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Objectway Buys Into Canadian Wealthtech Space

Editorial Staff 23 January 2024

Objectway Buys Into Canadian Wealthtech Space

Objectway, which currently operates from Europe and the UAE, will be able to significantly extend its footprint into North America following this deal.

Objectway has bought Canadian digital wealth solutions business Nest Wealth. Objectway is a Europe-headquartered provider of Sofrare-as-a-service and other services to banks, wealth and asset managers.

The financial terms were not disclosed.

Founded more than a decade ago, Nest Wealth provides digital wealth solutions for onboarding, account opening, and financial planning to banks, custodians, asset managers and other financial institutions in Canada. Clients include half of Canada's largest six banks as well as National Bank of Canada, National Bank Independent Network, and others, Objectway said in a recent statement. 

Nest Wealth began by creating Canada’s first Software as a Service (SaaS) digital wealth management platform.

The deal is a way for Objectway to widen its geographical reach, the firm, which operates from a range of jurisdictions, said.

“By adding Nest Wealth client onboarding and financial planning complementary solutions to Objectway’s capabilities, the group will enhance its wealth and investment management offering, marketing this to existing and new clients in Canada and the US,” it said. The deal also expands Objectways’ wealth solutions model for the Europe, Middle East and Africa market.

“This acquisition marks a significant milestone in our growth and global expansion strategy, enabling us to establish and broaden our market presence in North America and to offer an even more comprehensive range of innovative products and services to existing and new customers in both the EMEA and North American regions in which we operate,” Luigi Marciano, Objectway founder and group CEO, said.

Objectway was advised by Deloitte, Deloitte Legal and Alpeggiani Avvocati Associati. Nest Wealth was advised by Ascent Line Partners and Wildeboer Dellelce LLP. BNL is acting as sole lead manager and bookrunner on the associated financing which will also involve SIMEST. 

Objectway supports more than 100,000 investment professionals to manage more than €1 trillion ($1.08 trillion) in assets. It operates from Italy, the UK, Belgium, Germany, Switzerland, the UAE and Ireland. 

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