Mako Fintech, a financial technology platform that automates wealth management processes, has raised $2m in a seed funding round led by Desjardins Capital.
The round was joined by a number of angel investors, including many existing and former CEOs and other senior executives at various financial institutions.
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Mako said it will employ the fresh capital to expand its team.
The proceeds will also support a number of critical customer demands, product development and growth initiatives of the firm.
Launched in 2018, Mako automates and digitises all types of wealth management workflows and paperwork while maintaining full compliance.
The firm enables mid-market and enterprise wealth management firms to automate their operation with custom configuration tailored to their processes.
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By GlobalDataThe firm is headquartered in Montreal, Canada.
Desjardins Capital COO Marie-Hélène Nolet said: “By investing in Mako Fintech, Desjardins Capital is pursuing its mission of supporting SMEs in their growth ambitions.
Mako Fintech president Raphael Bouskila added: “There are significant advantages from bringing on investment from a financial institution like Desjardins Capital.
“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.”
Other developments in the fintech arena
Last month, global investment firm Fidelity International become the first asset manager to commit to the Fintech Pledge, an initiative supported by HM Treasury and Tech Nation.
The pledge aims to provide clear guidelines for collaboration between financial institutions and tech startups to accelerate growth in the fintech sector.
The same month, Julius Baer partnered with Wecan Comply, a blockchain-based compliance platform for private banks and external asset managers.
In April, Chinese fintech firm Pintec Technology agreed to buy Shenzhen Jishengtai Technology for an unknown sum.
