Montreal-based financial technology startup Mako Fintech has collected C$2 million in a seed-stage financing. The round was led by Desjardins Capital, with participation from a group of angel investors. Mako Fintech’s platform helps automate wealth management workflows and paperwork while at the same time maintaining compliance.
MONTREAL–(BUSINESS WIRE)–Mako Fintech, a financial technology platform that automates wealth management processes, announced today it has raised a $2-million seed round to fund key additions to the Mako team and support a number of critical customer demands, product development and growth initiatives. The financing was led by Desjardins Capital, with participation from a group of top-tier angel investors, including many current and former CEOs and other senior executives at a variety of financial institutions.
Mako Fintech is able to automate and digitize all types of wealth management workflows and paperwork while maintaining full compliance. The company offers this at a fraction of the cost of enterprise players who are developing similar solutions for financial institutions, through the use of advanced low-code workflow automation systems. Raphael Bouskila, Founder of Mako Fintech, felt the need for these types of services with his first company, CoPower, an impact investment platform that was acquired by VanCity bank in 2019. As a result of this unique experience in the industry, Mako Fintech understands that each firm deserves to have its own tailored automation solution, in order to provide its clients with the best experience and service possible.
The impact of the COVID-19 pandemic has permanently changed the way that wealth managers interact with advisors and investors, creating an urgent need for cloud-based, remote-friendly solutions. For mid-market and enterprise wealth management firms who are seeking automated and efficient operations, Mako Fintech answers this need with a custom configuration tailored to their exact processes.
“By investing in Mako Fintech, Desjardins Capital is pursuing its mission of supporting SMEs in their growth ambitions,” said Marie-Hélène Nolet, Chief Operating Officer at Desjardins Capital. “The solution offered by Mako Fintech responds to a growing need of wealth managers to take a digital turn, and the last 18 months have confirmed it.”
“There are significant advantages from bringing on an investment from a financial institution like Desjardins Capital,” says Mako Fintech’s President, Raphael Bouskila. “It’s not only bringing us the resources we need to serve our growing client base, but it’s also a heavyweight vote of confidence with other players in our ecosystem.”
Dominique Ferst, the Managing Partner at Ferst Capital Partners and one of Mako’s Advisors, adds, “I’ve worked with both Raphael and with Desjardins Capital before. I’m convinced that the partnership between Mako Fintech and Desjardins Capital offers great potential.”
About Mako Fintech
Mako Financial Technologies launched a category-redefining platform in 2018 that allows wealth managers to bring client onboarding, renewal, and investment online seamlessly. Every player in the financial industry is experiencing digital transformation in their own way, and Mako uses this principle as its North Star. Mako’s mission is to democratize the digitalization of wealth management by providing each firm with an automation solution adapted to its unique workflow processes and delivering it at a disruptively lower cost. Mako Fintech is headquartered in Montreal, Canada, and led by a team of finance and technology experts.