After all the talk of AI and cleantech in Canada over the past few months, fintech companies must have felt a bit left out.
The new influx of capital will go towards expanding and building out Planswell’s engine, expanding marketing efforts across the country, and reaching more Canadians to help them find their own financial security. Since launching at the beginning of this year, Planswell has already created over 50,000 plans for Canadians.
“Most of our clients come to us from banks, financial advisors, and robo-advisors,” said Eric Arnold, CEO and co-founder of Planswell. “They’re usually on track to spend hundreds of thousands of dollars in excess fees and interest charges, and they almost never have a proper plan. We give them an excellent plan for free and access to mortgages, investments and insurance that can save them a ton of money. It’s rewarding to see the positive impact we’ve had on so many people.”
The Toronto company is free to use and creates intelligent financial plans for customers in every province except Quebec. This new funding will likely help Planswell navigate regulatory hurdles and reach every Canadian.
Users build a plan on their site, then schedule a free walk-through with a PlanPro (Planswell worker) who can make sure the tailored strategy works for them with additional advice. It starts with a survey of a few dozen questions that can be answered in just a few minutes, then a review process is shown to see what the user has to do each month to make sure the plan remains intact. After that, it’s all about execution.
Some of the questions asked include ideal retirement age, current account holdings, and line of credit information.
“It’s been amazing to make financial planning accessible to everyone,” said Arnold. “We’ve been able to help everyone from single people starting out in their careers to families that are expanding, and couples who are approaching retirement.”
Right now, the startup has over 50 employees and will expand to accommodate rapid growth.