OneVest Raises CAD$17M To Boost The Wealth Management Experience

OneVest, a wealth-as-a-service platform, has confirmed raising CAD$17 million in a Series A funding round. The platform is focused on growing the wealth management experience for financial institutions and their clients.

OneVest raises CAD$17M in a Series A funding round

The CAD$17M Series A funding round was led by OMERS Ventures. The other participating investors include Deloitte Ventures, Fin Capital, and Pivot Investment Partners. The funds will go towards boosting the company’s growth and supporting its expansion into the US market. The round will also go towards supporting other general corporate goals.

OneVest is a platform that was founded in 2021. The platform provides an adaptable and modular infrastructure solution. The growth of the wealth management division will allow financial institutions to integrate seamlessly and configure several attributes of wealth management offerings to their customers, depending on needs and requirements.

The platform enables enterprises to automate while streamlining the administrative and middle office functions that are now heavily reliant on manual processes. The raised funds will also go towards meeting these objectives.

The Managing Partner and Founder at Fin Capital, Logan Allin, said, “We are excited to support OneVest on their mission to provide full-stack WealthTech solutions to the financial services ecosystem. The team has built best-in-class capabilities that will address key gaps in the North American market and democratize access to wealth management services.”

OneVest will offer intuitive investor and advisor interfaces. It will also support robust data aggregation, a reliable book of record, and a powerful portfolio management engine. The platform will also make it easy for banks and other financial institutions to create a customized wealth service offering that will be released in the coming weeks.

Meeting customer needs

The co-founder and CEO of OneVest, Amar Ahluwalia, commented on the development saying that the company had created OneVest as a durable and highly scalable platform that will transform wealth management. Ahluwalia noted that the new finding would help the company ensure that financial institutions globally are well-equipped to meet future needs.

OneVest relies on a modular approach to boost efficiency and flexibility. The platform ensures that businesses are supported in creating a tailored wealth management solution that matches the expectations of their customers and the rapidly evolving market landscape.

The platform also allows financial institutions to have smooth operations with simplified processes. Laura Lenz, who is a partner at OMERS Ventures, also participated in a seed funding round for OneVest last year.

Lenz added that the company was optimistic that the market was ready for a new player in the infrastructure industry, which was OneVest. He added that the data showed that the company was achieving growth given the number of new customers that it had signed, demonstrating that there was a need in the market that was being met.

OneVest will also be growing its team across different departments, such as enterprise sales, product business operations, and engineering. The funding round will help the company achieve growth in these areas.