Goldman Sachs Alternatives and Citi Ventures have jointly backed Winnipeg-based Conquest Planning, the rising AI fintech empowering financial advisors with personalized planning tools. With a newly closed US $80 million Series B (CAD 110 million), the startup is poised for rapid U.S. and U.K. expansion. This round, also joined by TIAA Ventures, USAA, BDC Capital, and Canapi Ventures, underscores institutional conviction in AI for financial advisors as a powerful growth lever.
What Is Conquest Planning?
Founded in 2018 by fintech veterans including Dr. Mark Evans (creator of NaviPlan), Conquest Planning offers an AI-powered Strategic Advice Manager (SAM). The platform employs a proprietary engine to analyze thousands of data points—income, retirement accounts, debt, estate parameters—and generate dynamic, personalized financial plans in seconds.
Currently used by over 60,000 advisors across 1,000 firms—from Canadian financial institutions to major U.S. players like Morgan Stanley and U.K.’s Nutmeg—the tool has helped generate approximately 1.5 million plans.
Conquest Planning’s Funding & Investor Highlights
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Amount Raised: $80 M USD (CAD 110 M) in Series B – brings total funding to >$100 M
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Lead Investor: Growth Equity at Goldman Sachs Alternatives – Jade Mandel joins board
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New Backers: Citi Ventures, TIAA Ventures, USAA, BDC Capital, Canapi Ventures
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Existing Investors: BNY, Portage, among others
Why Goldman & Citi Decided To Invest Now
In the BusinessWire press release, Goldman Sachs’ Jade Mandel emphasized the demand for “modern, comprehensive and flexible financial planning platforms,” especially amid macroeconomic volatility.
Barron’s notes industry-wide momentum behind AI for financial advisors:
“Investors at Goldman Sachs and Citigroup are getting behind a Canadian start‑up … underlining Wall Street’s insatiable appetite for artificial intelligence”
Citi Ventures joins, aligning with Citigroup’s broader AI push in wealth, exemplified by tools like Citi Assist and Citi Stylus.
How the Funds Will Be Used
Conquest AI plans to channel the Series B capital toward:
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U.S. (and U.K.) market scale-up, boosting its advisor footprint
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Product enhancement: Advance SAM’s real-time scenario modeling, dynamic plan creation, onboarding streamlining
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New tools rollout, including:
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SAM Bytes: micro‑planning modules for self-directed investors (e.g., homemortgage, debt strategies)
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AI chatbots: advisor-assist agents to interpret plan data and answer complex financial queries
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Estate & legacy features supporting both pre- and post-death planning, tax optimization, philanthropic giving
Competitive AI Landscape
Conquest sits at the confluence of the AI wealth tech boom and advisor-led planning trends. Its approach complements rather than replaces human advisors, a model that resonates with legacy firms like Morgan Stanley and emerging robo-advisors.
Goldman’s internal rollout of GS AI Assistant across its 46,500-strong workforce highlights the broader AI pivot in financial services, aligning institutional focus with Conquest’s trajectory.
Path to Profitability
Conquest expects to reach profitability by Q3 2025, signaling strong unit economics and advisor demand. Its existing market share in Canada (60% of advisors) provides a solid base for U.S. acceleration.
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Board seat integration: Jade Mandel to influence Conquest’s growth strategy
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U.S./U.K. ramp-up: Targeting financial institutions, RIAs, enterprise advisors
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Feature rollouts: SAM Bytes, AI dialog tools, enhanced estate modules
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Future exits: Potential strategic acquisition or private equity interest
Goldman Sachs and Citi’s investment in Conquest AI marks a key turning point in the AI-driven financial planning sector. With substantial backing to fuel growth, Conquest is rapidly transforming advisor workflows through automation, hyper-personalization, and efficiency—offering a hybrid approach that blends advanced AI with trusted human expertise. As Conquest scales in the U.S. and evolves its platform, it could redefine how advisors engage clients and deliver strategy, making financial planning more accessible and intelligent than ever.
