Common Wealth, a Toronto-based digital-first group retirement platform, has raised C$12 million ($8.7M) in Series A funding backed by the Broadbent group, Good & Well, AgeTech Capital, Flow Capital, and investors including Michael Jantzi. The platform offers low-fee, portable retirement plans that integrate RRSP, TFSA, DPSP, DCPP, LIRA/LIF, and RRIF accounts with automated investing via target-date funds from BlackRock, RBC GAM, and Mackenzie. The capital will fuel product development, customer expansion among SMBs, and scaling operations following a prior C$15M debt facility from Flow Capital.
Digital Providers Gain Intermediary Awareness
The raise follows Common Wealth's C$15M senior secured note from Flow Capital in July 2025, with an initial C$4M tranche deployed. This comes amid a shift toward digital platforms in Canada's group retirement services, where NMG's 2023 study ranks Common Wealth as the top digital provider for intermediary awareness ahead of Justwealth and Open Access. Legacy players like Manulife, Sun Life, and Canada Life dominate but face pressure from demands for lower fees and better tech. Common Wealth's 1.2% fees undercut the industry 2%+ average, positioning it to capture growth in virgin plans for SMBs without prior retirement offerings.
SMBs Overlook Retirement Coverage
Canada's pension funds manage $3.86T in AUM as of 2024, growing at a 5.8% CAGR, yet fewer than one in five small and mid-sized employers offer plans, leaving 10 million Canadians without workplace retirement access. Lower- and moderate-income workers, gig economy participants, and non-profits remain underserved by traditional high-fee models. Employers struggle with complex administration, while members lack portable savings that persist post-employment. Common Wealth targets these gaps with simplified digital tools for SMBs serving over 1,100 employers, 80% of whom offered plans for the first time.
Portable Plans Integrate Lifetime Tools
Unlike legacy insurers relying on complex fund selections and outdated interfaces, Common Wealth delivers a PaaS with mobile app management, retirement calculators, personalized planning via Conquest, and education modules. Target-date funds from BlackRock enable automated saving and investing, with 98% enrollment rates in some plans within two weeks. Annuities and expert support extend to decumulation, turning accumulation into reliable income. The platform simplifies admin for employers and boosts revenue for 325+ advisor partners.
As Alex Mazer, CEO noted:
"This financing is about doubling down on what's working… turning their savings into income they can count on."
Canadian Capital Signals Sector Bet
Backers like AgeTech Capital bring specialized conviction in retirement tech, while Flow Capital's debt-to-equity progression underscores operational scaling. Broadbent group and individuals like ex-Sustainalytics CEO Michael Jantzi retain full Canadian ownership amid U.S. player interest. This Series A builds on 5x employer growth since 2023 to 1,500+, 3.5x members, and 4x AUM. Investors validate the pivot to retirement income solutions in a market favoring mission-aligned fintechs.
Pension Market Scales to Trillions
Canada's pension fund market stands at $3.68T in 2026, projected to reach $4.81T by 2031 at a 5.51% CAGR. Growth stems from DC plans, group RRSPs, and digital low-fee solutions amid an aging population and job mobility. Intermediaries prioritize decumulation and innovation, per NMG, as 64% focus on consolidating with group providers. Common Wealth's awards, including Pensions & Investments Innovation, position it to challenge incumbents like iA Financial Group through superior UX and portability.
Pension Expertise Bolsters Board
CEO and co-founder Alex Mazer leads alongside new board member Jim Keohane, former CEO of HOOPP, Canada's largest pension plan. Keohane's addition brings deep domain expertise in pension management. Leadership drives advocacy, including a C.D. Howe policy paper proposing SME tax credits to cut plan costs by 40%. This team fuels hyper-growth, with recent hires in sales, client services, and product design.
Hiring Spree Targets National Scale
Post-Series A, Common Wealth pursues aggressive hiring in sales, revenue operations, client support, financial planning, and engineering. Plans emphasize AI-driven efficiencies, retirement income tools, and geographic expansion across Canada. With 1,500+ employers spanning sectors like healthcare and tech, the firm eyes deeper SMB penetration and advisor partnerships. Government-backed programs like my65+ for personal support workers signal policy-aligned growth.