”

As part of the deal, Luge Capital general partner Karim Gillani will join the OneVest board. Former Vanguard Canada CEO Atul Tiwari will join the company as a strategic advisor.

Fellow Canadian FinTech company Emma recently pulled in $6m for its Series A, which was led by Life Capital, Investissement Québec, and Tactico. The company helps people quickly buy life insurance with prices starting at $8 a month.

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