Planswell is an online financial planning company that builds lifelong financial plans and integrates investments, insurance and borrowing for users. The company enables users to invest online but positions itself as distinct from robo-advisors due to its ongoing planning and guidance. Planswell says it shops around for mortgages, investments and insurance to find the best deals and aims to avoid over- or under-insuring clients; insurance companies pay regulated fees to Planswell as they would to a traditional agent. Since launching a year prior to the article, Planswell has built over 100,000 financial plans and doubled its team to 54 people. The company reached 11th on LinkedIn’s Top Canadian Startups list and reports an international waitlist as it is in the early stages of expanding to 12 countries across Europe, Asia and Latin America. Financially, Planswell announced a $4M venture financing round, bringing its total funding to date to $17.8M. Planswell lets Canadians create free financial plans in about three minutes and has built over 17,000 plans to date. The platform provides month-by-month guidance to grow wealth and reduce debt and offers access to personal finance experts to guide users through their plans. Planswell has dropped its waitlist and is available in BC, Alberta, Manitoba, Ontario, New Brunswick, and Nova Scotia. The company is working to patent the intellectual property behind its planning engine. Planswell positions itself as a solution for the majority of Canadians underserved by high-fee products and says it can save users hundreds of thousands of dollars toward retirement through better planning.

Total raised

$11M

Funding rounds

2

Latest round

Equity

Latest activity

Feb 2019