Canadian wealth tracker Wealthica has launched what it claims is Canada’s “most comprehensive” financial API.
Wealthica has exposed its wealth and bank API and is inviting fintechs, financial institutions, consumer apps and portfolio management systems to integrate their services.
Wealthica’s wealth and bank API, which is SOC 2 Type II certified, provides access to a network of more than 150 Canadian financial institutions and brokerages.
“At Wealthica, we understand the power of financial connectivity, and our financial API launch marks a pivotal moment for the Canadian fintech ecosystem,” said Jeff Matte, managing director at Wealthica Business Solutions.
“By opening our bank API to external partners, we aim to foster innovation, streamline processes, and boost a new wave of financial solutions tailored to the unique needs of the Canadian market.”
Among the use cases identified by Wealthica are budgeting and wealth tracking tools, particularly in light of the discontinuation of Intuit Mint.
As a result, according to Wealthica, there is “heightened demand for sophisticated budgeting tools within the Canadian market”.
Its bank API can also be used to streamline account transfers between financial institutions, reducing the likelihood of “abandoned” transfers.