Common Wealth Raises $12 Million in Series A Funding to Enhance Retirement Solutions

Common Wealth Secures $12 Million Series A Funding

Common Wealth, a Toronto-based financial technology company, has secured $12 million in a Series A funding round. The company, co-led by Alex Mazer and Jonathan Weisstub, provides a digital platform and retirement calculator designed to assist individuals in growing their retirement savings. The funding round was led by Broadbent Group, with participation from investors Good & Well, AgeTech Capital, Deokali Capital, Eventi Capital Partners, Flow Capital, and notable individuals like Jim Keohane and Richard Rooney.

Expanding Retirement Solutions for SMEs

Common Wealth is focused on making retirement plans accessible and affordable for small and mid-sized enterprises (SMEs) across Canada. The company aims to democratize access to retirement benefits, traditionally dominated by large corporations and affluent individuals. Alex Mazer, co-founder and CEO, emphasized the importance of opening up the retirement market for SMEs and their employees, commenting, “We’re opening up the retirement market for SMEs and their employees—people who’ve been left behind by a legacy industry built for big employers and wealthy people.”

Strategic Use of Funds

The newly raised capital is earmarked for several key initiatives. Common Wealth plans to expand its distribution channels, invest in product development—including enhancements powered by artificial intelligence—and grow its team to better serve its clients. The company has seen significant growth since early 2024, tripling its employer base and increasing its membership by 3.5 times.

Growth and Impact

In recent years, Common Wealth has achieved notable milestones, including serving over 1,500 organizations across Canada and expanding its advisor network to 400. The company has also introduced a savings program for personal support workers, developed in collaboration with the Government of Canada.

With a focus on providing reliable retirement income solutions, Common Wealth continues to position itself as a key player in the financial technology sector, particularly in the realm of retirement planning for SMEs.