Major Bank Invests Millions in Fintech Startup

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.