CapIntel, a financial technology company serving financial advisers, has raised $11.0m in a Series A financing round led by New York-based FinTech Collective.

The funding, which saw investments from Fengate Asset Management and LiUNA Pension Fund of Central and Eastern Canada (LPFCEC), will enable the Toronto-based firm to accelerate its growth strategy.

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Launched in 2019, CapIntel’s platform helps financial advisers streamline their workflow and enhance fund analysis.

This platform is said to be used by over 10,000 advisers catering to more than two million households.

The firm plans to recruit at least 150 new employees to its sales and product teams over the next two years.

CapIntel CEO and founder James Rockwood said: “This round of funding will further fuel a steady and sustainable growth for CapIntel and help us fulfil our ultimate mission to build wealth for all.”

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FinTech Collective managing partner Brooks Gibbins noted: “As advised assets under management have more than doubled in the past decade – crossing the $100trn mark in 2020 – the advisor community is regaining its momentum.

“In an increasingly complex market backdrop of persistent volatility and expansive investment optionality, we are entering a golden era of enhancing digital tools that advisors can leverage across their client experiences.”

CapIntel struck a partnership with US-based The Pacific Financial Group (TPFG) following its recent expansion into the country.

As part of the tie-up, the firm will work with the US asset manager to develop enhanced investment proposals for advisers.

Commenting on the partnership, Rockwood said: “Our partnership with TPFG is another market proof point that not only demonstrates the value of our product, but points to a larger trend of financial firms seeking tools to help advisors thrive in a digital world.”