Common Wealth Raises $12 Million Series A to Expand Retirement Security for Canadians
Canadian-owned retirement fintech accelerates growth among small and mid-sized employers and vision to help more Canadians turn their savings into retirement income
TORONTO, April 13, 2026 /CNW/ - Common Wealth, Canada's fastest-growing group retirement provider, today announced $12 million CAD in new equity financing to accelerate its mission of making retirement security accessible to every Canadian. The round includes participation from new and existing investors, including the Broadbent group, Good & Well, AgeTech Capital, Deokali Capital, Eventi Capital Partners, and Flow Capital, and a distinguished group of other Canadian families and individuals committed to Common Wealth's mission. The investor group includes prominent Canadian financial services business builders and leaders including Michael Jantzi (former CEO of Sustainalytics), Richard Rooney, OOnt (co-founder and former CIO of Burgundy Asset Management), Jim Keohane (former CEO of the Healthcare of Ontario Pension Plan), Alan Broadbent, CM (former chair of Sustainalytics), Vernon Lobo (founder and Managing Partner of Mosaic Venture Partners), and Scott Lamacraft (Executive Chair, ATB Cormark Capital Markets).
More than ten million Canadians working in the private sector lack access to a workplace retirement plan. The gap is most acute among employees of small and mid-sized employers: fewer than one in five employers with between 5 and 499 employees have a workplace retirement plan, compared to nearly half of small employers in the US. At the same time, Canadians approaching retirement face a growing income gap: three-quarters of adults aged 55 to 64 have $100,000 or less in savings, and the transition from savings to income remains one of the most stressful and underserved moments in a person's financial life.
Common Wealth's modern, award-winning technology and retirement services platform is designed to address both sides of this challenge: making it easy and affordable for employers to offer retirement plans, and helping everyday Canadians build the financial security they need for a happy and fulfilling retirement.
This equity financing, comprised of both preferred and common shares, builds on the $15M venture debt facility that Common Wealth established with Flow Capital in July of 2025.
Strong product-market fit
The financing follows a period of significant growth. Since the beginning of 2024, Common Wealth has:
- Grown its employer base by 3x, now serving more than 1,500 employers across Canada, 80%+ of whom set up a workplace retirement plan for the first time
- Increased membership by 3.5x
- Increased assets under administration by 4x
- Built a network of more than 400 advisors who have done business with the company, more than tripling since the beginning of 2024
- Launched a landmark savings program for Personal Support Workers with the support of the Government of Canada
"This financing is about doubling down on what's working and accelerating our vision to be Canadians' most trusted retirement plan for life," said Alex Mazer, co-founder and CEO of Common Wealth. "We're opening up the retirement market for small and mid-sized employers and their employees – people who've been left behind by a legacy industry built for big employers and wealthy people. And we're building the platform to help Canadians with one of their biggest financial concerns: turning their savings into income they can count on."
Accelerating growth and innovation
This financing will allow Common Wealth to:
- Serve even more small and mid-sized employers: expanding distribution, deepening advisor partnerships, and investing in the platform and services that make it easy for smaller employers to offer high-quality retirement plans
- Enhance value for members: helping Canadians aged 50 and older turn their retirement savings into a reliable paycheque, expanding access to tech-enabled and human-led financial planning, and enhancing the product offering available on Common Wealth's platform
- Invest in core technology and AI: accelerating development of the company's proprietary platform and AI-driven capabilities to deliver better outcomes at lower cost, making retirement security and financial wellbeing even more accessible for Canadians
- Invest in people: growing our team, strengthening our mission-driven culture, investing in training, development, and organizational adaptation for the AI era
Built by Canadians, for Canadians
With this financing, Common Wealth retains its Canadian ownership structure and its singular business focus on building retirement solutions for Canadians. At a time of national economic challenge, Common Wealth is proud to be backed by Canadian investors who believe in the need for change in the Canadian financial services market.
"Canadians deserve world-class retirement solutions built by people who understand their needs," said Mazer. "Our investors share our conviction that the Canadian retirement market, whose combined assets are more than 2x Canadian GDP, is a huge, untapped opportunity."
About Common Wealth
Common Wealth is Canada's fastest-growing group retirement provider, serving over 1,500 employers across the country. The company's modern, full-stack technology platform makes it easy for employers of all sizes to offer competitive retirement benefits, empowers members to build long-term financial security, and equips advisors with tools to better serve their clients. Common Wealth is driven by its mission to make retirement security accessible to every Canadian. The platform has been recognized with Pensions & Investments' global Innovation Award for Best Technology. Learn more at commonwealthretirement.com.
SOURCE Common Wealth Pension Services Inc.
For more information, please contact: Chris Yeldon, Head of Marketing, [email protected]
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