WealthTech startup PureFacts raises $37 million to pursue acquisitions

The Canadian Business Growth Fund led the round.

FinTech startup PureFacts Financial Solutions closed a $37 million strategic financing round on December 17.

The Canadian Business Growth Fund (CBGF) led the round with participation from The Bank of Nova Scotia, and Round13 Capital.

“This is a highly innovative and credible team.”
-George Rossolatos, CEO of CBGF

PureFacts did not disclose the type of round, when the round closed, and how much equity the CBGF gains in the startup. PureFacts described the round as a combination of equity and financing. BetaKit has reached out to PureFacts to confirm the form of financing.

The FinTech startup provides a number of solutions to the financial services industry, including enterprise reporting, artificial intelligence for investor retention and retirement income insights, as well as data management.

PureFacts works with wealth and asset managers, banks, and insurance companies, in Canada, Europe, the United Kingdom, Asia-Pacific, and the United States. PureFacts claims it serves over 100 companies with a combined $1 trillion in assets under management.

“The wealth solutions that PureFacts provides have supported enterprise clients over the long haul,” said George Rossolatos, CEO of CBGF. “This is a highly innovative and credible team. We are excited to invest in them and help accelerate their growth.”

Founded in 2010, PureFacts was one of 12 Canadian FinTechs chosen for a trade mission to the United Kingdom in 2020.

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The startup also announced in 2020 that it was welcoming outside investment for the first time, adding an undisclosed amount of funding from leadership expert J.P. Pawliw-Fry, television personality David Chilton, and Round13 Capital managing partner Bruce Croxon. A few months later, PureFacts announced the close of what it described as a $20 million round of financing from Scotiabank and Round13 Capital.

The startup also made a number of acquisitions in 2020, including Quartal Financial Solutions, Europe’s leading provider of fee billing and commission solutions for the financial and insurance industries, and CRM consulting firm, VennScience. Both were acquired for an undisclosed amount.

PureFacts intends to use its latest financing to speed up product development, and make further strategic acquisitions.

Feature image by Mathieu Stern via Unsplash

Charles Mandel

Charles Mandel

Charles Mandel's reporting and writing on technology has appeared in Wired.com, Canadian Business, Report on Business Magazine, Canada's National Observer, The Globe and Mail, and the National Post, among many others. He lives off-grid in Nova Scotia.

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