OneVest, a comprehensive wealth management technology platform, announced this week the closure of a $20 million USD Series B equity funding round. The round was led by Salesforce Ventures, with participation from new investors, Allianz Life Ventures and TIAA Ventures. Returning investors include OMERS Ventures, Deloitte Ventures, Fin Capital, Luge Capital, and Pivot Investment Partners.
“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 U.S. and Canada,” says Amar Ahluwalia, CEO of OneVest. “With this new funding, we are poised to achieve our goal of becoming the leading wealth management platform in North America.”
OneVest’s cutting-edge platform is designed with flexibility, allowing firms to roll out their full end-to-end solution, while large enterprises—including banks, Registered Investment Advisors (RIAs), asset management firms, and insurance companies—are able to pick and choose specific modules to modernize their wealth programs. Customers can save implementation time and cut down significantly on the cost of using various legacy vendors and manual processes. Additionally, the platform is highly configurable, enabling customers to offer tailored hybrid experiences for investors, and empower advisors to gain greater control and insights over their books of business.
The $20 million in funding will be used for growth initiatives and to develop artificial intelligence (AI) tools and product features to support onboarding clients and rebalancing portfolios with alternative investments, Ahluwalia said in an interview. The firm’s first AI tools, including a feature that makes recommendations to financial advisors on next best actions, will be released later this quarter. “The key value [proposition] there is giving the advisor the ability to spend more time with the customer,” he noted.
Strategic partnerships play a crucial role in OneVest’s expansion. The company is strengthening alliances with industry giants such as BlackRock, Vanguard, and Salesforce Financial Services Cloud to extend its capabilities within the financial services sector. Many of OneVest’s customers already use Salesforce, and the firm is working on deeper platform integration to unify the client-advisor experience.
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