Wealthica is a Montreal startup – All your investments in one place.
Who started the company? Do you / team members have tech background?
Martin Leclair, Eric Chouinard and Simon Boulet. All 3 are ex-iWeb. iWeb was sold to Internap a few years ago, then we thought about what we should do next. We realized no tools existed to provide us with an unbiazed and consolidated view of all our investments. Eric & I co-founded iWeb. Simon was among the first sysadmin we hired at iWeb and has a very strong and broad technical background. Simon acts as CEO/CTO at Wealthica and leads product development and technology.
How are you being financed?
So far we financed Wealthica ourselves. We might be looking at funding this year if we find the good fit.
What do you think will be / is a big obstacle to overcome?
Trust. Most of the big banks don’t have APIs for retrieving customer data. Our users are required to entrust us with their banking username and password so that we can retrieve their investments. Thankfully robo-advisors and indepentant institutions often are more open and provide their clients with a safe way for Wealthica to import their investments without giving away their credentials.
How do you go about finding good developers / IT guys for your company?
We are a remote team so we search everywhere on remote work boards and sites or other online resources. We try to find developers with an entrepreneurial mindset that use online tools and that are familiar with continuous development.
Who is your biggest competition?
There are very few investment aggregation services for Canadians. In the USA there are robo-investing services that offer aggregation but most of them do not support Canadian financial institutions. There is Mint, but Mint does a very poor job at tracking investments and is more suited for regular accounts and budgeting. There are a few startups in Canada that seem to want to offer aggregation or unified view of their investments to investors but it’s hard to identify a real competitor. Since we build our own aggregation robot we could somehow be in competition with Yodlee. Beside that, we could be a threat to traditional financial tools like Croesus or Univeris, especially for the high net worth and family offices market.
How are you intending on taking your company to million dollars in revenues? In what markets?
Our dashboard will remain free for individual investors, and we will be releasing a paid plan to Wealthica with more advanced reports and features in the next months. Our paid plan will target higher net worth investors that have specific taxes and reporting needs. We’re also looking at integrating Wealthica aggregation API directly into existing financial softwares and advisors CRMs.
What is the big lesson you’ve learned (success or failure) with this project.
The sales cycle in the financial sector is very long. Big banks often go through lenghtly bid processes, for which as a startup you often don’t qualify at the end.