PureFacts has been named to the AIFintech100 list by Fintech Global
We are pleased to announce that, for the second year in a row, PureFacts has been named to the AIFintech100 list by Fintech Global. This prestigious list, selected by industry experts and analysts, includes the world’s most innovative companies that develop AI technologies for financial services. PureFacts’ AIFinTech100 recognition is a testament to the hard work our team has put in. We are very proud of this achievement and will continue to forge ahead with innovation and excellence to provide the best value for our clients. Companies on the list are building AI and machine learning technology that solves challenges and improves efficiency in financial services. AI and data analytics has been a major development for the financial sector over the past few years and the pandemic has only accelerated the demand for the technology. These solutions can help companies boost efficiency, reduce manual workloads and more. A report from IDC claimed that the total potential cost savings for banks from AI applications is estimated to reach $447bn by 2023. With such a burgeoning sector, a panel of industry experts made their assessment for the AIFinTech100 based on research on over 2,000 FinTech companies. Now, more than ever, established financial institutions need to be aware of the latest AI and data analytics technology in the market to deliver competitive financial products and reach new customers. FinTech Global director Richard Sachar said, “The AIFinTech100 list helps senior decision-makers in the industry filter through all the vendors in the market by identifying the market-leading AI innovators which will have lasting impact on the industry.” With a list of the biggest names in the industry, it is no surprise that many have hit headlines in recent months. Another of the 100 companies to recently close a funding round is PureFacts. The company develops software that helps financial services firms increase revenue, reduce risk, and deliver better outcomes to their clients. It closed a $37m funding round in December 2021, with commitments coming from Canadian Business Growth Fund (CBGF), The Bank of Nova Scotia and Round13 Capital. More detailed company information for all 100 companies can be found in the report. The full AIFinTech100 list, which can be downloaded for free, can be found at www.AIFinTech100.com.
How PureFacts is looking to revolutionize wealth management for all
Established in 2010, PureFacts was a seed that grew from the mind of Robert Madej. The company was formed out of a custom software firm that Robert started in 1997 with one of his brothers. PureFacts provides enterprise wealth management and asset management solutions for many of the world’s leading financial services firms. Their vision is to create meaningful wealth solutions to help people live their best lives. According to Madej, PureFacts is the dream of his life. Born in Canada, Robert Madej was raised by a hardworking single mother who scrimped and saved to give Madej and his three siblings the best start in life. Along the way, she was a terrific budgeter, prolific saver and smart investor who began investing with a simple RRSP in the mid-1980s. After reading a book by Gordon Pape she opened her first investment account through a well-known Canadian mutual fund company and she achieved great financial results. Madej stated that today, his mother is happily retired from a successful career in nursing and living on a golf course in San Jose, California. He said, “In my own life, I’ve seen the difference that wealth management, saving and solid financial advice can make and what it did for my family. At PureFacts, we are excited about helping other families achieve the same goals.” The vision for Madej was to create worldwide wealth by providing wealth managers with technology solutions that increase their value proposition to their clients, “The idea was to make wealth management more accessible and increase the value of the advice, so it makes a bigger difference in the lives of more people. Creating wealth for regular people by helping to provide better outcomes for savers and investors creates better opportunities and helps them live their best lives.” PureFacts develops a number of technology solutions that are aimed at increasing the value of the advice an advisor can provide their own clients. Currently, the firm helps its clients with fee billing and revenue management, client reporting, retirement income planning, goals-based-investing and digital onboarding. The company’s solutions have delivered strong results and helped them build an impressive share of the global market for their products. Key trends What are the trends in WealthTech that are key to PureFacts and their clients? Two hot-button topics cited by Madej include retirement income planning and ESG. He remarked, “The reason why retirement income planning is front-and-centre for PureFacts is that Baby Boomers are retiring. The decumulation phase of wealth management is being discussed more and more among our clients. Essentially, our clients – global wealth and asset managers – are thinking about how to deliver the best value to their retiring clients, and how the wave of retirement and inter-generational wealth transfer, can assist them in growing their own businesses. PureFacts’ decumulation solution can help financial planners and advisors quickly deliver effective decumulation plans to their clients and help asset and wealth managers grow their businesses while providing peace of mind to people entering a new phase in their lives.” ESG, meanwhile, is a trend that is definitely here to stay. Madej explained, “ESG is changing the world as investors expect companies to generate returns and do it in a way that aligns with their values. There are many good reasons for companies to want to do just that, but Madej believes it will come down to the cost of capital. Companies able to “show a better ESG score” will have a lower cost of capital leading to faster and more sustained growth. In short, doing good will be good for business. Funding raise Back in December 2021, Pure Facts raised $37m in a funding round. According to Madej, the raise came after a long period of fiscal prudence by the company. He said, “We had been completely bootstrapped up until that point. We were very proud of our track record of being a profitable firm, month after month and year after year. “The reason why we raised the funds was because we thought we could spur on our growth and also fund an acquisition or two. Our near-term focus is on the US market but we’re also looking at opportunities to grow globally. We’re also looking to expand our sales force and our product and client delivery team around the world.” “PureFacts is recognised as a leader in fee billing and revenue management in both Canada and Europe and we are making strides in the US market, so we want to continue to push that. But really, our focus is on becoming a global company growing our revenue in all geographies. “Part of the reason for the new capital was to invest in our newest technology, and we have a great new reporting platform. We’ve been working a lot on ESG solutions and data aggregation, AI, insights-as-a-service and making sure that all data we have from our various clients around the world, can be used to build a business that provides better services for their own clients.” Plans and goals What is next for PureFacts? Following the company’s big funding raise, at the end of last year, the company is looking to the future. Madej detailed, “We’re looking forward to a breakthrough year this year. We’re working very hard to roll out our newest technology and we are focused on attracting new clients around the world and finding the right acquisition target. What is the ultimate goal for PureFacts? Madej said, “Over the next five years we plan to grow through a mixture of organic and acquisitions. Our target is to grow our global revenue north of $100m, which we believe is achievable. We also see ourselves playing in all the major geographies of the world and being a truly global company. We would love to see wealth management firms get better at servicing their clients and providing a better value proposition and we’d love to see people understanding wealth better, understanding budgeting better, saving money better, investing better and growing wealthier.
PureFacts partners with FutureVault to securely automate delivery of financial statements
The two Toronto-based innovative WealthTech solution providers partner to combine FutureVault’s secure document Vault with PureFacts’ financial data capabilities to improve compliance and streamline back-office administrative functions. TORONTO, March 31, 2022 — FutureVault Inc., (FutureVault), an industry-leading provider of secure document exchange and Digital Vault solutions purposely built for the wealth management and financial services industry, and PureFacts Financial Solutions, a leading provider of WealthTech solutions that calculate and automate custodial data including costs and revenues, and of enterprise reporting and insights, today announced a new strategic partnership. The two well-known WealthTech solution providers have built and established an integration that combines PureFacts’ statement rendering, fee calculation, and data management platform with FutureVault’s proprietary document vault, document retention, compliance, and file-sharing capabilities. The result is a best-in-class, seamlessly integrated technology solution, that enables institutions and firms to not only meet their various administrative and compliance responsibilities but better customize a service experience that meets client expectations through the secure delivery of investor statements. The current integration offers several benefits, including but not limited to: Single-Sign-On (SSO) from the PureFacts platform to securely authenticate user logins between both applications Automated secure delivery of PureFacts client reports and statements directly into FutureVault Automated secure delivery of Advisor fee reports and data directly into FutureVault Daniel Kenny, Chief Executive Officer of FutureVault, commented, “Our integration [and partnership] with PureFacts offers a massive opportunity for institutions and advisory firms to continue building efficiencies around the secure delivery of documents to increase workflow capacity, satisfy compliance requirements, and enhance their client’s ability to manage important financial documents. In a world where automation and integration are table stakes, our combined efforts materially augment back-office capacity and overall client experience.” This is an incredible partnership for our company. I am proud to have the opportunity to continue to work closely with Daniel Kenny and the remarkable team at FutureVault, where our joint efforts are bringing market-leading wealth solutions to the financial services industry Rob Madej, Founder and CEO of PureFacts Financial Solutions. The FutureVault and PureFacts integration is currently live and in use by several firms and remains readily available to existing FutureVault and PureFacts customers. About FutureVault FutureVault is an industry-leading provider of secure document exchange and Digital Vault solutions for the financial services industry that enables institutions, advisors, and households to manage information better, together. FutureVault offers a powerful white label solution that transforms the way organizations manage, store, and deliver client documents and statements, onboard and retain clients, and manage compliance and audit readiness leading to significant operational efficiencies. By leveraging FutureVault’s patented technology, organizations save significant time and money in their day-to-day workflows. Visit futurevault.com. Follow us on LinkedIn. About PureFacts Founded in 2010, PureFacts is a global company serving over 100 clients with a combined one trillion in assets under management. PureFacts’ wealth-tech solutions help some of the largest and most recognizable global wealth and asset management firms increase productivity, reduce costs, and create enhanced customer experiences. Its’ solutions help firms retain their most valued clients, deliver high-quality advice, and prevent costly mistakes. PureFacts is recognized as a Global AIFintech100 and a Wealthtech100 Company. Global AIFinTech100 recognizes tech companies using artificial intelligence to transform financial services. Wealthtech100 recognizes the world’s most innovative Wealthtech companies that every leader in the wealth and asset management industries needs to know about. Visit https://fintech.global/wealthtech100/ to learn more.
PureFacts supports University of Guelph with undergraduate scholarships
To support the next generation of tech and business leaders, wealthtech firm, PureFacts Financial Solutions has created entrance scholarships in partnership with the Lang School of Business and Economics and the College of Engineering and Physical Science (CEPS) at Guelph University. The scholarships will be awarded to students in the respective colleges over a five-year period. The donation is the first initiative in the firm’s newly developed PurePossibilities philanthropic program. These scholarships are our way of recognizing that not everyone has the same level of access to university education and that lack of finances can prevent outstanding young people from living their best lives Rob Madej, Founder and CEO of PureFacts “We developed the PurePossibilities program to address what we see, in society today: a growing divide between people who have money and those that do not. This is our first initiative under the PurePossibilities banner, and we are really excited to have partnered with the University of Guelph to get started on our chosen mission, helping outstanding people who need a hand-up, live their best lives” says Rob Madej, Founder and CEO of PureFacts. “We also plan to develop a mentorship network for the students to partner with PureFacts staff to receive not only financial support but leadership and career guidance as well.” Beginning in the fall of 2021, the two scholarships will be awarded annually to one (1) student entering Lang’s Bachelor of Commerce program and one (1) student entering CEPS’s Bachelor of Computing (Computer Science, Software Engineering majors), or Bachelor of Engineering (Computer Engineering, Engineering Systems and Computing majors), or Bachelor of Arts or Bachelor of Science (Mathematical Science major) program. Recipients of this scholarship must possess a minimum of 80% admission average as well as demonstrated engagement in the community in a leadership role and financial need. We are very thankful to have the support of PureFacts in investing in the future leaders of Canada’s economy CEPS interim dean Dr. Gerarda Darlington. “Lang and CEPS students will benefit from this meaningful support to help them pursue higher education and focus on their studies.” Selection of the scholarship recipient will also be based on the student’s demonstrated leadership through their extracurricular and entrepreneurial activities. “The goal of the PureFacts scholarship aligns well with our mission of developing leaders that use business as a force for good,” says Lang’s dean Lysa Porth. “The scholarships also send the message to our students that they have support from both the University of Guelph and the business community.” The mission of PurePossibilities is to provide assistance in three key pillars: essential needs, education and employment, creating the flywheel effect one step and one person at a time Rajini McRae, President of PureFacts “We are very motivated to support and give back in this way for millions over time; when we have the basic needs in life, followed by education and employment; we are in a place to help those in need get a leg up. Over time we dream of the possibilities we can create for many” For more information on the PureFacts Scholarships, visit the Student Financial Services website (BComm Scholarship) (CEPS Scholarship). About PureFacts Financial Solutions PureFacts is a leader in mission-critical wealth management solutions for the financial services industry in Canada, U.S., UK, and Asia Pacific. The company uses artificial intelligence and machine learning to help firms grow revenue, reduce costs, manage risk, and delight their customers.
PureFacts closes $20 million financing round
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. 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.” – Robert Madej, PureFacts Founder & CEO 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 customer. 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.” – Bruce Croxon, Co-Founder, Round 13 Capital 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. purefacts.com. About Scotiabank 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.www.scotiabank.com 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.www.round13.com Contact: Gerard Daniels CFO and Head of Corporate Development gerard.daniels@purefacts.com As seen on: BusinessWire | Yahoo Finance | National Post