Wealthtech: d1g1t, which Leverages Analytics and Risk Management Tools for Wealth Management, Secures CAD 16M

d1g1t Inc., the provider of an enterprise-grade wealth management solution powered by analytics and risk management tools, has finalized a new round of funding worth CAD 16 million (appr. $13 million).

d1g1t’s investment round was led by existing investor CI Financial Corp. and included contributions from institutional investors National Bank of Canada’s corporate VC division NAventures and US-headquartered Fintech VC company MissionOG.

d1g1t’s management noted that they’ll use the proceeds from the round to expand the capabilities and functionality of their platform. The funds will also be channeled towards enhancing product innovation, scaling business operations and adding more sales and marketing staff members – all with the goal to support the firm’s continued growth while solidifying its market presence in the US wealth management sector.

Dr. Dan Rosen, CEO and co-founder at d1g1t, stated:

“The company is both humbled and delighted that it continues to attract investment from some of the most prominent names in wealth management throughout North America. The confidence they have placed in us validates our unique value proposition and highlights that d1g1t’s platform is fast becoming the preferred choice for firms eager to empower advisors with the most sophisticated technology offering in the industry.”

The funding round has been announced as the firm continues to report considerable growth. Despite the challenges resulting from COVID-19, d1g1t reveals that it has doubled its revenue and grew its employee headcount by more than 50% last year.

Established in 2016, d1g1t now has more than 60 workers supporting some of the best wealth management companies, multi-family offices, registered investment advisors (RIAs) and broker-dealers based in North America. These companies are serving high-net-worth and ultra-high-net-worth investors (those with a net worth of at least $30 million).

One of the early investors in d1g1t and also serving as a strategic partner, CI Financial is a multinational asset and wealth management company. Since January of last year, CI Financial has been focused on acquiring US RIAs, while further establishing its US wealth management business with CAD 73 billion in assets (as of May 31, 2021).

NAventures is National Bank of Canada’s corporate VC division that acquires equity stakes in early-stage ventures or startups. National Bank of Canada, along with its subsidiaries, established one of Canada’s biggest integrated financial groups.

Philadelphia’s MissionOG is a seasoned Fintech investor with an established track record of working with high-growth B2B firms.

Most existing d1g1t investors also took part in the round. They reportedly include Purpose Financial, Illuminate Financial and the firm‘s angel investors.

Darie Urbanky, CI Financial’s President and Chief Operating Officer and a d1g1t board member, noted:

“We see the sophistication and scalability of d1g1t’s platform as a strong enabler of our growth strategy in Canada and the RIA market in the U.S. This latest investment in Dan and his team represents our enduring belief that the strategic alliance between our companies provides us a competitive advantage as we continue to execute our ambitious plans for growth.”

Philippe Daoust, Managing Director of National Bank of Canada’s NAventures, added:

“d1g1t’s technology is nothing short of transformational, and we have seen a strong demand in the industry for this type of solution. We are excited to invest in the company and are proud to contribute to its tremendous growth, both in Canada and beyond.”

Andy Newcomb, Managing Partner at MissionOG, said:

“We have successfully backed a number of wealth tech companies and are particularly impressed with d1g1t’s team and market approach. The company’s rapid growth and early adoption by some of the top U.S. wealth management firms is a true testament to its unique value proposition to provide advisors with the digital tools and analytics to create more meaningful advice and client experiences. We are excited to support the company’s growth as they further expand into the U.S.”



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