Mako Fintech, a financial technology platform that automates wealth management processes, announced today it has raised a $2 million seed round.

The cash is coming via Desjardins Capital, with participation from a group of angel investors, including current and former CEOs and other senior executives at several financial institutions.

"There are significant advantages from bringing on an investment from a financial institution like Desjardins Capital," said Mako Fintech's Raphael Bouskila. "It's not only bringing us the resources we need to serve our growing client base, but it's also a heavyweight vote of confidence with other players in our ecosystem."

Mako's mission is to "democratize the digitalization of wealth management" by providing firms with an automation solution adapted to its workflow processes. They say their offering costs a fraction of the cost of enterprise players who are developing similar solutions for financial institutions. They do that through advanced low-code workflow automation systems.

 

Mako Fintech wealth management platform

The company will use the money to hire additions to its team and support customer demands, product development and growth initiatives.

Bouskila sold his last company, CoPower, to VanCity bank in 2019. CoPower was an impact investment platform. The founder says his new company "understands that each firm deserves to have its own tailored automation solution, in order to provide its clients with the best experience and service possible."

The impact of the COVID-19 pandemic has permanently changed the way that wealth managers interact with advisors and investors, creating an urgent need for cloud-based, remote-friendly solutions. Mid-market and enterprise wealth management firms are seeking automated and efficient operations and Mako Fintech says they can tailor solutions.

"By investing in Mako Fintech, Desjardins Capital is pursuing its mission of supporting SMEs in their growth ambitions," said Desjardins Capital's COO, Marie-Hélène Nolet. "The solution offered by Mako Fintech responds to a growing need of wealth managers to take a digital turn, and the last 18 months have confirmed it."