Toronto-based Planswell, which allows Canadians to build free financial plans, announced that it’s dropped its waitlist and raised a $6.8 million seed round.
The company did not disclose its investors, but said that it includes former senior executives from top Canadian financial institutions. Planswell — which says it’s built over 17,000 financial plans — allows users to create a plan in three minutes, and covers what to do each month to grow wealth and reduce debt.
“We’ve seen that basically no one knows what they need to do on a monthly basis to maintain their lifestyle in retirement,” said Planswell CEO and co-founder Eric Arnold. “It’s been amazing and we can’t wait to ensure that everyone has the same opportunity to secure their financial future, regardless of their current status.”
The service is available in BC, Alberta, Manitoba, Ontario, New Brunswick, and Nova Scotia. The company is working to patent the IP behind the engine, and also offers the expertise of personal finance experts to guide users through their plan.
“Over 100,000 financial advisors across Canada will tell you that their ideal client has $1 million or more in investable assets. That’s just under one percent of the population,” said Arnold. “The other 99 percent have been completely ignored, or worse, have been targets of predatory, high-fee products in the absence of a plan. We’re finding we can save Canadians hundreds of thousands of dollars towards their retirements through better planning.”
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