Conquest Planning has secured an $80-million USD ($110-million CAD) Series B funding round to speed growth of its financial planning platform.
Growth Equity at Goldman Sachs Alternatives led the Winnipeg.-based FinTech company’s latest raise. New investors include the early-stage and FinTech-oriented venture capital firm Canapi Ventures as well as BDC Capital, Citi Ventures (the investment arm of the global bank), TIAA Ventures, and the United Services Automobile Association (USAA). Current investors BNY and Portage also participated in this round.
“In periods of macro volatility, the need for a modern, comprehensive and flexible financial planning platform becomes even more pronounced.”
Jade Mandel
Goldman Sachs
Goldman Sachs Alternatives managing director Jade Mandel is joining Conquest’s board as part of the round, which closed on June 17. Conquest told BetaKit in an email it wasn’t sharing further details of the round, such as the amount of secondary funding, but did note there weren’t specific hiring goals attached.
Conquest expects the additional funding to “accelerate” its United States (US) expansion while aiding development of its signature Strategic Advice Manager (SAM) system, according to a release.
Its platform uses AI to help financial advisors and customers make informed decisions that adapt to needs at different life stages. A company statement said the funding will help develop a new service, SAM Bytes, for investors who aren’t looking for a dedicated advisor, but may want help planning key financial moments like completing home purchases and managing debt.
“We’re grateful to our partners for embracing our commitment to making high-quality advice more accessible to a broader range of families,” Conquest CEO Mark Evans said in a statement.
Mandel added in a statement that Goldman Sachs Alternatives was “thrilled” to participate, particularly at a time of financial instability that includes the tariff-driven trade war with the US.
“In periods of macro volatility, the need for a modern, comprehensive and flexible financial planning platform becomes even more pronounced,” Mandel said.
The company was founded in 2018. It raised a $3-million seed round in 2020, an additional $7.5-million investment in 2021, and a $24-million Series A in 2023. The most recent of these helped Conquest extend its solution to the US and United Kingdom (UK) markets. The company told BetaKit in an email that this has led to “several” American enterprise clients as well as support for firms in the UK like Fidelity International, JPMorganChase’s Nutmeg, and RBC’s Brewin Dolphin.
Conquest claims to have over 60 percent of Canadian financial advisors on its platform. It also says people have created nearly 1.5 million plans with the tool.
Conquest faces multiple competitors in the digital financial advisor space, including incumbents like BMO and RBC through to relative newcomers such as Neo Financial’s Neo Invest, Wealthsimple, and Nest Wealth, which was recently acquired by Objectway Group.
Feature image courtesy of Jakub Żerdzicki on Unsplash.