Toronto-based Planswell, which allows Canadians to build free financial plans, has raised an additional $7 million in its seed round, bringing its total seed funding to $13.8 million.
Planswell raised a $6.8 million seed round in January 2018. The company has not disclosed its investors.
Planswell — which says it has built over 50,000 financial plans for Canadians — allows users to create a financial plan in three minutes. To build a plan, users answer 30 to 40 questions, after which they can review their plan to decide what to do each month to grow their wealth and reduce debt.
“Most of our clients come to us from banks, financial advisors, and robo-advisors,” said Eric Arnold, co-founder and CEO of Planswell. “They’re usually on track to spend hundreds of thousands of dollars in excess fees and interest charges, and they almost never have a proper plan. We give them an excellent plan for free and access to mortgages, investments and insurance that can save them a ton of money. It’s rewarding to see the positive impact we’ve had on so many people.”
Planswell said the funding will be used to continue developing the company’s planning platform, expand its marketing across Canada, and help more Canadians achieve financial security.
“It’s been amazing to make financial planning accessible to everyone,” said Arnold. “We’ve been able to help everyone from single people starting out in their careers, to families that are expanding, and couples who are approaching retirement.”
Photo via Planswell