Vancouver-based FinTech firm MeetAmi Innovations has secured $36.5 million CAD ($29 million USD) in seed funding.
Private International Consulting, a multi-family-owned European investment office, was the only announced investor in the round, which also represents MeetAmi’s first institutional capital raise.
“It’s essential that advisors meet their clients’ growing demand for Digital Assets – this is our reason for creating AmiPRO.”
– Hashim Mitha
Founded in 2019, MeetAmi offers a suite of products and services focused on helping wealth management firms navigate the world of digital assets on behalf of their clients. The process of buying, selling, and holding is completed through MeetAmi’s flagship product, AmiPro.
MeetAmi also offers AmiLearn and AmiServices, two platforms that offer guidance regarding the digital asset ecosystem and support firms and advisors in designing their digital asset practice, meet their fiduciary responsibility, and address their proficiency requirements. AmiShelf offers investment opportunities from managed funds, tokenized real estate, along with other tokenized investments.
In light of the global crypto boom, an increasing number of wealth management firms are feeling the pressure to adopt digital assets into their practice.
Investment Executive asked 14 major Canadian investment brokerages whether they allow clients to have cryptocurrency holdings in any form. Eight do, one doesn’t and five did not respond by the time of publication.
Last month, the Bank of Canada teamed up with the Massachusetts Institute of Technology to explore central bank digital currencies, which is part of the Bank of Canada’s broader digital currencies and FinTech research and development agenda.
“What if you could call your wealth management advisor in Canada and ask them to buy Bitcoin as part of your investment portfolio?” is the question that eventually motivated MeetAmi’s co-founders Hashim Mitha (CEO) and Sarah Morton (CSO) to start working on MeetAmi in 2018.
In a blog post for MeetAmi, Mitha said that direct ownership of digital assets is a move to diversifying investment portfolios.
“With AmiPRO, we are creating a place of education, information and transparency that empowers people to comfortably navigate the Digital Asset world no matter their level of understanding,” he said. “It’s essential that advisors meet their clients’ growing demand for Digital Assets – this is our reason for creating AmiPRO.”
Armed with over $30 million CAD in seed funding, MeetAmi intends to accelerate the development of its technology platform and features needed by advisors to transact and manage digital asset portfolios.
MeetAmi is not the only Canadian tech company looking to provide crypto-related services to traditional financial institutions. Toronto-based Cybrid Technology helps FinTech startups and challenger banks offer crypto and DeFi products to their users. The company raised $3.8 million in seed funding earlier in the month to bring its technology to market.
Featured image from MeetAmi’s website