Wealthtech d1g1t likes digits with $7m funding boost
Toronto-based wealth management firm d1g1t has closed its second round of funding to give it CAD $9 million ($6.8 million) in Series A financing.
The two private investment rounds, led by Purpose Financial, were headed by Som Seif and backed by the Ontario Municipal Pension Retirement System (OMERS). Other investors included Extreme Venture Partners and Portag3, as well as an unnamed group of angel investors and d1g1t clients.
The money will be used to develop its cloud-based enterprise digital wealth management platform. This is powered by analytics and risk management tools, and offers portfolio management services to advisors and their individual investors.
Dr Dan Rosen, co-founder and CEO of d1g1t, says: “Technology, analytics, big data and artificial intelligence (AI) will have tremendous impact on the wealth management industry, but will not eliminate the need for human advisors. Instead, they will dramatically improve the services that these advisors provide to their clients.”
The platform is now going live with four unnamed clients, responsible for managing approximately CAD $13 billion ($9.8 billion) of assets under management (AUM) for over 5,000 households.
d1g1t is co-founded by Rosen, Philippe Rouanet and Benoit Fleury, who previously co-founded R2 Financial Technologies, (acquired by S&P Capital IQ) and before that were senior executives of Algorithmics (acquired by IBM).
Purpose Financial is both a lead investor in d1g1t and a client. Its purpose advisory solutions platform has been working with the d1g1t team for the last 12 months, as one of the four early development clients.