“Flow Capital’s facility was a strong precursor to the Series A raise because it helped ensure the business was well positioned and ready to run a smooth process.” — Kirk Wright, Head of Finance & Strategy at Common Wealth Retirement
Key Takeaways
"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." — Alex Mazer, Co-Founder and CEO
Retirement security should be accessible to all, yet most Canadians lack a dependable, well-designed workplace retirement program. People want to know they can retire with dignity and peace of mind, but traditional options charge high fees and rarely help create an actionable plan. As a result, the system continues to work best for those who already have resources, while small and mid-sized employers and the Canadians they employ are left underserved.
Founded in 2015, Common Wealth set out to change that by modernizing how workplace retirement plans are delivered. Where traditional providers relied on manual paper applications, weeks of setup, and administration that demanded dedicated staff, Common Wealth uses a thoughtful combination of technology and human support to make the process modern, more affordable, and digital-first.
That approach is already reaching employers and employees at scale. Today, Common Wealth serves more than 1,700 employers, over 80% of whom are offering a retirement plan for the first time, supported by a network of more than 425 advisors. Since early 2024, Common Wealth’s employer base has grown over 3x, plan membership has grown over 3.5x, and assets under administration have grown over 4.5x.
In early 2025, Common Wealth's leadership was planning how its Series A would come together. The priority was to raise from a position of strength, with flexibility and runway to assemble the round on the company's own terms rather than under time pressure. Venture debt fit that need.
"We started exploring debt as an option when we were thinking about how our Series A would come together. We wanted more flexibility and runway so we could bring the round together with the right terms, investors, and milestones," said Kirk Wright.
Flow Capital structured the investment as a C$15.0 million senior secured note, with an initial advance of C$4.0 million. As minimally dilutive growth capital, the facility extended Common Wealth's runway and let the company keep building towards its milestones without setting equity terms before it was ready.
For Flow Capital's team, Common Wealth's growth was only part of what made the company compelling. The stronger signal was the quality and durability of the business behind those numbers.
The company addresses the historically underserved Canadian group retirement market, with a business model built for long-term, sustainable growth. A clear value proposition, disciplined execution, and the ability to scale efficiently gave Flow confidence in where the company is headed.
That confidence extended to the team. Co-Founder and CEO Alex Mazer brings years of expertise in pension policy and financial services, supported by an experienced management team and an engaged investor base. Together, they demonstrated the operational discipline Flow looks for in a borrower: a firm grasp of unit economics, a clear plan for putting growth capital to work, and the maturity to manage debt alongside a rapidly scaling business.
As a Canadian lender, Flow Capital is also proud to support companies building lasting businesses at home. Common Wealth is Canadian-founded and headquartered, and the technology and intellectual property it continues to build will keep strengthening Canada's innovation ecosystem.
In March 2026, Common Wealth closed a C$12 million Series A backed by a syndicate of institutional and individual investors with roots in the Canadian financial services industry. Flow's facility had served its purpose as a bridge, allowing the company to continue executing while raising equity from a position of strength.
For Kirk Wright, one of the biggest surprises was how manageable the venture debt process proved to be. “The additional reporting and diligence burden of venture debt was less than one might think. If anything, it adds discipline to the business.”
That discipline, he explained, comes from the different questions lenders ask. Venture investors are primarily focused on the long-term vision, while debt providers spend more time understanding the company's financial trajectory over the next 12 to 24 months and how key operating metrics are expected to evolve. "With VCs, the story is all about the future, where you're headed. With debt, the future matters, but a lot of it is about what's happening over the next 24 months and how your metrics will evolve."
Preparing for both conversations ultimately strengthened the business. By the time Common Wealth entered its Series A process, the financial reporting, planning, and operating discipline required for venture debt were already in place, supporting a smooth equity raise.
Common Wealth continues to build on its momentum. Since the investment from Flow Capital in July 2025, the business has accelerated its annualized growth rate in both membership and assets under administration. In September 2025, it was selected by the Government of Canada as the administrator of the $30M Personal Support Worker Retirement Savings Innovation Program, further advancing its mission to make workplace retirement savings accessible to more Canadians. Common Wealth is increasingly focused on answering Canadians’ hardest financial question: how do I turn my savings into income?
Flow Capital is proud to support the company as it scales its platform, expands its reach, and helps more Canadians prepare for retirement. Beyond providing growth capital, Flow Capital works closely with portfolio companies as a long-term partner, offering strategic support, industry expertise, and a network that helps founders grow.
About Common Wealth
Common Wealth is Canada’s fastest-growing group retirement provider, serving over 1,700 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.
About Flow Capital
Flow Capital Corp. is a publicly listed provider of flexible growth capital, alternative debt solutions, and small equity investments for high-growth companies. Since its inception in 2018, the company has provided financing to businesses in the US, the UK, and Canada, helping them achieve accelerated growth without the dilutive impact of equity financing or the complexities of traditional bank loans. Flow Capital focuses on revenue-generating, VC-backed, and founder-owned companies seeking $1 to $15 million in capital to drive their continued expansion.
High-growth companies seeking flexible, minimally dilutive, founder-friendly growth capital are encouraged to apply at https://www.flowcap.com/get-funding
