Wealthica, a Montreal-based fintech startup, aims to consolidate and analyse all your investments in one place

Country: Canada
Year: 2016wealthica-logo

Founded by iWeb co-founders, who sold their last startup $145 million, Wealthica launched its services in April 2016. With an aim to tackle down the pain points of consolidating investments from various providers, Wealthica connects to users’ financial institutions and allows users to see all investments in one dashboard and get the straight-forward analysis of their wealth situation.

In addition, the platform evaluates the impact to your net worth or portfolio performance in the dynamic charts according to users’ self-customized events, portfolio management fees, etc.

The service and its corresponding API are applicable to investors, advisors and developers.

Concept

  • Leveraging banking technology, Wealthica enables users to consolidate all investments as well as transaction records to track their cash flows and get dynamic impact analysis based on their financial events and management fees.
  • Wealthica allows its users to easily consolidate transaction records and export to Excel spreadsheets.
  • Wealthica Advisors edition is designed to help financial advisors to manage and analyze their clients’ portfolio in one place. Meanwhile, the Developers edition provides developer with the access to real-time financial data.
  • The startup is still in the pre-revenue early-stage and free for all users. The Wealthica Advisors edition will include some premium paid features in the future meanwhile the platform is charging fintech companies for using its API.
  • Key Figures*:
    • Numbers of financial institutions connected = 17
    • Users = 120
    • Total assets managed = $250 million

(*As of August 2016, 4 months after its launch)

Consumer Benefits

  • Simple: With single straight-forward dashboard, users are able to see and consolidate their Tax-Free Savings Account (TFSA), Questrade online stock portfolio, retirement savings plan and other liquid investments in one place.
  • User-Friendly Dashboard: Apart from its simplicity, the dashboard also offers performance evaluation, transaction reports and other daily reports.
  • Tailored Solution: Wealthica provides tailored FinTech solutions to investors, advisors and developers to with different focus on services.
  • Interactive Analysis: Users can view their net worth and investment performances based on their self-added data and events.
  • Partnership: Up to August, Wealthica is able to sync with accounts from 17 Canadian financial institutions. Account types vary from traditional financial institutions, online brokerage, robo-advisor to portfolio managers.

How to use

  • Create an account and connect to available accounts from various financial institutions
  • Once the accounts are integrated, the dashboard allows the users to get an unbiased view of financial analysis including reports such as Balance Sheets, Realised Gains & Losses, Holdings, Income, Cash Flow Report etc.
  • Add the self-customized financial events to analyze impacts on financial situation
  • Extract and share financial situation in a visual and simplified manner, with relevant people such as accountants, tax officers etc.

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