Vancouver-based FinTech company Responsive has secured a $3.5 million CAD all-equity Series A round, which closed in January.
“We know that their insights enable advisors to offer data driven solutions that help our clients grow their wealth and secure their financial future.”
The financing was led by Co-operators, a Canadian insurance co-operative. Co-operators has been using Responsive’s solutions to provide custom onboarding and advisor workflows for its clients, and said it will continue to partner with Responsive to add more functionality to its wealth management platforms in the future. As part of the investment, Co-operators will join Responsive’s board of directors. Responsive did not disclose the other investors in the round.
“With Responsive’s productivity tools already running across our entire advisor network, we know that their insights enable advisors to offer data driven solutions that help our clients grow their wealth and secure their financial future,” said Daniel Sinclair, vice president and head of corporate development at Co-operators.
Founded in 2015 by Day Wachell (CEO), Chris Stanford (CTO), and Logan Grosenick (CSO), Responsive offers an artificial intelligence-driven wealth advisor solution for banks and private managers. With its platform, named Prioritize, wealth managers can predict if their clients are disciplined or struggle with diligent saving. The company, which has offices in Vancouver, New York, Toronto, and Calgary, aims to apply data science and user experience design to help private managers perform better.
Wachell told BetaKit that since the onset of the pandemic in 2020, the company has been focusing on its customer success and building new products around its Prioritize platform. Responsive started working with Co-operators in 2021, and entered a partnership with Nexi Open, an open banking platform based in Europe.
Responsive took part in Plug and Play Ventures’ accelerator program in 2019, and the Accenture FinTech Lab in London accelerator.
According to Responsive, the recent investment will support the company in its expansion to the United States and European markets. Responsive also intends to commercialize their APIs and integrations to help advisory businesses and platforms adopt their solutions.
RELATED: Responsive client base hits $10 billion CAD AUM, powered by its behavioural AI
In 2019, the SaaS startup announced that the wealth advisors that make up its customer base have collectively reached $10 billion CAD in assets under wealth management.
This growth was backed by Responsive’s past funding rounds; the company’s total funding is $4.85 million, including a $1.1 million seed round it raised in 2018 led by Plug and Play Ventures, the $3.5 million Series A round, and a $250,000 pre-seed round that saw the participation of angel investor Edwin Blewett and Stonewood Investors.
Featured image from Responsive