TORONTO--(BUSINESS WIRE)--PureFacts Financial Solutions, a leading global WealthTech provider of fees, reporting and AI-powered predictive analytics solutions, is pleased to announce it has closed a CAD $20 million financing from Scotiabank and Round 13 Capital.
The financing, which builds on existing relationships with Scotiabank and Round 13 Capital, will facilitate PureFacts’ aggressive global growth plans and fund potential acquisitions, including the recently announced acquisition of Quartal Financial Solutions. The financing will also accelerate product development and expand sales and marketing efforts. The round is the first institutional investment for privately held PureFacts, which has been self-funded since its founding in 2010. Since then, the company has experienced exponential growth, including a 152 per cent increase in year over year revenue when considering its recent acquisitions and aggressive organic growth.
This investment builds on an exceptional year for PureFacts that saw the acquisition of Boston-based VennScience and Zurich-based Quartal Financial Solutions to become a truly global firm. The company also announced key executive appointments including Rajini McRae, a former Royal Bank of Canada executive as President, and it launched its AI-based predictive analytics product platform.
"As a client-centric firm, our search for financial partners has focused on ensuring that our corporate values are aligned and that our clients’ interests are front and centre,” says Robert Madej, CEO, PureFacts. “We are very excited to be partnering with Scotiabank and Round 13 Capital as they showed tremendous flexibility in creating a win/win scenario. Having their financial support and expertise will help us service our clients around the globe, execute on our vision and fuel our continued growth plans."
PureFacts has won several prestigious industry awards in 2020, including being recognized amongst the world’s top 100 most innovative WealthTech companies as a WealthTech100 award winner. PureFacts was also named a Great Canadian Innovator for its AI solutions in the Financial Services category by Microsoft Canada.
"PureFacts is the market leader, with a reputation for providing exceptional software and service to its customers,” says Bruce Croxon, Co-Founder, Round 13 Capital. "We are excited to fund the next leg of growth and look forward to working closely with an exceptional management team to help achieve their goals."
About PureFacts Financial Solutions
Ranked a WealthTech100 Company and Great Canadian Innovator, PureFacts provides enterprise wealth management and asset management solutions for the financial services industry in Canada, United States, Europe, Asia Pacific, Middle East and Africa. PureFacts’ mission is to create meaningful wealth solutions that help people live their best lives. They provide their clients with transformational WealthTech solutions to future-proof their business and accelerate growth by leveraging their expertise in wealth management data aggregation, complex calculations, artificial intelligence and machine learning.
Scotiabank is a leading bank in the Americas. Guided by their purpose: "for every future", they help customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of over 90,000 employees and assets of approximately $1.2 trillion (as at July 31, 2020), Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, visit and follow them on Twitter @ScotiabankViews.
About Round 13 Capital
Round 13 Capital is a Toronto-based venture capital firm that invests in growth-stage technology businesses. The firm is managed by experienced investors and operators. It uses a disciplined investment approach to identify exceptional entrepreneurs running companies with market leadership potential. Round 13 works 'hands-on' with its portfolio companies to unlock strategic and financial value.