Toronto-based FinTech startup Common Wealth, which provides workplace retirement plans to small and mid-sized employers (SMEs), has closed $12 million CAD in Series A financing.
The equity round saw participation from the Broadbent Group, Good & Well, AgeTech Capital, Deokali Capital, Eventi Capital Partners, and Flow Capital. Common Wealthâs other investors include ex-Healthcare of Ontario Pension Plan CEO Jim Keohane and co-founder and former CIO of Burgundy Asset Management Richard Rooney.
Founded in 2015, Common Wealth aims to become âCanadiansâ most trusted retirement plan for life.â Through its software platform, the startup aims to make it easy and affordable for employers of all sizes to offer competitive retirement benefits.
âWeâre opening up the retirement market for [SMEs] and their employeesâpeople whoâve been left behind by a legacy industry built for big employers and wealthy people.â
Alex Mazer, Common Wealth
Common Wealth plans to use its Series A capital to expand distribution, invest in product developmentâincluding AIâand grow its team.
âWeâre opening up the retirement market for [SMEs] and their employeesâpeople whoâve been left behind by a legacy industry built for big employers and wealthy people,â Common Wealth co-founder and CEO Alex Mazer said in a release on Monday. âAnd weâre building the platform to help Canadians with one of their biggest financial concerns: turning their savings into income they can count on.â
Since the start of 2024, Common Wealth claims it has tripled its employer base, grown its membership by 3.5 times, and quadrupled its total assets under administration. Today, the company serves more than 1,500 organizations across Canada. In this time, Common Wealth said it has also grown its advisor network to 400 and launched a savings program for personal support workers with help from the Government of Canada.
This funding builds on the $15 million in venture debt that Common Wealth secured from Flow Capital in mid-2025.
Mazer said he still sees âhuge, untapped opportunityâ for Common Wealth in the Canadian retirement market.
More than nine million Canadian employees may lack access to a workplace retirement plan, largely because domestic SMEs are much less likely to offer one than their US peers, according to research from Mazer published by Torontoâs CD Howe Institute last month. Less than one in five SMEs with between five and 500 employees in Canada offer a workplace retirement plan, compared to half in the US.
Feature image courtesy Common Wealth.