OneVest, a wealth management technology platform, announced the closure of a $20 million Series B equity funding round.
The investment round was reportedly led by Salesforce Ventures, with participation from new investors, Allianz Life Ventures and TIAA Ventures.
Returning investors include the following: OMERS Ventures, Deloitte Ventures, Fin Capital, Luge Capital, and Pivot Investment Partners.
Amar Ahluwalia, CEO of OneVest said:
“With this new funding, we are poised to achieve our goal of becoming the leading wealth management platform in North America.”
The wealth management market is undergoing change.
An estimated $84 trillion will be transferred “from Baby Boomers to their Gen X and Millennial heirs over the coming decades, and OneVest’s platform is positioned to help enterprises adapt to these shifts.”
OneVest’s platform is designed modularly, “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.”
The platform is configurable, enabling customers “to offer tailored hybrid experiences for investors, and empower advisors to gain greater control and insights over their books of business.”
OneVest is building out advanced AI capabilities “to enhance decision-making and client engagement.”
The company will expand its offerings in alternative investments, providing enterprises with tools to “diversify client portfolios in an increasingly dynamic financial landscape.”
OneVest is committed to defining industry changes, while “providing a unified, seamless experience for customers.”
OneVest is deepening its partnerships with industry players, “like BlackRock, Vanguard, and Salesforce Financial Services Cloud to further solidify its leadership in the market and expand its reach across the financial services sector.”
With many of its clients using Salesforce, OneVest is expanding “value to mutual customers by further unifying the client/advisor experience.”
OneVest claims that is setting a standard for the wealth management technology experience, “providing enterprises with the ability to deliver unparalleled customization and personalization through a best-in-class platform.”
The funding round will allow OneVest to focus on “company growth and product development.”
As noted in the update, OneVest is a financial technology firm on a mission to Power the World’s Wealth.
It offers a wealth management platform, from client onboarding, to portfolio management, to analytics and beyond.
OneVest’s software was reportedly built to be modular, “allowing financial institutions to fill gaps in their process depending on their needs.”