Major Bank Invests Millions in Fintech Startup

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National Bank has invested $6 million in Toronto-based robo-advisor Nest Wealth.

The bank also signed a commercial agreement that will see National Bank employ Nest Wealth’s investment technology to enhance the bank’s internal digital platforms.

“Our objective at National Bank is clear: to augment and complement our present platforms, thereby equipping our advisors with an additional working tool that will take our investment offer to the next level,” said Martin Gagnon, Co-Chief Executive Officer, National Bank Financial. “With this agreement, National Bank is increasing its digital services to end-clients, while continuing to emphasize the importance and value of financial advising relationships.”

Nest Wealth was founded in 2013.

“At Nest Wealth we know that digital wealth platforms can be a game-changer for millions of Canadians who are working hard to save and accumulate wealth,” said¬†Randy Cass, CEO of Nest Wealth. “National Bank shares our singular focus on making the end-investor better off and we are excited to work with this great institution to expand the reach of Nest Wealth Pro and our other industry-leading wealth management solutions.”

The transaction is subject to regulatory approval.

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