Toronto-based automated wealth advisor Nest Wealth Asset Management has raised $6m from the National Bank of Canada.
The investment comes as part of a deal between the startup and the bank that will see Nest Wealth’s technology used to enhance the National Bank’s internal digital platforms.
Nest wealth offers direct-to-investor solutions that enable users to access wealth management based on their long-term goals.
It aims to provide clients with the services without high fees, large minimum investments or a lack of transparency.
The National Bank’s co-president and co-CEO Martin Gagnon commented: “Our objective at National Bank is clear: to augment and complement our present platforms, thereby equipping our advisors with an additional working tool that will take our investment offer to the next level.
“With this agreement, National Bank is increasing its digital services to end-clients, while continuing to emphasize the importance and value of financial advising relationships. We are very proud of that.”
Nest Wealth previously took on $1.5m in funding from Canadian media firm Metroland.
Company founder and CEO Randy Cass said: “We are thrilled to be entering into these agreements with National Bank, a truly innovative and historical Canadian bank.
“National Bank shares our singular focus on making the end-investor better off and we are excited to work with this great institution to expand the reach of Nest Wealth Pro and our other industry-leading wealth management solutions.”
Copyright © 2017 FINTECH GLOBAL