Toronto-based enterprise wealth management company d1g1t collected C$16 million in financing. CI Financial Corp led the round, with participation from NAventures, the venture capital arm of National Bank of Canada, and MissionOG, as well as existing investors Illuminate Financial, Purpose Financial and others.
TORONTO, June 24, 2021 /PRNewswire/ — d1g1t Inc., the first provider of an enterprise wealth management platform powered by institutional-grade analytics and risk management tools, today announced it has closed a new fundraising round worth $16 million (CAD). The round was led by returning d1g1t investor CI Financial Corp. and included two new institutional investors: National Bank of Canada’s corporate venture capital arm NAventures and U.S.-based fintech venture capital firm MissionOG.
d1g1t will leverage the funding to expand the capabilities of its platform, advance product innovation, scale operations and add to its sales and marketing teams – all with an eye toward supporting its continued growth and cementing its presence in the U.S. wealth management market.
Dr. Dan Rosen, d1g1t’s co-Founder and CEO, said, “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 announcement comes as the company continues to experience explosive growth. Despite a global pandemic, d1g1t doubled revenue and grew its headcount by over 50% in 2020. Launched in 2016, d1g1t now has over 60 employees supporting some of the top wealth management firms, multi-family offices, registered investment advisors (RIAs) and broker-dealers in North America serving high-net-worth and ultra-high-net-worth investors.
FUNDRAISING ROUND PARTICIPANTS
An early investor in d1g1t and strategic partner, CI Financial is a global asset and wealth management firm. Since January 2020, CI Financial has been an active acquirer of U.S. RIAs, building a U.S. wealth management business with $73 billion (CAD) in assets (as of May 31, 2021).
NAventures is National Bank of Canada’s corporate venture capital arm that takes equity stakes in start-ups and growing businesses. National Bank of Canada, together with its subsidiaries, forms one of Canada’s leading integrated financial groups.
Philadelphia-based MissionOG is an experienced fintech investor with an impressive history of partnering with high-growth B2B companies.
In addition, most current d1g1t investors also participated in this round, including Purpose Financial, Illuminate Financial and the company’s angel investors.
Darie Urbanky, CI Financial’s President and Chief Operating Officer and a d1g1t board member, said, “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 said, “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.”
MissionOG managing partner Andy Newcomb further noted, “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.”
About d1g1t Inc.
d1g1t is the industry’s first enterprise wealth management platform powered by institutional-grade analytics and risk management tools that allows firms to elevate the quality of their advice and demonstrate its value to clients. Through a single integrated solution that covers the entire advisory lifecycle, d1g1t provides wealth management firms with a whole new set of capabilities they’ve never had before. Headquartered in Toronto, the company was founded and is led by an experienced financial technology team who have developed leading enterprise portfolio systems for many of the world’s banks, institutional asset managers, hedge funds and regulators. Visit d1g1t.com to learn more and also follow on LinkedIn.