Briefing

National Bank invests up to $50 million in Toronto robo-adviser Nest Wealth

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Nest Wealth said it will remain independent, but the investment will help National Bank expand its digital offerings, including a new online savings account. (The Globe and Mail)

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Talking point: This is National Bank’s second fintech investment in two days. On Monday, the bank led a $16.2-million round in Montreal-based Flinks, which plans to use the money to launch a new wealth management product. Nest is similarly planning to use this investment to expand National Bank’s offerings for portfolio managers. The bank operates the largest platform for independent investment dealers and portfolio managers. Nest won’t just be using the new funding to assist National, though—it’s also planning to expand into the U.S.