National Bank of Canada invests in robo-adviser Nest Wealth

National Bank of Canada signs multiple agreements with robo-adviser Nest Wealth including a strategic minority investment of $6m.

National Bank of Canada invests in robo-adviser Nest Wealth

National Bank of Canada has signed multiple agreements with robo-adviser Nest Wealth that includes a strategic minority investment of $6m in Nest Wealth, by the banking group.

The agreements also include a commercial agreement between the two companies, which will see National Bank employing Nest Wealth’s advanced investment technology to enhance its internal digital platforms.

National Bank Financial co-president and co-CEO Martin Gagnon said: “It is a great pleasure to partner with Nest Wealth, a top Canadian fintech company renowned for its innovation and ability to offer exceptional digital platform experiences.

“Our objective at National Bank is clear: to augment and complement our present platforms, thereby equipping our advisors with an additional working tool that will take our investment offer to the next level. With this agreement, National Bank is increasing its digital services to end-clients, while continuing to emphasize the importance and value of financial advising relationships. We are very proud of that.”

Nest Wealth founder and CEO Randy Cass said: “At Nest Wealth we know that digital wealth platforms can be a game-changer for millions of Canadians who are working hard to save and accumulate wealth. National Bank shares our singular focus on making the end-investor better off and we are excited to work with this great institution to expand the reach of Nest Wealth Pro and our other industry-leading wealth management solutions.”

The transaction is subject to regulatory approval.