Salesforce Ventures led the investment, joined by new backers Allianz Life Ventures and TIAA Ventures. Credit: Daenin/Shutterstock.

Wealth management technology provider OneVest has garnered $20m in a Series B equity financing round, spearheaded by Salesforce Ventures.

The round includes contributions from new participants Allianz Life Ventures and TIAA Ventures, as well as continued support from existing investors such as OMERS Ventures, Deloitte Ventures, Fin Capital, Luge Capital, and Pivot Investment Partners.

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OneVest’s platform offers a modular and flexible design, enabling firms to implement a comprehensive end-to-end solution or select individual modules to update their wealth programmes.

This approach allows for significant savings in implementation time and costs compared to traditional legacy systems and manual operations.

The tech vendor claims that its platform’s high configurability supports tailored hybrid experiences for investors and provides advisors with enhanced control and insights into their client portfolios.

The company is enhancing its platform with advanced artificial intelligence (AI) capabilities to improve decision-making and client engagement.

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OneVest CEO Amar Ahluwalia said: “We are tackling massive challenges in an industry that’s been traditionally slow to adopt new technologies. Having such esteemed investors solidifies our position to reimagine wealth management technology for enterprises across the US and Canada.

“With this new funding, we are poised to achieve our goal of becoming the leading wealth management platform in North America.”

OneVest plans to broaden its services in alternative investments, equipping enterprises with the necessary tools to diversify client portfolios amid a volatile financial environment.

By strengthening alliances with industry giants such as BlackRock, Vanguard, and Salesforce Financial Services Cloud, OneVest aims to extend its capabilities within the financial services sector.

The integration with Salesforce is particularly significant, as it enhances the value for mutual clients by unifying the client and advisor experience, stated the company.

In November 2024, Westwood Wealth Management tapped OneVest to offer a streamlined digital experience to its private wealth advisors.